Parent and Family Guide
Financial Aid Questions and Answers:
Am I required to complete the parent’s portion of the FAFSA, even if I no longer claim my child as a dependent on my income taxes?
Federal financial aid guidelines state that a student is dependent unless:
The student is 24 years of age or older.
The student will be working on a masters or doctorate degree.
The student is married as of the date they file the FAFSA.
The student has children who receive more than half of their support from the student.
The student has dependents (other than children or spouse) who live with the student and who receive more than half their support from the student.
Any time after the age of 13, both parents were deceased, or the student was in foster care, declared a dependent/ward of the court, in a legal guardianship, or an emancipated minor.
The student is a veteran of the U.S. Armed Forces.
At any time on or after July 1, 2010,the student’s high school or school district homeless liaison determined that the student was an unaccompanied youth who was homeless.
At any time on or after July 1, 2010, the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determined that the student was an unaccompanied youth who was homeless.
At any time on or after July 1, 2010, the director of a runaway or homeless youth basic center or transitional living program determined the student was an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless.
If the student does not qualify under at least one of these conditions, the student is considered dependent, and the parent’s income information must be included on the FAFSA.
What if I had an income reduction or I lost my job after the FAFSA was submitted?
Universities are allowed, under federal guidelines, to make adjustments to the EFC based on special circumstances. A parent can complete a Special Circumstances Form. For information about filling out the form, please contact the Office of Financial Aid.
How will the Office of Financial Aid communicate with my student?
New freshmen receive a packet of information in the mail that includes their Financial Aid Award Notification and a list of any required documents requested by our office. We do send additional communication via email, so it’s important your student checks his/her Concordia account regularly. After the first year, your student’s financial aid award letter and communication will be completed via email.
What are my options for financial aid as the parent?
Parents have the option to apply for a low-interest Parent PLUS Loan through the U.S. Department of Education. You may also set up a payment plan for your child’s educational expenses through the Office of Student Business Services.
Parent PLUS Loan Questions
What is a Parent PLUS Loan?
Direct PLUS Loans are low interest loans for the parents of dependent students.
Who is eligible for a Parent PLUS Loan?
You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing.
Your child must be a dependent student who is enrolled at least half-time.
You cannot have an adverse credit history.
You and your child must be U.S. citizens or eligible noncitizens and must meet other general eligibility requirements for the Federal Student Aid programs.
Am I required to take out a Parent PLUS Loan?
No, a PLUS Loan is an option parents have in financing their child’s education.
How do I apply for a Parent PLUS Loan?
You can complete the Direct PLUS Loan application, which includes a Master Promissory (MPN), online at Student Loans. Sign in with your information as the parent, and click on "Request a Direct PLUS Loan."
Is a Parent PLUS Loan credit based?
Yes, a credit check is completed before the loan will be approved.
When do I have to start repaying my Parent PLUS Loan?
Repayment generally starts while your child is still in school: 60 days after the full amount you’ve borrowed for a school year has been disbursed to the student’s account. Parents can choose to defer repayment while the student is enrolled at least half-time.
If you would like to postpone repayment of a PLUS Loan, you must contact your loan servicer directly. You can get the contact information by logging into the National Student Loan Database (select Financial Aid Review).
What is the interest rate for a Parent PLUS Loan?
The current interest rate for Direct PLUS Loans is a fixed rate of 7.21%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement.
What happens if I am denied a Parent PLUS Loan?
You may be able to appeal the credit denial, or add a credit-approved endorser.
If you are unable to borrow a PLUS Loan, your dependent student is eligible for an additional unsubsidized loan.