A loan is money you borrow and must repay with interest under varying terms and conditions.
If you decide to take out a loan, make sure you understand who is making (i.e. offering) the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Federal student loans are available to most students regardless of income and provide a range of repayment options.
While it is important to be cautious of irresponsible borrowing, loans are considered an integral part of a student's Financial Aid package. Please carefully review the different types of loans available below and consider each one as a viable option for financing a college education.
Federal Direct Loans
The U.S. Department of Education’s federal student loan program is called the William D. Ford Federal Direct Loan (i.e. Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
- Direct Subsidized Loans are loans offered to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. For eligibility, loan limits, terms and current rates/fees, click here.
- Direct Unsubsidized Loans are loans offered to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. For eligibility, loan limits, terms and current rates/fees, click here.
- Direct PLUS Loans are loans made to parents of dependent undergraduate students or graduate/professional students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but an application and credit check are required. For eligibility, loan limits, terms and current rates/fees, click here.
- Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
Eligible students will be offered Direct Subsidized and/or Direct Unsubsidized Loans upon completion of the FAFSA.
New Students to Concordia must:
How to Apply for a Federal Direct Parent PLUS Loan
Parents of dependent students in the credential programs (excluding M.Ed + credential) may apply for a Direct Parent PLUS loan by following the steps below:
- Make sure your student has filed a FAFSA first.
- Complete the Direct PLUS Loan Application (Parent MUST sign in using their own FSA ID).
- If approved, sign a Direct PLUS Loan Master Promissory Note (MPN).
- If denied, you will be given detailed information on the options for qualifying by obtaining an endorser or appealing a credit decision, along with instructions on how to complete the required PLUS Counseling
For eligibility, loan limits, terms, and current rates/fees for the Parent PLUS loan, click here.
Note: Students in the M.Ed + teacher credential program are considered Graduate students. Graduate students may apply for the Graduate PLUS loan. For more information, please visit our Graduate Financial Aid page.
Private | Alternative Loan
Private or alternative student loans are loans for undergraduate and graduate students from private sources, such as a bank or financial institution, generally used to supplement Federal Direct Loans.
Where can I find information about the federal student loans I have received?
Login to the Federal Student Aid website and select "My Aid" to view information about all of the federal student loans, and other financial aid, you have received. You can also get the contact information for your loan servicer here.
Note: Private student loans will not be included here.