Federal student loans are available to most students regardless of income and provide a range of repayment options. A loan is money that you must repay with interest under varying terms and conditions. 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 Stafford
Summary: This federal loan program for students is offered to eligible students upon completion of the FAFSA. For eligibility, loan limits, terms and current rates/fees, click here.
New Students to Concordia must:
Information for all students:
Federal Direct PLUS (Parent Loan for Undergraduate Students)
Summary: This federal loan program is for parents of dependent undergraduate students. For eligibility, loan limits, terms and current rates/fees, click here.
**Federal legislation also permits graduate students to borrow through the PLUS Loan program. It's called a Graduate PLUS loan and has different eligibility requirements, terms and interest rates.
Learn more about how to Manage your loans.
How do I Apply for a Loan?
What if I'm not approved?
If you were initially declined for the PLUS loan you can either obtain an endorser (cosigner), or choose to appeal the reason you were declined.
Select "Apply for Aid", then "Appeal Credit Decision" once logged into https://studentaid.gov/. You will receive an answer regarding your appeal within 7-10 business days of all required documentation for the appeal being received.
If you elect to use an endorser, you must start by having the endorser get their own FSA IS. Once the endorser's FSA ID is active, they will log into the Studentaid.gov site and select "Apply for Aid", then "Endorse a PLUS Loan." The endorser must pass a credit check. If approved, they will be asked to note how much they are willing to endorse. The PLUS loan amount cannot exceed what the endorser is willing to guarantee. Finally, the parent borrower signs the Federal Direct PLUS a Loan Agreement (MPN). The endorser does not sign the Loan Agreement/MPN.
If no action is taken (Parent PLUS loans only)
Parent PLUS loans that remain in declined status will trigger the Financial Aid Office to offer the student an additional unsubsidized Stafford loan. Freshmen and sophomores (0-59.9 units) are eligible for up to $4,000.00. Juniors and seniors (60+ units) are eligible for up to $5,000.00.
Private | Alternative Loan
Summary: Bank-funded education loan for undergraduate and graduate students. Generally used to supplement the Federal Direct Stafford loan.
- Rate: Varies from lender to lender. Adjustable and Fixed programs are available.
- Fees: Depends upon the specific lender and loan program.
- Term: Typically between 5-15 years.
- Loan Limits: Cost of Attendance less all other aid the student receives.