Types of Education Loans

Loans are available to students and parents to provide them with funding after all other financial aid options have been reviewed. Unlike other financial aid such as scholarships, awards and grants, loans are borrowed money that must be repaid with interest. Do not borrow more than you need!

Federal Loan Programs

Concordia participates in the William D. Ford Federal Direct Loan Program. To be eligible for federal loans the student must be a U.S. citizen or an eligible noncitizen.

Please visit www.studentaid.ed.gov for a complete student guide on all financial aid programs from the U.S. Department of Education including the Federal Direct Loan Program.

Federal Stafford Loan

Federal Stafford Loans are low-interest, long-term loans. Both subsidized and unsubsidized Federal Stafford Loans have the same terms and conditions, with one exception: Unsubsidized loan borrowers are responsible for interest that accrues during all in-school, grace and deferment periods; for subsidized loans, the federal government pays the interest on behalf of the borrower while the student is in school and during the grace period. In order to be eligible for Stafford Loans, a student must file the FAFSA.

Master Promissory Note (Only required of first-time student loan borrowers)
If you accept a Stafford loan on your award letter, then you may complete your Master Promissory Note at www.studentloans.gov. Your Federal Student Aid (FSA) ID and password will be required. If you do not complete your Master Promissory Note now, then you will receive notification to complete it before the start of the school year. Please complete the Master Promissory Note immediately following notification.

Entrance Counseling (Only required of first-time student loan borrowers)
Stafford Loan Entrance Counseling is required by Department of Education guidelines for all first-time student loan borrowers, including transfer students. You must complete "entrance counseling" before your Stafford Loan funds will be disbursed.

Complete your Entrance Counseling at www.studentloans.gov. Your Federal Student Aid (FSA) ID and password will be required.

Federal Perkins Loan for Undergraduate Students

The Federal Perkins Loan is a need-based loan administered and awarded by Concordia. Because the Perkins Loan funds are limited at each school, they are only made available to students with the highest financial need. This loan does not accumulate interest while the student is in college and payment is deferred until after the student ceases to be enrolled in school. In order to be eligible for Perkins Loans, a student must file the FAFSA.

(NOTE: The Federal Perkins Program is being sunsetted. September 30, 2017 is set to be the last date for completion of requirements for any new loans. Current guidelines state that returning borrowers who qualify can continue to receive Perkins Loans through 2022.)

If you accept a Federal Perkins Loan as part of your Financial Aid Package, you will need to complete federally mandated Perkins “entrance counseling,” and sign a Perkins Master Promissory Note (MPN) in order for Perkins Loan funds to be applied to your account. Instructions will be sent to loan recipients by the Perkins Loan Coordinator before the school year begins.

Parent Loan for Undergraduate Students (PLUS)

PLUS Loans are federal education loans available to the parents of dependent, undergraduate students. To be eligible for the loan, the borrowing parent must have satisfactory credit. There is no minimum or maximum income requirement. The maximum amount parents may borrow on a PLUS loan each academic year is the cost of attendance minus other financial aid received by the student.

How to apply for a Parent Loan for Undergraduate Students

  1. Apply for a PLUS loan at www.studentloans.gov. Your parent FSA ID and Password will be required.
  2. Complete Loan Agreement for a PLUS Loan (MPN) at www.studentloans.gov. Your parent FSA ID and Password will be required.
  3. Complete the PLUS Loan Confirmation Statement (see forms listed below) and submit to the Financial Aid Office. The Financial Aid Office will not be able to process the PLUS Loan until all three items have been completed.

Private Loans

Private loans are credit-based loans from private lenders available to assist families with educational expenses. Interest rates, fees, and loan terms will vary depending on the lender chosen and private loans will most likely be more expensive than federal loans. Private loans should only be considered after all other federal and institutional aid opportunities have been exhausted. PLEASE BORROW RESPONSIBLY!!

Below is a comprehensive historical listing of private loan lenders that Concordia students have used within the last 3 years. Concordia does not endorse or have any type of preferred lender arrangement with any of the lenders below. It is the student’s responsibility to research the loans offered by these lenders or any other private loan lender before making the choice that best suits their financial needs.

No-Interest Loan Information

Some charities and religious and ethnic organizations offer low- or no-interest education loans. View the list of no-interest loans that Concordia is aware of.

Concordia University’s Student Loan Code of Conduct

  1. Concordia University does not participate in revenue sharing agreements with lenders or accept inducements of any value from lenders in exchange for preferential treatment on lender lists.
  2. Concordia University does not participate in contracting arrangements with lenders that provide compensation to the University, its faculty or staff.
  3. Concordia University does not accept gifts above a nominal value from lenders.
  4. Concordia University does not assign a lender to a borrower or refuse to certify a loan for a borrower’s choice of lender.
  5. Concordia University does not allow lenders to help staff their offices for any reason.
  6. Concordia University and its staff do not accept compensation for service on the advisory boards of lenders.
  7. Concordia University, its faculty and staff will not enter into any arrangements with lenders that may result in a conflict of interest, perceived or real. This includes refraining from taking any action that is contrary to law, regulation, or the best interests of the students and parents served by the University.

Concordia University's Student Loan Code of Conduct fully complies with the requirements of the Higher Education Opportunity Act of 2008.