U.S. federal direct loan program

Applying for Federal Student Aid to attend a school outside the U.S. involves a slightly different process than American schools. Documents are not automatically sent to Concordia; you’ll have to upload documents to your Concordia Student Centre and communicate directly with the Financial Aid and Award Office via email. 

Eligibility

Application deadlines for 2022-2023

Term Application Deadline
Summer 2022 April 15, 2022
Fall/Winter 2022-2023 June 3, 2022
Winter 2023 October 31, 2022

Application process

At Concordia University, the loan application process is "borrower initiated," which means that each academic year, you must fill out your FASFA and submit your loan documents if you wish to apply for Federal Student Aid. Applying for Federal Student Aid at a foreign school is different from applying to a U.S. school. Documents are not automatically sent to Concordia.

Below, are the important dates you must keep in mind when completing your application. We have also included a step-by-step application process you can follow to help ensure that your funding is available at the beginning of your academic term.

Available loans

Direct loans

 

Direct Subsidized Loans

Direct subsidized loans are available for undergraduate degree students. Eligibility is based on financial need as defined by the U.S. Department of Education. "Subsidized" means that the U.S. government pays the interest while you are studying at least half-time. The government also pays the interest during any authorized period of deferment and for the grace period.

Direct Unsubsidized Loans

Direct unsubsidized loans are available for undergraduate, graduate degree students. Eligibility is not based on financial need. You are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it is due or it may be postponed and allowed to accumulate while you are in school as well as during any authorized period of deferment and during the grace period. If payments are postponed, the interest accrues and is capitalized (added to the amount you borrowed). Capitalized interest must then be paid back with the loan after any authorized period of deferment or after the grace period.



Year Dependent students 
(Except students whose parents are unable to obtain Plus Loans)
First-Year Undergraduate $5,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate $6,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate $7,500 per year—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Degree Students Not Applicable
Maximum Total Debt from Subsidized and Unsubsidized Loans $31,000—No more than $23,000 of this amount may be in subsidized loans.


Year Independent students
(and dependent undergraduate students whose parents are unable to obtain Plus Loans) 
First-Year Undergraduate $9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate $10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate $12,500 per year—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Degree Students $20,500 - Unsubsidized ONLY
Maximum Total Debt from Subsidized and Unsubsidized Loans

$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes all federal loans received for undergraduate study.

Note: The maximum total loan limits include any Subsidized Federal Direct Loans or Unsubsidized Federal Direct Loans you may have received under the Federal Family Education Loan (FFEL) Program. As a result of legislation, no further loans are made under the FFEL Program as of July 1, 2010.

Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Direct Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized).


PLUS loans

 

Federal Parents PLUS Loans

Federal Parents PLUS Loans are available for parents who meet certain credit guidelines and whose child is a dependent undergraduate student as defined by the U.S. Department of Education. Eligibility is not based on financial need. Parents may use this loan to pay the entire cost of attendance minus any other financial aid received by their dependent undergraduate student. Repayment is due to commence within 60 days after the loan is fully disbursed, although deferment of payment may be available through select lenders. This loan does not have a grace period.

Federal Graduate PLUS Loans

Federal Graduate PLUS Loans are available for graduate and professional students. Before July 1st, 2006, this loan was only available to the parents of dependent undergraduate students. Graduate students may borrow this loan to cover the difference between cost of attendance and all other awarded aid after applying for other Federal aid. This loan has a federal credit check process. The review looks for bad credit only. You do not have to meet other financial standards as with other private alternative loans. Repayment is due to commence within 60 days after the loan is fully disbursed, although deferment of payment may be available. This loan does not have a grace period.

The maximum PLUS loan amount that a parent or graduate and professional degree student can borrow is the student's cost of attendance as calculated by the University minus any other financial aid the student receives.

Loan responsibilities

Paying back your loan

Plan your loan repayment

U.S. loan terminology

Award Year: The 12-month period during which you attend the University, and for which your aid has been awarded.

Capitalization: The process by which interest is added to the principal loan amount if you choose not to make interest payments while at the University or in forbearance. This process increases the amount that must be repaid and will make your monthly payment larger.

Cost of Attendance (COA): The total amount it will cost you to go to school. This amount includes tuition fees, living expenses, books, insurance, travel and transportation. The COA is determined by the FAAO, using US guidelines.

Default: The failure of a borrower to repay the loan under the terms of the promissory note. If your repayment instalments are monthly, you are considered in default if you do not pay for 270 consecutive days. If your instalments are less frequent, default is declared after 330 consecutive days of non-payment.

Deferment: The temporary postponement of loan payments; during this time, you do not have to pay either principal or interest.

Delinquency: The status of a loan when payment is late. Delinquency can lead to default.

Disbursement: The lender's payment of loan funds to the University. Disbursement is usually made in two or more instalments during the year in accordance with US Department of Education regulations.

Expected Family Contribution (EFC): The amount that you and family are expected to contribute toward the Cost of Attendance. This amount is based on your or your family's income and assets.

Free Application for Federal Student Aid (FAFSA): The application that you must file to apply for financial aid. The FAFSA is printed and distributed free of charge by the U.S. Department of Education. It is also available online at www.fafsa.ed.gov.

Forbearance: The temporary postponement or reduction of payments because of the borrower's financial difficulties. Forbearance may also be an extension of the repayment period. You are charged interest during forbearance.

Full-time: Enrolment in twelve or more credits per semester.

Grace Period: A period of time between when you graduate or drop below half-time status and when repayment begins. For Stafford Loans, the grace period is six-months. There is no grace period for PLUS Loans. If you re-enter school at least half-time during your grace period, the grace period is renewed for another six months. Therefore, you have the full grace period available when you leave school again. However, if you use all your grace period at once and re-enter school, you will not be eligible for another grace period.

Half-time: Enrolment in six or more credits per semester.

Interest: The fee that is charged by the lender in exchange for lending the money, the interest rate, usually expressed as a percentage of the loan amount, may stay the same for the term of the loan (fixed rate) or it may change periodically (variable rate). Interest rates for Stafford loans are fixed, whereas those of alternative loans may vary.

Master Promissory Note (MPN): A legally binding contract that you sign, thereby agreeing to repay the loan. It contains the loan terms and conditions, including how and when the loan must be repaid.

Principal: The total sum borrowed. This includes the original amount borrowed plus any interest that has been capitalized. Additional interest charges are based on this amount.

Student Aid Report (SAR): Report of the information you provided in the FAFSA. It contains your EFC.

Subsidized Loan: A loan made on the basis of financial need. The federal government pays the interest on these loans while you are enrolled at least half-time, during the grace period, or during authorized periods of deferment.

Three-Quarter Time: Enrolment in 9 to 11.75 credits per semester.

Unsubsidized Loan: A loan not based on financial need. You are responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, you may choose to pay the interest charged on the loan or allow the interest to be capitalized.

Withdrawn: A student is considered to have withdrawn from a payment period or period of enrollment if, in the case of a program that is measured in credit hours, the student does not complete all the days in the payment period or period of enrollment that the student was scheduled to complete.

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