Graduate Financial Aid FAQs
Yes. Graduate students must be enrolled for a minimum of 3 credits (half-time) to qualify for Federal Stafford loans.
Federal Stafford loans are offered to assist you in paying for your educational expenses. If you are interested in applying for the loans offered to you, there are additional steps to take, and this information will be made available to you when you receive your award letter.
In order to apply for the Federal Stafford loans, you must begin by Requesting a Federal Pin number. You can do so at pin.ed.gov. Once you have your Federal Pin, you can complete the FAFSA application at fafsa.ed.gov. You will want to sign this application electronically with your Federal Pin, and supply Concordia University, St. Paul?s Federal school code: 002347.
The U.S. Department of Education requires the PIN to complete the application. The PIN provides an added level of security to financial information, allows the applicant to log out and return to their application later if they are unable to complete the application in one session, and allows them the ability to access their financial aid records for the life of the loan. Apply for the PIN.
Yes. If you have filled out a FAFSA before, you will complete a Renewal FAFSA each year located at fafsa.ed.gov
It is preferable for students to complete their FAFSA after they have filed their federal tax return for the year. You can verify which academic years are needed by contacting the Financial Aid Office at finaid@csp.edu.
Once you complete your FAFSA, you will receive a Student Aid Report (SAR). This report will inform you if you have been flagged to submit additional documentation to the financial aid office. Some examples of this would be Federal Verification or Proof of Citizenship. If you are unsure as to whether or not you need to submit addition forms, contact your financial aid office five days after submitting the application.
Verification is a process that all universities receiving federal aid are required to complete. The purpose of verification is not to find fraudulent FAFSA applicants, but to find and correct common mistakes made during the filing of the Free Application for Federal Student Aid. If the verification process is not completed, a student will not be considered for any need-based financial aid.
- To complete this step, please submit a copy of the Verification Worksheet and a copy of the previous year's tax information. You will need to submit the same tax documents that were used to complete the FAFSA. If you are dependent, and were required to submit the parent's information on the FAFSA, you will need to submit a copy of your's and your parent's tax information.
A typical financial aid package begins with the Estimated Family Contribution. (Indicated on your SAR) Based on your EFC, Concordia University will determine whether you will qualify for need-based aid. Need-based aid for Undergraduate Accelerated Degree students includes the Federal Pell grant and the MN State Grant. (Graduate students do not qualify for such grants) The remainder of your award will comprise of Federal Stafford loans, and in some cases Alternative loans if additional aid is necessary.
Students must be admitted to Concordia University, St. Paul and have completed the necessary loan requirements. Approximately 10 to 14 days after the application file is complete, students can expect to receive their financial aid award package.
To accept the Federal Stafford loans you will need to complete two steps.
- Complete the Stafford Loan Entrance Counseling.
- Select a lender and complete the Master Promissory Note.
On the 15th of every month, the Registrar?s office submits a Clearinghouse Report to all lenders indicating all students who are enrolled at a half-time status. If you continue to have problems after you have been in your program for longer than one month, your lender should have Enrollment Verification documents on their website. These can be completed by the Concordia University, St. Paul Registrar?s office. These would be submitted directly to your lender to verify your enrollment.
If you have an overage or credit balance on your account, you can use these funds to purchase your books. A representative from the BEAR Center will need to verify that the funds are available before a book requisition will be approved. When purchasing books online, indicate your payment type as financial aid, and allow roughly 48 hours for the approval to be determined. You may also visit the BEAR Center on campus to pick up a book requisition, which can be proof of payment at the bookstore.
Concordia offers the following financial arrangements.
- Pay out of pocket. Payments can be made online.
- The second payment option (if you qualify for it) is Employer Reimbursement through your employer. Please contact the BEAR Center to discuss the requirements for Employer Reimbursement.
- TuitionPay is a monthly payment plan through Sallie Mae which divides up the entire cost of your program over a period of time. The payments are deducted directly from your checking account.
In the first term of your program, your payment will need to be paid by the third night of your first class, or the third week. Throughout the rest of your program, payment is due on the first night of each term. If you are using financial aid, your aid will be scheduled to post to your account on the applicable dates.
Excess funds on your account, after tuition and fees are paid, are available for refund to the student. You can find the instructions necessary to set up the Direct Deposit and request a refund at the BEAR Center Direct Deposit page.
The information that describes this program is available at studentaid.ed.gov. Then select Repaying your Loans. Click on Cancellation and Deferment Options for Teachers, then on Cancellation for Stafford Loans.
For further assistance, please do not hesitate contact our financial aid office at (651) 603-6266.
