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GRADUATE ACADEMIC COMMUNITY
Withdrawals and Refunds
assistance from Concordia College, state or private sources, this assistance will be reduced up to the amount of the refund.
Return of Title IV (Federal) Aid Policy:
Appeals on Refunds: Any questions or problems related to refunds should be directed to the controller, whose office is located in the Business Office.
If you withdraw from Concordia College during a semester or summer term, you must complete the proper withdrawal form in the Office of Graduate and Continuing Studies. The Financial Aid Office will then calculate how much federal aid you have “earned” based on your withdrawal date. As a result, your earned Federal Student Aid may not cover all unpaid institutional charges due to Concordia College. The steps that Concordia must complete to comply with the federal policy are: 1. Determine the withdrawal date. 2. Determine the amount of earned federal aid. 3. Return unearned federal funds to the appropriate program(s). In order to ensure that you are eligible to receive financial aid, Concordia may first verify with your instructor(s) that you are attending or participating in academic activities related to your classes for the term. The withdrawal date is the date you begin the withdrawal process. If you fail to withdraw officially, the withdrawal date will become the midpoint of the term, unless the college can document a later date. In certain circumstances if an earlier date of last academic activity is determined, this date may be used in the calculation of “earned” federal aid. If you withdraw before completing 60 percent of the term, you “earn” federal funds in direct proportion to the length of time you were enrolled. The percentage of earned aid is determined by dividing the total number of calendar days enrolled by the total number of calendar days in the term. If you complete 60 percent of the term, you earn all federal financial aid for the term. The responsibility to repay unearned aid is shared by Concordia College and the student. The college’s share is the lesser of the unearned aid or unearned institutional charges. The college’s share must be repaid to the federal aid programs in the following order, before the student’s share is considered: 1. Unsubsidized Federal Direct Loan 2. Perkins Loan 3. Direct Federal Graduate PLUS Loan 4. Federal TEACH Grant 5. Other Title IV Assistance If you are required to repay a portion of your loan through the student’s share calculation, you will not be expected to return those funds immediately, but rather when repayment begins according to the terms and conditions of the promissory note. Institutional and State Refund Policy: The Return of Title IV policy, cited above, only considers federal aid. Concordia is also required to determine if any institutional or state financial aid must be returned if you completely withdraw. Concordia offers refunds of tuition and fees through the eighth week of fall or spring semester. If you withdraw during a period of time that allows for a refund of tuition, a portion or all of your institutional, state and/or outside funding may be reduced or cancelled, assuming the institutional refund was not used to fully repay the Return of Title IV Aid. If you receive a 100 percent tuition refund on all courses for a particular term, all institutional, state and outside funding must be returned to the appropriate aid program(s). Refunds for Reduced Load: Any graduate class that meets for ten days or less will not have the option of a refund. If you find it necessary to drop a longer course during the semester, process must be complete by the deadlines on the academic calendar. If your student status changes from overload to full time or from full time to part time, tuition refunds through the eighth week of the semester will be granted effective on the date the drop-add form is returned to the Office of the Registrar. If you have a refund of tuition as a result of reducing your course load and you are receiving gift
Terms of Statement: In order to receive any credit balance, complete settlement of your bill must be made.
Financial Aid Loans are the primary source of financial aid to graduate students.
How to Apply for Financial Aid To apply for all forms of need-based financial aid you complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed any time after Jan. 1 for the following academic year. Students are strongly encouraged to complete their federal tax returns before completing the FAFSA. Returning students are encouraged to complete it prior to April 15. The FAFSA can be completed online at the following site: www.fafsa.gov. Financial aid is awarded on a rolling basis as soon as the tuition is set for the following year. An Award Letter is sent to students once financial aid has been awarded. It is necessary to complete the FAFSA every year. The financial aid package is awarded on the basis of financial information contained in the FAFSA. Aid received from any source that was not originally considered in the aid package may affect the amount received. Students are required to notify the Financial Aid Office of all such aid received from any source. Because the financial aid package is based on information from the previous tax year, changes in the financial status of the student’s family may also affect financial aid.
Loans Three types of loans for graduate college costs at Concordia are available: 1. Federal Direct Loan program: This program provides unsubsidized loans at a fixed interest rate of 6.8 percent for the 2013-14 academic year. Unsubsidized Federal Direct Loan will accrue interest while enrolled in college. Repayment begins six months after enrollment ceases or you drop to less than half-time enrollment status. The maximum annual amount for this loan is $18,500 for unsubsidized Stafford Loans with a maximum total debt of $138,500. However, total eligibility cannot exceed the Cost of Attendance at the institution. FAFSA is required to be eligible for this loan program. 2. Federal Direct Graduate PLUS loan: This federal loan is available to graduate students that have no adverse credit at a fixed 7.9 percent interest rate. A credit check is required and interest begins to accrue when the loan funds are disbursed. Only available to graduate students whose cost of attendance has not been fully met by other aid sources. FAFSA is required to be eligible for this loan program. 3. Private loans: Some commercial lenders offer private loan programs. The Financial Aid Office website maintains a list of private loan lenders who our students have borrowed from in recent years. Generally, these loans require a co-signer and have higher interest rates. Borrowers are urged to carefully evaluate the interest rate and fees before processing a private loan.
Refunds in Financial Aid Resulting from Withdrawal from School The Business Office determines the refund amount for tuition, fees, room and meal plan in the event that you withdraw from school during the semester. Please refer to the information under Withdrawals and Refunds in the Financial Information pages of the catalog.