A letter from the Director of Financial Aid

A prevailing myth is that a small, private, liberal arts education is too expensive. At Concordia College, we dispel that myth through our commitment to helping students overcome financial barriers. In fact, every year we provide over $8.25 million in financial aid. And more than 95 percent of Concordia students receive financial assistance.

Concordia College-New York is pleased to offer ‘one-stop’ service for all our students. This one-stop service in Feth Hall will provide you the guidance you seek.  Whether you need to explore financial aid options, check the status of your aid, register for classes, make payment arrangements or find help in resolving issues.  We are here to help.

However, helping you become a knowledgeable consumer of financial aid and Concordia College’s enrollment, registration and billing policies is also our goal.  We hope this section of the website is helpful.  Below you will find information on our office hours and how to contact us as well as on our Code of Conduct, Loan and satisfactory academic progress information.  Please click on the links to the left side of this page to navigate further.  We look forward to serving our undergraduates, parents, our adult population, and our nursing students.

Janice Spikereit
Director of Financial Aid

Undergraduate Students	Parents
Adult Students	Nursing Program

Contacts
Office Hours
Code of Conduct
SAP
Loans

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CONTACTS

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OFFICE HOURS

Please call for an appointment if ‘off hours’ are needed.

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Concordia College – New York Loan Code of Conduct

Concordia College – New York financial aid office has adopted the following College Loan Code of Conduct:

• Revenue Sharing Prohibition- Concordia College – New York financial aid employees are prohibited from receiving anything of value from any lending institution in exchange for any advantage sought by the lending institution.
• Gift and Trip Prohibition- Concordia College – New York financial aid employees are prohibited from taking anything of more than nominal value from any lending institution. This includes a prohibition on trips for financial aid officers and other college officials paid for by lenders.
• Advisory Board Compensation Rules- Concordia College – New York Financial Aid employees are prohibited from receiving anything of value for serving on the advisory board of any lending institution.
• Preferred Lender Guidelines- Concordia College – New York preferred lender lists are based solely on the best interest of the students or parents who may use the list without regard to financial interests of the College.
• Preferred Lender Disclosure-On all preferred lender lists Concordia College – New York has clearly and fully disclosed the criteria and process used to select preferred lenders. Students must also be told that they have the right ability to select the lender of their choice regardless of the preferred lender list.
• Loan Resale Disclosure-No lender on the Concordia College – New York preferred lender list has an agreement to sell its loans to another lender without disclosing this fact. In addition, no lender may bargain to be a preferred lender with respect to a certain type of loan by providing benefits to a College as to another type of loan.
• Call-Center Prohibition- Concordia College – New York ensures that employees of lenders never identify themselves to students as employees of the colleges. No employee of a lender is working or providing staffing in the Concordia College – New York financial aid office.

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SATISFACTORY ACADEMIC PROGRESS STANDARDS FOR FINANCIAL AID RECIPIENTS

Satisfactory academic progress (SAP) is the term used to define successful completion of coursework to maintain eligibility for student financial aid. Federal regulations require the Concordia College to establish, publish and apply standards to monitor your progress towards completion of your certificate or degree program. If you do not meet these standards, you will be placed on financial aid probation or suspension.

Your academic performance must meet the following SAP standards:

Qualitative standard: Represented by your grade point average (GPA). You must maintain a minimum cumulative GPA to remain eligible for aid.

Quantitative standard: This standard has two parts. First, you must complete your degree or certificate program within a maximum timeframe, which may vary according to your student status and program. Second, you must successfully complete a required percentage of the credits you attempt. This component is referred to as your credit completion ratio.

See catalog for more information.

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LOANS

To assist parents and students in selecting lenders for the Federal Stafford Loan, Federal Parent Plus Loan, or Alternative Loans, Concordia College can recommend lenders if requested. These lenders, which have served the majority of our students for the past several years, were chosen based on borrower benefits, processing procedures, online capability, quality of customer service to students and quick resolution to student loan issues. Parents and students may select any lender and are not obligated to use any lender we may suggest.

FFEL Stafford Loans have variable interest rates. The loans are either subsidized or unsubsidized. You may receive a subsidized loan and an unsubsidized loan for the same enrollment period.

Federal Subsidized Stafford

• This loan is based on financial need.
• You won't be charged any interest before you begin repayment or during deferment periods. The federal government "subsidizes" the interest during these periods.
• Students must be enrolled at least half-time each term
• The current interest rates are:

The following schedule shows the annual decreases in interest rates (for loans first disbursed on July 1, 2008)

• 6.0% for loans first disbursed between 7/1/08 - 6/30/09
• 5.6% for loans first disbursed between 7/1/09 - 6/30/10
• 4.5% for loans first disbursed between 7/1/10 – 6/30/11
• 3.4% for loans first disbursed between 7/1/11 – 6/30/12

To view the fixed and variable interest rates for prior years click here.

Federal Unsubsidized Stafford

• This loan is based not on financial need.
• You'll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during other periods of nonpayment, it will be capitalized. This means the interest will be added to the principal amount of your loan, and additional interest will be based upon the higher amount.
• Students must be enrolled at least half-time each term
• The current interest rate can be found here.
  • Unsubsidized loans are charged interest from the day the loan is disbursed until it is paid in full, including in-school, grace, and deferment periods. The borrower may choose to pay the interest during these periods, or it can be capitalized (added to the principle).

Federal Parent Plus Loan

• This loan is not based on financial need
• The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid you receive.
• Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependent undergraduate student
• Students must be enrolled at least half time.
• They also must have an acceptable credit history or may need co-signer
• Interest rates for a plus loan
  • For PLUS Loans disbursed on or after July 1, 2006, the interest rate is fixed at 8.50 percent for FFEL PLUS Loans.
  • For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable and is determined on July 1 of every year.
  • For 2007-2008, the variable rate for these PLUS is 8.02 percent.
  • Interest is charged on a PLUS Loan from the date of the first disbursement until the loan is paid in full.

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Annual loan maximums

Effective July 1, 2008.

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