Student Financial Aid Program
Concordia College is aware of the financial costs of a college education facing prospective students and their parents. Students who want to attend college, should not let the possibility of financial difficulties alter their plans and desires.
The Concordia Financial Aid Office is here to help arrange an acceptable financial package.
There are three types of financial assistance available.
- Excellence in Achievement: Administered to students with demonstrated ability in academics, athletics or the arts in the form of scholarships.
- Financial need is administered to qualifying students in the form of grants and employment opportunities.
- Direct Lending Loans: Subsidized and Unsubsidized is administered at some cost to the borrower
Application forms for financial aid should be requested from the Admissions and Financial Aid Office or downloaded on line
FINANCIAL AID TIPS
STUDENTS WHO WILL BE ATTENDING COLLEGE FOR THE FIRST TIME:
If you plan to attend Concordia College, you should apply for financial assistance six to eight months ahead of the semester you are entering. Complete a FREE APPLICATON for FEDERAL STUDENT AID.
All undergraduate students are eligible to apply for assistance under the PELL Grant. Application forms for this grant are available in the offices of the high school counselor and the Financial Aid Administrator at Concordia or online at www.fafsa.ed.gov. Your pin address may be obtained at www.pin.ed.gov.
STUDENTS RETURNING TO CONCORDIA COLLEGE:
It’s never too soon to begin putting together your financial aid. Think creatively about sources such as your church, friends, parents, siblings and sources listed below.
Types of Financial Aid
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant
- Alabama Student Grant Program
- Alabama Student Assistance Grant Program
- William D. Ford Federal Direct Loan Program
- Master Promissory Note
- Institutional Scholarships
- Lutheran Church Workers Financial Assistance
- Federal Work Study Program
1. - Federal Pell Grant
For students who qualify, the Federal Pell Grant (Pell Grant) Program is the foundation of Federal Student Aid (FSA). Pell Grants provide qualifying students with a base of financial aid to help pay college costs. Other forms of financial aid can be added to a student’s Pell Grant to help meet the full need. Unlike other programs, colleges don’t make decisions about who receives Pell Grant funds or how much they receive. Pell Grant funds are administered by the government and standard formulas determine how much each student receives.
All U.S. students needing financial aid at Concordia College are eligible to apply and are expected to apply for assistance under the PELL Grant. To be considered for federal student aid, a student must complete a Free FAFSA. The FAFSA collects financial and other information used to calculate the expected family contribution (EFC) and to determine a student’s eligibility through computer matches with other agencies. Application forms for this grant are available online at www.fafsa.ed.gov.
2. - Federal Supplemental Educational Opportunity Grant Program
The Federal Supplemental Educational Opportunity Grant Program (FSEOG) provides assistance to exceptionally needy college students. Student need is determined by a low Expected Family Contribution (EFC). A priority is given to Pell Grant recipients. Funds in this program are limited, therefore awards are made first-come, first-serve to students who are full Pell Grant eligible and complete the FAFSA early. No in-house application is available for this program.
3. - Alabama State Grant Program
This program provides assistance to Alabama students. It was established August 4, 1978 by the Alabama legislature to provide non-sectarian, secular education at independent, nonprofit colleges located in Alabama. To be eligible, students must complete a State of Alabama Grant Application and prove 12 months in-state residency. Applications may be downloaded from the web site at: www.ccal.edu >Admissions>Financial Aid.
4. - Alabama Student Assistance Program
This state/federal aid program, established in 1975, provides financial assistance to residents of Alabama for college education in Alabama. The Alabama Commission on Higher Education establishes policies and procedures to implement this program. Recipients of the program must be Federal PELL eligible and most needy. Funds in this program are very limited at CCA and are usually depleted early. The college uses the FAFSA application in association with this program. No in-house application is provided.
5. - The William D. Ford Federal Direct Loan Program
Direct Loan Programs, both subsidized and unsubsidized, provide low-interest loans to eligible borrowers to cover college costs. The Direct Loan program uses funds provided by the federal government, and makes loans available directly through participating colleges, like Concordia.
Federal Direct Stafford/Ford Loans (Direct Subsidized Loans) are made to students who demonstrate financial need. Borrowers are not charged interest while they are enrolled in school at least half time and during grace and deferment periods. When borrowers cease to be enrolled at an eligible school, such as Concordia, on at least a half-time basis, a six-month grace period begins. The repayment period for a Direct Subsidized Loan begins and interest begins to accrue the day after the grace period ends.
Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans) are made to students without requiring students to demonstrate financial need. Borrowers are responsible for the interest that accrues during all periods over the life of a Direct Unsubsidized Loan. During periods of enrollment and the grace period, borrowers may choose to pay the interest, or have it capitalized. When a borrower ceases to be enrolled at an eligible school on at least a half-time basis, a six-month grace period begins. The repayment period for a Direct Unsubsidized Loan begins the day after the grace period ends.
Federal Direct PLUS Loans (Direct PLUS Loans) allow parents, and in some cases stepparents, to borrow on behalf of their dependent college children who are enrolled at least half time in college. Interest on a Direct PLUS Loan begins to accrue when the first installment is disbursed. Repayment begins when the loan is fully disbursed.
Federal Direct Consolidation Loans (Direct Consolidation Loans) allow borrowers (students or parents) to combine one or more federal education loans into one new Direct Loan requiring only one monthly payment. There are three types of Direct Consolidation Loans
- Direct Subsidized Consolidation Loan
- Direct Unsubsidized Consolidation Loans
- Direct PLUS Consolidation Loans
Even if a borrower consolidates his or her federal education, the borrower still has only one Direct Consolidation Loan and makes only one monthly payment. Students may apply online at www.dlenote.ed.gov.
Before a first-time Federal Direct Loan borrower takes out a loan, the school must ensure that entrance counseling is conducted. Counseling must include:
- an explanation of the use of a Master Promissory Note (MPN)
- the importance of repayment
- a description of the consequences of default
Loan exit counseling must also be provided before the borrower completes his or her course of study or otherwise leaves the school.
6. - Master Promissory Note (MPN)
The MPN is the document that makes a borrower legally responsible for repaying his or her Direct Loan. The MPN collects identifying information for the borrower and the school, such as the borrower’s name, social security number, date of birth, address and references. It does not include specific details, such as loan amounts, loan periods, or disbursement dates and amounts. The process to complete the MPN and the Entrance Counseling: www.ccal.edu. Go to Admissions>Financial Aid.
Because the MPN does not include specific loan information, multiple loans can be made under a single MPN, and adjustments to the loan or disbursement amounts usually do not require a student (or parent) to sign a new MPN. However, your school must notify the student of the proposed loan amounts, and give the student an opportunity to refuse the loan or request a lower loan amount.
The MPN also contains information on the terms and conditions of the loan(s) that will be covered, such as cancellation provisions, interest, fees, late charges, and repayment information and default provisions. The student or parent must receive a copy of the Borrower’s Rights and Responsibilities Statement at the same time as the MPN. This Statement provides additional detail about interest rates, repayment terms, deferment, forbearance, cancellation provisions and late charges.
7. - Institutional Scholarships
All Concordia scholarships are designed to encourage excellence in performance. Scholarship recipients are selected on the basis of superior performance in academics, the arts, athletics, extracurricular activities, and positive contributions to all areas of college life. Scholarships at Concordia include:
Academic: academic, honor, presidential
Athletics: football, basketball-men’s and women’s, volleyball, track, soccer, cheerleaders
Music: marching band, jazz band, choir
For applications, visit www.ccal.edu.
8. - Church Worker’s Program (Lutheran Students)
Students who plan to enter fulltime church work in The Lutheran Church-Missouri Synod may be eligible for a financial aid package that will help cover their cost of attending Concordia. This package includes all grants, scholarships and other forms of aid. It will help pay tuition, regular room and board fees, building, activity and application fees. Applications may be downloaded from the website at: www.ccal.edu >Admissions>Financial Aid.
Lutheran Church District Aid
A student who plans to enter full-time work and is an active member of a LCMS church may be eligible for aid from the district in which the church is located. The district decides on the disbursement of these funds. Applications must be completed by the student and submitted to the college, which then submits it to the district. Applications for Southern District church students may be downloaded from: www.southernlcms.org. Click on the Ministries Tab and scroll down to click on Recruitment and Scholarship
9. - Federal Work-Study Program (FWS)
The Federal Work-Study Program provides part-time employment to students who need earnings to help pay college costs. The FWS Program encourages students receiving this assistance to participate in community service activities.
Concordia’s work-study program pays students minimum wage on a bi-weekly basis. Many of the jobs are on campus and the hours are limited due to limited funds received for this program. Students should apply in the Financial Aid Office. Work-study will not be awarded until proof of class attendance the first week of classes is provided to the Financial Aid Office by the Registrar’s Office.