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Financial Aid
No student should ever decide against attending Concordia College on the basis of cost without first conferring with the Financial Aid Office. More than $26 million per year in financial aid is made available by the college, donors to the college, and the state and federal governments. Funds are distributed through scholarships, grants, loans and work opportunities to students who without such help would be unable to attend college. These programs are offered singly or in combination to form a financial aid package.
Eligibility for assistance is based on need and on academic promise. Financial aid is applied toward those attendance costs that you and your family cannot provide. Aid is granted for a one-year period only, so application must be made each spring for the coming academic year.
You are expected to maintain satisfactory academic progress according to the standards and practices of Concordia. Failure to do so may result in ineligibility for financial aid.
How to Apply for Financial Aid
To apply for all forms of financial aid -- scholarships, grants, loans, work-study -- you need only complete two forms: a Concordia College Financial Aid Application, available at the Financial Aid Office; and the Free Application for Federal Student Aid (FAFSA) available from your high school counselor or from the Financial Aid Office at Concordia.The Free Application for Federal Student Aid is available in December and should be completed and sent in as soon as possible after January 1 for the following academic year. However, it is strongly suggested that both student and parental federal income tax returns be completed prior to application. For financial aid available from Concordia (institutional or federal), there is no deadline for application, but priority will be given to those students who apply prior to April 1. Late applicants will be awarded aid on the basis of available funds.
Financial aid is awarded to freshmen and transfer students on a rolling basis, which means that as soon as you are accepted for admission and file for financial aid, you will be notified concerning financial aid. Upperclass returning students can expect award notification prior to or during the month of June if application is made prior to April 1. Remember that financial aid can only be given on an annual basis -- reapplication must be made each year. Since the financial status of a family often changes, it is impossible to award aid for more than one year.
Once financial aid has been awarded, you will receive a Notice of Financial Aid Award.
Financial Aid Revisions
The financial aid package is awarded on the basis of financial information contained in the application. Aid received from any source that was not originally considered in your aid package may affect the amount you receive. You are required to notify the Financial Aid Office of all such aid received from any source.
Since your financial package is based on information from the previous tax year, changes in the financial status of your family may also affect your financial aid. Therefore, Concordia must retain the right to revise your aid package if other resources become available. Likewise, Concordia will increase your aid package if circumstances merit the increase and if funds are still available.
Scholarships and Grants
Scholarships, prizes and awards are given to recognize outstanding achievements and provide assistance based on financial need. Grants provide financial assistance. Funds under these auspices are outright gifts and need not be repaid.
The amount awarded is based upon need determined by the federal needs-analysis formula. The college holds this information in confidence. A complete list of scholarships and awards can be found in the appendix.
Concordia grants: Concordia grants are awarded on the basis of financial need.
Concordia scholarships: Concordia scholarships are awarded on the basis of academic achievement and financial need.
Concordia endowed and restricted scholarships: Concordia receives funds from a large number of foundations, corporations and private donors to be awarded as scholarships to students on the basis of financial need and/or selection criteria established by the individual donors.
Merit-based scholarships: Concordia has four scholarship programs that are based on criteria other than need.
Incoming freshmen are ruled to be eligible to apply for Faculty Scholarships according to a combination of high school class rank and scores on the ACT, SAT or PSAT. Under the provisions of the program, 70 students each receive a $22,000 four-year scholarship paid in annual installments of $5,500 provided the recipient maintains a 3.5 grade point average.
The Excellence Scholarship, which ranges in value, recognizes superior academic achievement. Selection is based on high school academic record, extracurricular involvement, achievement and leadership. The award is renewable each year as long as the recipient completes a full course load with a grade point average of 3.25 or better. Further information and application forms are available from the Admissions Office. Application deadline is in February.
Also available to incoming freshmen are Performing Arts Scholarships that are designed to recognize and reward excellence in performance. These scholarships will go to students in forensics, debate and theatre art students, and to students interested in music. Each recipient receives an $8,000 four-year scholarship paid in annual installments of $2,000.
Under Concordia's CORD Scholarship program, the college will match, dollar for dollar, any congregational scholarship between $100 and $300 each year, provided that the Financial Aid Office receives notification of congregational support prior to August 15.
In cooperation with the National Merit Scholarship Corporation, the college sponsors the Concordia College National Merit Scholarship valued from $750 to $2,000 a year for students who list Concordia College as their first-choice college and are finalists in the National Merit Scholarship program. Recipients are assured of receiving a minimum of $6,250 per year in gift assistance from Concordia even though need might not be established.
ACCORD grants: Participants in the ACCORD program may apply for a start-up grant, which is a 50 percent reduction in tuition. This grant may be applied to the first four courses for which a student enrolls. To qualify for a grant, you must be 25 years or older and must not have attended college during the three preceding years. A 25 percent reduction grant is available for subsequent part-time enrollment and to other part-time ACCORD students who do not qualify for the start-up grant.
Minnesota State Grant Program: All Minnesota residents will be evaluated for eligibility for a Minnesota Grant if they complete a Free Application for Federal Student Aid and have the results sent to Concordia. The grant is awarded based on financial need. You may only receive aid from the Minnesota Grant program for the equivalent of eight semesters of undergraduate study, and you must be registered for at least 3.75 course credits each semester to receive the maximum Minnesota grant for which you are eligible.
Federal Pell Grant program: The Federal Pell Grant is a program designed to provide undergraduate students with a "foundation"of financial aid to help defray the costs of a post-secondary education. All applicants for financial aid at Concordia must apply for the Federal Pell Grant. Application is made through completion of the Free Application for Federal Student Aid. The amount awarded is determined on the basis of financial need and the direct educational expenses of the student. Once you apply for the Federal Pell Grant, you receive a Student Aid Report (SAR). It is anticipated that the maximum Pell Grant for 1997-98 will be $2,700.
Federal Supplemental Educational Opportunity grant: This federal grant is intended to assist those students with exceptional financial need who without the grant would be unable to continue their undergraduate education. Grants under this program range from $100 to $4,000 per year.
Reserve Officer Training Corps scholarships: These awards, providing for tuition, fees, textbooks, supplies and a monthly stipend, may be awarded to students who meet established criteria. See ROTC under the Academic Program section of the catalog, page 47.
Loans
Five types of loans for college costs at Concordia are available: the Federal Perkins Loan, the Federal Stafford Loan (subsidized/unsubsidized), the Federal Parent Loan for Undergraduate Students (PLUS), the Student Educational Loan Fund and the short-term loans.
Federal Perkins loan: This loan, which lends money at a 5 percent interest rate, is offered on the basis of financial need. Loan maximums are $4,000 annually with an aggregate of $20,000 for undergraduate study. The loans are interest-free while the student remains enrolled in college. Repayment begins nine months after enrollment ceases with a minimum repayment of $40 per month and may be extended up to 10 years for larger aggregate loan amounts. In addition to having a low interest rate, a Perkins Loan also has cancellation provisions for certain types of teaching, military, law enforcement, Peace Corps and volunteer service.
Federal Stafford loan program: This loan program provides loans at a variable interest rate with an interest cap of 8.25 percent. Students demonstrating need, according to federal guidelines, may borrow through any lending institution that is willing to extend the loan. Under this program, the federal government will pay the interest until you begin repayment, which starts six months after enrollment ceases. Students who do not demonstrate financial need may obtain an unsubsidized Federal Stafford Loan and will be required to make interest payments while enrolled in college. The maximum amount for this loan is $2,625 per year for first-year students, $3,500 for second-year students and $5,500 for each year thereafter, with an undergraduate maximum of $23,000.
Federal Parent Loan for Undergraduate Students (PLUS): The Federal PLUS program was established to help parents borrow money to defray the cost of education for their dependent children. Regardless of income, parents who are credit-worthy may borrow up to the cost of education minus any financial aid the student is receiving. The interest is variable but will not exceed 9 percent. Applications and further information are available from lending institutions and the Financial Aid Office.
Student Educational Loan Fund: SELF is a state program controlled by the Minnesota Higher Education Services Office. You may borrow up to a maximum of $6,000 per year at a variable interest rate, depending on year in school. The interest charged is normally at a rate lower than most commercial loans. The interest is payable on a quarterly basis while in school. Principal and interest payments begin after leaving school.
Short-term loans: Occasionally students may experience expenses of an emergency nature. Concordia has a short-term loan program designed to assist in these instances. The amount of these loans varies, but typically they will not exceed $50 because of limited available funds. The interest rate is 1 percent per month, and the loan must be repaid within 30 days. Further information and/or application forms may be obtained from the student loan supervisor in the Business Office.
Work
Student part-time employment: Better-than-average employment opportunities in part-time work exist both on and off campus for Concordia College students.
The cities of Moorhead and Fargo form a retail-wholesale trade center for a large area. Concordia College students have a good reputation with business firms in the two cities. A substantial number of students hold part-time jobs. The college's Placement Office, the Financial Aid Office and the student-operated Job Shop coordinate requests for student workers and students seeking employment. Some 1,300 students -- freshmen to seniors -- are employed on campus each year.
The Concordia Dining Services employs the largest number of students in part-time jobs, ranging from dishwashing to student manager positions. Hours for all part-time jobs are arranged around class periods. Other on-campus jobs include departmental and administrative clerical help, library assistance, language laboratory monitoring, grounds work, and residence hall assistance.
For students receiving financial aid, part-time employment may be considered as part of their financial aid package. A work award in the financial aid package provides the opportunity to work, not the guarantee of a job.
Student assistantships: Student assistantships are available in several departments. These are positions with special educational and personal qualifications involving close cooperation with supervising faculty members. Application is made in writing and in person to the head of the department before April 1 for assistantships for the following college year. Ordinarily the candidate has a year of residence at Concordia College before becoming eligible for an assistantship.
Federal work-study program: Students with financial need who require a job to help pay for college expenses are potentially eligible for employment by the college under federally supported work-study programs.
To work under this program at Concordia College, you must be enrolled and be in good standing, or be accepted for enrollment as at least a half-time student.
Refunds in Financial Aid Resulting From Withdrawal from School
The Business Office determines the refund amount for tuition, fees, room and board in the event that you withdraw from school during the semester. Please refer to the information under Withdrawals and Refunds in the Financial Information section of the catalog, page 11.
Cautionary Note
Because the status of federal and state student assistance programs is ever-changing, we run the risk that published information may become out-dated. Should this occur, we will publish all applicable changes, using the numerous media available on this campus.
Glossary of Terms
Concordia College Financial Aid Application -- a supplemental application required by the college, available in the Financial Aid Office.FAFSA -- Free Application for Federal Student Aid -- financial statement that is used in applying for financial aid.
grant -- a monetary gift awarded on the basis of need.
Job Shop -- a student-operated office whose main purpose is to help students secure on- or off-campus employment.
lender -- your local bank, savings and loan, credit union, or other financial institution participating in the Federal Stafford Loan, Federal Parent Loan for Undergraduate Students and Federal Supplemental Loan for Students programs.
need -- the difference between the cost of education and the family's calculated ability to meet that cost.
package -- the financial aid, determined by the Financial Aid Office, that you receive to meet your financial need.
rolling basis -- an arrangement in which once you are accepted and apply for financial aid, you are notified immediately of the financial aid decision.
scholarship -- a monetary gift usually awarded according to donor's specifications, such as financial need, achievement or field of study.
Student Aid Report -- the report the student receives from the need-analysis processor indicating financial information on file regarding the student; to be used for the corrections process.
verification -- a requirement of the federal government to verify accuracy of the financial data in the aid application.
work-study -- on- or off-campus part-time employment, unrelated to class work, that students can participate in while in school; available through the Financial Aid Office. Earnings are paid by the employer and through federal and state funds as applicable.
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Date of last update: 7/8/97
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