Federal Loan Information
A low interest loan made available to graduate students. (As of the 2012–13 academic year, graduate students are no longer eligible for subsidized loans.) Interest begins accruing at the time of first disbursement of loan funds. Students may choose to pay the interest while in school or have it accrue and be added to the principal amount of the loan. Repayment of interest and principal combined begins six months after the student ceases to be enrolled at least half-time. The fixed interest rate for Direct Unsubsidized Loans first disbursed on or after July 1, 2024, and before July 1, 2025, is 8.08% during repayment.
Graduate PLUS loans are federal loans that can help pay education expenses after maximizing their annual unsubsidized loan eligibility. Students must not have an adverse credit history to be approved for this loan. Students whose credit is not approved may obtain credit approval by adding a credit-worthy cosigner to endorse the Graduate PLUS loan. The maximum amount a student can borrow per year may not exceed the total cost of attendance. Graduate students may defer repayment on the Graduate PLUS loans while they are in school. However, there is no six-month grace period as there is with the Federal Direct Stafford Loan program. The fixed interest rate for Direct Graduate PLUS Loans first disbursed on or after July 1, 2024, and before July 1, 2025, is 9.08% during repayment.
Non-federal loans available to credit-worthy student borrowers and/or cosigners to cover additional educational expenses.
The maximum loan amount a student may borrow is determined by subtracting the total financial assistance received from the total cost of attendance.
Interest rate and repayment options vary, based upon the lender and loan program you select. Because these loans vary greatly in their terms and do not carry the same safeguard benefits as the Federal loans, it is strongly recommended that students maximize their Federal funding before pursuing private loan options.
Students applying for a private education loan are required to complete a Private Education Loan Applicant Self-Certification form (PDF) with the lender.
- In-School Deferment of Prior Loans: You may be eligible to defer repayment on existing Federal Direct and/or Stafford loans while you are enrolled at least half time. For Perkins loan deferment, contact the issuing school or your Perkins loan servicer directly.
TEACH Grant Program: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. If you are interested in applying for the TEACH Grant, please complete the CUC TEACH Grant Application.
The TEACH Grant Program is under revision due to the sequestration of the federal government, effective March 1, 2013. Sequestration-related restrictions may reduce the amount of TEACH Grant funds students can receive.
Church Professionals: Graduate students enrolled in an advanced degree program are eligible for the Concordia Supplemental Church Professional Award by completing and submitting the scholarship application.
First-time Federal Direct Loan borrowers must complete the following loan requirements prior to disbursing Federal loan funds. In order to complete these requirements, you will need your Federal Student Aid ID (FSA) username and password.
Federal Direct Loan Master Promissory Note (MPN)
The MPN is a legal document confirming your promise to repay your loan (including interest and fees). You may complete an electronic MPN at https://studentaid.gov. After signing in with your FSA ID, click on Complete a Master Promissory Note (MPN) for Graduate/Professional Students. Be sure to complete the MPN for Direct Subsidized and Unsubsidized Loans.
Federal Direct Loan Entrance Counseling
The Entrance Counseling is a brief question and answer session that goes over the terms and conditions of your loan and your rights and responsibilities. This session provides an overview of what a loan is, how interest accrues, different loan repayment plan options, and how to avoid defaulting on a loan. You may complete an electronic Entrance Counseling at https://studentaid.gov. After signing in with your FSA ID, click on Complete Entrance Counseling. Complete the Entrance Counseling for Graduate/Professional Student.
Graduate students approved for a Federal PLUS Loan must also complete a Graduate PLUS Master Promissory Note (MPN):
Federal Direct PLUS Loan Master Promissory Note (MPN)
The MPN is a legal document confirming your promise to repay your loan (including interest and fees). Graduate students may complete the Federal Direct PLUS Loan MPN at https://studentaid.gov. Graduate students must sign in using their FSA ID username and password and then click on MPN for Direct PLUS Loans.
Federal PLUS Credit Counseling
If graduate student had adverse credit at initial time of application and was then approved through an endorser/appeal, graduate student will need to complete the PLUS Credit Counseling requirement prior to disbursing any Federal Grad PLUS Loan funds. The PLUS Credit Counseling will help the student understand the obligations associated with borrowing a Grad PLUS loan and will help them make careful decisions about taking on student loan debt. Graduate students may complete this requirement at https://studentaid.gov.
All student borrowers who received Federal student loans and/or the Federal TEACH Grant at CUC and have applied for graduation, are leaving CUC or enrolling in less than half-time status for a period of time, must complete the Federal Loan Exit Counseling and/or Federal TEACH Grant Exit Counseling.
The federally required exit counseling will go over the next steps with your Federal student loans including different repayment options. The Federal TEACH Grant Exit Counseling will discuss your service obligations and repayment of your TEACH Grant if you do not meet the conditions. You can complete the Exit Counseling at https://studentaid.gov. You will need to log in with your Federal Student Aid ID username and password. The Office of Financial Aid will receive electronic confirmation upon the completion of this requirement.
All federal student loans obtained by you are reported and tracked on your Federal Student Aid account.
In order to access your Federal student loan history, you will need to log in to https://studentaid.gov, using your Federal Student Aid ID username and password. Your loan records will be accessible to all authorized users, including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users. Only federal loan information is reported to Federal Student Aid. Private educational loan information is not reported on Federal Student Aid.
Concordia University Chicago is grateful for current service members and veterans and is supportive of those who would like to start or continue their education. Multiple financial programs are available to assist veterans and their dependents in achieving a college education.