Tuition and Aid Changes for the 2021-22 Academic Year
As communicated on Sept. 24, 2020, Concordia College has established a new model in the pricing of annual tuition and the awarding of financial aid.
For the 2021-22 academic year, the standard tuition rate for full-time undergraduate students has been reduced from $42,750 to $27,500. As a result of this repricing, financial aid packages for continuing undergraduate students will be aligned with the new tuition rate for the coming year.
In the Fall 2020 announcement, students and parents were informed that the new pricing and aid structure was approved in order to clarify the cost of tuition at Concordia and simplify the process of awarding financial aid and managing college costs. The college did not suggest that students and families should expect a 35% reduction in their out-of-pocket tuition costs.
In the past weeks, staff members in the Office of Financial Aid have begun the process of preparing financial aid packages for continuing students who have submitted their FAFSA forms for the 2021-22 academic year. The first step in this process has been to adjust aid packages to preserve the net out-of-pocket tuition cost from last year to this year. The second step in the process included the application of an $800 tuition increase for each student. This increase has been applied through a secondary adjustment to each student’s financial aid package.
The result of this two-step process is a net $800 increase in the cost of tuition for continuing Concordia students in comparison to the net tuition cost students paid in the 2020-21 academic year. Only those students and families who have realized significant changes (increases) in family financial resources will see an increase in tuition charges above $800 in the coming year.
As a reminder, annual tuition increases in recent years have ranged from $1,200-$1,500. As noted above, this year’s tuition increase will be limited to $800 – significantly lower than in previous years. This tuition increase supports the continued learning and living excellence students expect at Concordia.
Please see the video message above for further background and information on this year’s changes to tuition and the awarding of financial aid to continuing students.
Starting March 15, 2021, financial aid staff will begin sending financial aid awards to eligible continuing students for the 2021-22 academic year. Only those students who have completed their FAFSA and all necessary verification materials will be packaged and sent aid awards. If you do not intend to complete the FAFSA, please contact the Office of Financial Aid in order to expedite your financial aid award. Please monitor your email regularly for information regarding the status of your financial aid for the coming year.
Please note: As is the case each year, financial aid funds are limited. As a result, all continuing students must complete the FAFSA by April 15, 2021, to be considered for the full complement of financial aid resources available from Concordia. Those students who complete the FAFSA after April 15, 2021, will be awarded aid as resources remain available.
Application for Review of Tuition
Concordia recognizes there may be a very small number of current students who have a unique and/or legally structured financial arrangement designated for tuition expenses. These arrangements may include, but are not limited to, educational trusts, structured financial settlements, or designated beneficiary status of an asset or estate plan. The college acknowledges the new repricing process could result in a negative financial impact for students in these highly unique financial circumstances.
As a result, students in these scenarios are offered an opportunity to apply for an individual review of their tuition and financial aid circumstances. In the event it is determined that a student will likely experience a negative financial impact as a result of the college’s change in tuition and aid, that student will be assigned an alternate (higher) tuition rate with limited change to the student’s current financial award.
There will be no difference in net tuition cost between the standard and alternate tuition rates.
Those students wishing to apply for a review of their unique financial circumstances may complete the form by April 15, 2021.