Some loans will be part of the need-based financial aid package you receive from Concordia, while others are available regardless of your demonstrated financial need. All federal loans require the Free Application for Federal Student Aid (FAFSA). Some private loan programs require the FAFSA.

Types of Loans

William D. Ford Federal Direct Loans

The Federal Direct Loan is a loan in the student’s name and must be repaid. Federal Direct loans may be subsidized (need-based) or unsubsidized (non-need-based). The Federal Direct Loan is awarded as part of the student’s award package from Concordia College. A Free Application for Federal Student Aid (FAFSA) is required annually.

Federal Perkins Loan

The Federal Perkins Loan is a need-based loan in the student’s name and must be repaid. Federal Perkins Loans are a subsidized loan, meaning it will not accrue interest while a student is in school. The Federal Perkins Loan requires financial need and is awarded to eligible students as part of the student’s award package from Concordia College. A Free Application for Federal Student Aid (FAFSA) is required annually. 

William D. Ford Federal Direct Plus Loan

The Federal Direct PLUS Loan is non-need-based loan in the parent’s name, not the student’s. The Direct PLUS Loan is non-need based and requires credit approval. Eligible parents must be the student’s biological or adoptive parent or the student’s stepparent, if the biological or adoptive parent has remarried at the time of application. 

Private Loans

A Private Loan is a non-based-based loan in the student’s name through a private lender. Private loans are not through the federal government. Most private loans offer a variable or fixed interest rate and the lender may recommend OR require that the student obtain a creditworthy co-signer to be approved. 

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