U.S. federal direct loan program
American students that want to apply for student loans need to complete the FAFSA (Free Application for Federal Student Aid). Completing and submitting the applications is free and quick, and it gives you access to the largest source of financial aid to pay for college.
Applying for Federal Student Aid to attend a school outside the U.S. involves a slightly different process than American schools. Documents are not automatically sent to Concordia; you must complete an additional e-form via your Concordia Student Centre.
Concordia U.S. Loans Federal Code: G08365
On this page:
Eligibility
In order to qualify for financial aid, you must first have been accepted to the University. Only after being accepted at the University will your financial aid documents be processed.
Registration & course load
To be eligible for all federal loans, you must be registered in a degree program (Bachelor, Master and PHD) with a minimum of 6 credits per semester. Please note online courses are ineligible for the duration of your degree. This includes the terms that you have not applied or received federal student aid.
International students are expected to maintain a full time course (12-15 credits per semester) load as a condition of immigration requirements. If you will be studying less than full time, you should contact the International Student Office (ISO) to make sure that you do not have any difficulties with Immigration Quebec or the Department of Citizenship and Immigration Canada.
At Concordia University eligible programs for U.S. Direct loans are only degree programs leading to a Bachelor, Master, or PhD. Students should verify that their degree program is eligible. Please note independent studies, diplomas and certificates are not eligible for U.S. Direct Loan Funding.
As a Title IV Foreign Institution, our office must abide by the laws of Title IV Aid as mandated by the U.S. Federal Government and meet program eligibility requirements. For recipients of Direct Loan funding, this means that the version of the program into which the student is accepted will not include the following:
Any use of a telecommunications course, correspondence course or direct assessment (CFR 600.51 (d)).
As such, students receiving Title IV aid must register for on campus courses only throughout their academic career at Concordia in order to be considered enrolled in an eligible program. Should a student register in any ineligible course as outlined above, they are automatically considered to be in an ineligible program and will immediately become ineligible for Title IV funds. There is no appeal process for this requirement. Students are encouraged to discuss their study plans with a Financial Aid advisor before registering.
Foreign Schools; Distance Education
Foreign Schools: Distance Education: Any student enrolled in any online course is NOT eligible for US Direct Loans as per US Dept. of Education regulations.
The CARES Act, signed into U.S. law on March 27, 2020, temporarily allowed foreign institution to offer courses via distance education if the applicable governmental authorities in the country in which the foreign institution is located declared an emergency related to COVID-19. Please note that the emergency declaration has now ended.
Any student that takes any online course(s) is ineligible to receive Direct Loan funding for the duration of their program.
Please note: The CARES Act allowed U.S. students to participate in on-line courses only until the end of the Winter 2023 term. The CARES Act does not cover any student who registered in an ineligible course prior to Summer 2020. These students will remain ineligible for Direct Loans for the duration of their program.
Entrance counselling
All first year students at Concordia University are required to complete Entrance Counselling prior to receiving loan funds. Entrance Counselling describes the rights and obligations of borrowers and answers many questions you may have about loans. It may also be completed at StudentLoans.gov.
- If you are a Direct Loan borrower, please complete the Direct Loan Entrance Counselling.
- If you are a Graduate PLUS Loan borrower, please complete the Graduate PLUS Entrance Counselling.
- If you are a borrower of both types of loans, please complete the combined Entrance Counselling.
Cost of attendance
The FAAO calculates your cost of attendance (COA) when your application is being processed in order to determine your financial need. The COA is based on tuition fees, books and living expenses for one academic year. The COA is based on the number of credits you actually intend to take.
Visit our Tuition rates page for the most recently updated information about tuition and compulsory fees based on program.
View tuition rates
View cost of living
Living expenses are calculated by the FAAO. Housing, food, transportation and personal expenses are included in the estimate of reasonable costs per semester. Additional costs, such as supplies and internet fees are also calculated.
Other necessary and reasonable expenditures that don't fall into the above categories, such as the purchase of a computer or a return trip home, may also be included in the calculation if approved by a Financial Aid Advisor and if you can provide proof of purchase. Once all of the costs have been assessed, the COA is calculated in Canadian dollars and then converted to U.S. dollars based on the exchange rate of that day.
The U.S. Department of Education will consider you independent if you meet one or more of the following criteria:
- You will be at least 24 years old by December 31st of the award year.
- You are an orphan or ward/dependent of the court, or were a ward/dependent of the court until you reached age 18.
- You are a veteran of the U.S. Armed Forces.
- You will be working on a master's or doctorate program at the beginning of the award year for which the FAFSA is completed.
- You will be married as of the date the FAFSA is completed.
- You have at least one child who receives more than half his or her support from you.
- You have a dependent, other than a spouse or a child, who lives with you and receives more than half of his or her support from you at the time the FAFSA is completed and through June 30th of the award year.
You are considered dependent if you do not meet any of the preceding criteria for an independent student unless the FAAO determines that you are independent on the basis of special circumstances.
New U.S. Government Regulations Effective July 1st, 2021
Studying Abroad
Students participating in a Study Abroad Program and are paying tuition and fees at another institution are not eligible to receive subsidized/unsubsidized/PLUS or alternative loans through Concordia. You must make arrangements with the institution you have chosen to attend for your financial aid.
Exchange Programs
U.S. students studying on an official Concordia exchange through Concordia International are considered to be Concordia students for subsidized/unsubsidized/PLUS and alternative loans. Students can continue to apply and have their Title IV funds processed through the Concordia Financial Aid Office.
The U.S. Dept. of Education published final regulations which take effect July 1, 2021, which will allow U.S. students registered at a Title IV foreign school to access U.S. Direct Loans while attending U.S. eligible colleges and universities and foreign institutions that do not participate in the U.S. Direct Loan program, for up to 25% of their program of study.
The following regulations apply for the 25% of a program of study at a non-Title IV foreign* school or eligible U.S. institution per level of study:
Undergraduate:
- 25% of program length, based on credits
- Applies to exchanges and internships **
Master’s – Without Thesis:
- 25% of program length, based on credits
- Applies to internships **
Master’s – With Thesis:
- 25% of official program length, based on published program length, in years
PhD:
- Independent research done by an individual student in the U.S. for not more than one academic year is permitted, if conducted during the dissertation phase of a doctoral program under faculty guidance and the research is performed only in a U.S. facility.
May not stack the 25 percent allowance and one academic year allowed for dissertation research; doctoral students taking advantage of both provisions are limited to one year of study/research in the U. S.
* Definition of ‘‘foreign institution’’ in 34 CFR § 600.52.
** Internships in the United States don’t have to be at a campus, they can also be with a company, non-profit or other organization, as long as they are approved by the student’s home institution. However, the internship or externship portion of a program must meet standards of an accrediting agency or the standards of an outside oversight entity.
Budgeting
Once you have figured out what your expenses are and what you hope to borrow, you can begin outlining a budget for the year. Try to map out your finances well in advance; it's difficult to study on an empty stomach!
Here are some helpful websites about financial planning:
Banking
You will need a Canadian bank account (which has debit card capability) for the deposit of any surplus in your student account. Many banks will allow you to apply for a bank account online, so you can start the process before you get to Montreal. Here are the websites of several banks with branches near Concordia:
U.S. Direct Loan Consumer Information
As per the Higher Education Opportunity Act (HEOA) of 2008, the US government requires all institutions certified to disburse Title IV aid to disclose the following consumer information. Please contact the Financial Aid & Awards Office at fundingyoureducation@concordia.ca if you require any clarification of the following information.
Application process
At Concordia University, the loan application process is "borrower initiated," which means that each academic year, you must fill out your FASFA and submit your loan documents if you wish to apply for Federal Student Aid. Applying for Federal Student Aid at a foreign school is different from applying to a U.S. school. Documents are not automatically sent to Concordia.
Below, are the important dates you must keep in mind when completing your application. We have also included a step-by-step application process you can follow to help ensure that your funding is available at the beginning of your academic term.
- Have you accepted your offer of admission to Concordia University? You need Contact the Financial Aid & Awards Office to confirm that your program is FSA eligible. You must be admitted, registered in an eligible program, and enrolled in classes to receive funding.
- Did you book your appointment for Academic Advising with your Faculty? Registration opens in March for most programs.
- Did you complete your FAFSA (Free Application for Federal Student Aid) to make sure you are eligible for Federal Student Aid? This should be done as early as possible.
- Did you Complete a Direct Loan Master Promissory Note (MPN)? An MPN is a binding legal document in which you agree to repay your loan under certain terms. Borrowers outside of the U.S. need to submit an MPN every year. https://studentaid.gov/mpn/
- Are you a first-time borrower at Concordia University? You will need to complete your Online Entrance Counselling and then upload the page that confirms that you have completed the counselling to your MyConcordia portal.
- Are you in one of the following situations? “This is my final year OR you have accumulated the credits required to graduate.” If the answer is yes, you will need to complete your Online Exit Counselling, even if you haven’t yet applied for graduation.
- Did you complete the Annual Student Loan Acknowledgment form? It is recommended that you complete it each loan year you accept a new federal student loan. https://studentaid.gov/asla/ (This Is not Entrance Counselling).
- Have you submitted your immigration documentation? Contact the International Students Office for more information. https://www.concordia.ca/students/international.html
- Do you want anyone to have authorized consent on your loan file?
- In Quebec, the age of majority is 18 years old. The age of majority is the threshold of adulthood as recognized or declared in law. This means that information about a student’s academic progress, attendance, and access to their records can no longer be provided to their parents/guardians without the student’s written permission.
Please follow the steps listed in the How to Apply Tab to complete your Student Loan Application
Please follow the following steps to ensure your documents are received.
In your Student Center
Click on Bursary Applications
Then Click on US Loan Application to start your application
Please note that emailed documents will not be accepted.
To upload your documents, click on "Apply for Bursaries or Scholarships" on your Student Centre.
Complete the Aid Declaration for 2024-2025 indicating you have applied for U.S. Aid.
Click on Award Applications and then "Click here to attach documents" (bottom left).
3. Select the Document Type you are uploading (U.S. Loan Application). Upload your application documents as one single PDF.
4. Email fundingyoureducation@concordia.ca with the subject title U.S. Loan Application ID#******* (your student ID number) to confirm your documents have been uploaded.
Your file will then be assigned to a Financial Aid Advisor who will email you to confirm receipt of your documents. Please take note that this may take a few days due to the volume of applications we receive.
Useful links
Questions?
For support related to US Federal direct loan program, contact the Financial Aid and Awards Office (FAAO).
Should you wish to give someone else permission to make inquiries regarding your financial aid file, or any other information concerning your status at Concordia, you and your proxy must take the appropriate steps to ensure a notarized proxy authorization form and identification documents are submitted to the Financial Aid & Awards Office, or present yourself with your proxy at our office to complete the authorized proxy form in front of an authorized Financial Aid Advisor.
As all Title IV post-secondary institutions schools are now equated to financial institutions and are subject to the requirements of the Gramm-Leach-Bliley Act (GLBA, 2002); implementing the appropriate safeguards regarding students' personal information is required.
Please see our website for more information regarding U.S. student privacy protection and to download the new proxy authorization.
After receipt of your application, our office will:
- Assign you to a Financial Aid Advisor.
- The Advisor will send you an email confirming the receipt of your application and let you know of any missing information or documents.
- Once your application is complete, your Advisor will calculate your Cost of Attendance for the semesters in which you are fully enrolled.
- The Advisor will calculate the maximum amounts of financial aid that you are eligible to borrow.
- The Advisor will email you this information in your Notification of Financial Aid Offer letter.
- If your parents have applied for a Parent Plus Loan, they will also receive notification.
- All borrowers must reply directly to their Notification of Financial Aid Offer email to confirm how much of the eligible loan funds they wish to borrow.
In the Direct Loan program, the U.S. Department of Education sends all funding via electronic transfer.
- Your FSA funds are disbursed on a per semester basis. If you are enrolled in the Fall and Winter semesters, you will receive two disbursements: one per semester.
- These funds are available after the University’s posted course drop/add date
- You will receive an email from the Financial Aid Office confirming that your funds have arrived at Concordia University
Our office will make every attempt to get your student aid funding to you as quickly as possible. However, if your application is late we cannot guarantee your funding will arrive by Concordia’s payment due date.
Please note that the U.S. exchange rate is effective the day the loan is posted to your student account online statement.
Available loans
Direct loans
Direct Subsidized Loans
Direct subsidized loans are available for undergraduate degree students. Eligibility is based on financial need as defined by the U.S. Department of Education. "Subsidized" means that the U.S. government pays the interest while you are studying at least half-time. The government also pays the interest during any authorized period of deferment and for the grace period.
Direct Unsubsidized Loans
Direct unsubsidized loans are available for undergraduate, graduate degree students. Eligibility is not based on financial need. You are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it is due or it may be postponed and allowed to accumulate while you are in school as well as during any authorized period of deferment and during the grace period. If payments are postponed, the interest accrues and is capitalized (added to the amount you borrowed). Capitalized interest must then be paid back with the loan after any authorized period of deferment or after the grace period.
| Year | Dependent students (Except students whose parents are unable to obtain Plus Loans) |
|---|---|
| First-Year Undergraduate | $5,500—No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate | $6,500—No more than $4,500 of this amount may be in subsidized loans. |
| Third-Year and Beyond Undergraduate | $7,500 per year—No more than $5,500 of this amount may be in subsidized loans. |
| Graduate or Professional Degree Students | Not Applicable |
| Maximum Total Debt from Subsidized and Unsubsidized Loans | $31,000—No more than $23,000 of this amount may be in subsidized loans. |
| Year | Independent students (and dependent undergraduate students whose parents are unable to obtain Plus Loans) |
|---|---|
| First-Year Undergraduate | $9,500—No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate | $10,500—No more than $4,500 of this amount may be in subsidized loans. |
| Third-Year and Beyond Undergraduate | $12,500 per year—No more than $5,500 of this amount may be in subsidized loans. |
| Graduate or Professional Degree Students | $20,500 - Unsubsidized ONLY |
| Maximum Total Debt from Subsidized and Unsubsidized Loans | $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes all federal loans received for undergraduate study. |
Note: The maximum total loan limits include any Subsidized Federal Direct Loans or Unsubsidized Federal Direct Loans you may have received under the Federal Family Education Loan (FFEL) Program. As a result of legislation, no further loans are made under the FFEL Program as of July 1, 2010.
Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Direct Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized).
Useful links
Questions?
For support related to US Federal direct loan program, contact the Financial Aid and Awards Office (FAAO).
PLUS loans
Federal Parents PLUS Loans
Federal Parents PLUS Loans are available for parents who meet certain credit guidelines and whose child is a dependent undergraduate student as defined by the U.S. Department of Education. Eligibility is not based on financial need. Parents may use this loan to pay the entire cost of attendance minus any other financial aid received by their dependent undergraduate student. Repayment is due to commence within 60 days after the loan is fully disbursed, although deferment of payment may be available through select lenders. This loan does not have a grace period.
Federal Graduate PLUS Loans
Federal Graduate PLUS Loans are available for graduate and professional students. Before July 1st, 2006, this loan was only available to the parents of dependent undergraduate students. Graduate students may borrow this loan to cover the difference between cost of attendance and all other awarded aid after applying for other Federal aid. This loan has a federal credit check process. The review looks for bad credit only. You do not have to meet other financial standards as with other private alternative loans. Repayment is due to commence within 60 days after the loan is fully disbursed, although deferment of payment may be available. This loan does not have a grace period.
The maximum PLUS loan amount that a parent or graduate and professional degree student can borrow is the student's cost of attendance as calculated by the University minus any other financial aid the student receives.
Useful links
Questions?
For support related to US Federal direct loan program, contact the Financial Aid and Awards Office (FAAO).
Loan responsibilities
Repay your loan
Your obligation to repay becomes legally binding when you sign the Master Promissory Note (MPN) and authorize the electronic transfer of funds to your student account. Your requirement to repay does not go away because you; don't complete your educational program, cannot find employment, were not satisfied with the education or other services your received from the University, or were notified that your loan was sold to another party by your lender.
Withdrawing from the university
If you withdraw from the University, you may be required to repay part of or all your loan(s). You may also owe the University any loan funds returned on your behalf. The U.S. Department of Education regulations state that a school must return loan funds if a student has not completed a minimum of 60% of the payment/enrolment period. If you received more loan funding than was "earned," the excess funds must be returned by the school and/or the student. The amount of money to be returned is determined by a specific formula that is used in a calculation called a "Return to Title IV." If you did not receive all of the funds that were earned, you may be eligible for a post-withdrawal disbursement. Further information is available here.
Make a Minimum Payment
A minimum monthly loan payment is required. This minimum amount varies depending on the amount you borrow and your repayment plan.
Pay on Time
You must make your payments on time unless you have made special arrangements with the lender or servicer. Many lenders offer repayment incentives to reward you for paying on time
Notify the lender about changes
Let them know if you change your name, address, contact information, driver's license number or Social Security Number. You must also inform them if you withdraw from the University or drop below half-time status.
Complete a Master Promissory Note (MPN)
When you decide to enter into an agreement with a particular lender for your student loan, you will sign an MPN. This document explains the terms and conditions of your loan in full detail. It also serves as the legal document requiring you to repay the loan with interest. Read through the entire promissory note before you sign it and make sure you understand your rights and responsibilities. The MPN is valid for a maximum of one year when attending a university outside the U.S. It is important to keep a copy of your MPN in your files.
Federal regulations require that the University tracks the academic progress of student loan recipients from the first date of enrolment at Concordia University, whether or not loans were received at that time. Credits transferred from all other credit sources will be considered as attempted and completed credits in the evaluation of the completion rate standards, but these courses do not affect the calculation of your GPA.
Concordia University requirements for satisfactory academic progress
In order to be eligible for U.S. loans, you must meet Concordia University's institutional requirements for minimum satisfactory performance. These are defined in the Undergraduate Calendar (Section 16.3.11) and the Graduate Calendar (Section – Academic Regulations) and will also be reiterated under each Faculty's section. Note that you must maintain a minimum annual GPA of 2.0 in all Undergraduate Faculties and 3.0 for Graduate Faculties.
DISC, INC, MED, DEF, AU, F/FNS/R/NR & S Grades, and repeated course work will be treated as follows:
- Course withdrawals (DISC) after the drop/add period are not included in the GPA calculation but are considered as non-completion of attempted course work.
- Incomplete (INC) indicates that you have not completed required course work and that the instructor has agreed to accept the work after the due date. The notation is always used in combination with a letter grade such as B/INC and the grade is used in the calculation of the various GPAs.
- Medical (MED) indicates that you have been unable to write a final examination or complete other assignments due to a long-term medical situation. A MED notation carries no grade point value.
- Deferred (DEF) indicates that you have been unable to write a final examination. A DEF notation carries no grade point value.
- An audit (AU) grade is not considered attempted course work. It is not included in the GPA calculation or completion rate determinations.
- F/FNS/R/NR grades are treated as attempted credits that were not earned, and so are included in both the calculation of GPA and minimum completion rate.
- A satisfactory grade (S) is treated as attempted credits that are earned, but is not included in calculation of GPA.
- In case of repeated courses, only the grade corresponding to the latest attempt of the course will be used in calculation of the various GPAs, but every repeated attempt will be included in the completion rate determinations. No loans can be disbursed for a repeated attempt if you have already achieved a passing grade for that course. The University's policy means that you receive aid for only one repeat of a course.
Satisfactory Academic Progress for Title IV Aid Recipients
The following policy applies to Title IV aid recipients who are considered to be full-time, quarter-time or part-time in undergraduate or graduate level studies in Title IV aid-eligible programs.
As a student loan recipient, you are required to be in good standing, maintain satisfactory academic progress toward your degree requirements for each semester in which you are enrolled, and complete your degree in the prescribed period according to your program. Satisfactory Academic Progress (SAP), as described below, is evaluated on an annual basis in June. Note, that Satisfactory Academic Progress for Title IV aid recipients is stricter than the university’s regulations as pace of progression in addition to academic performance are measured. Failure to maintain satisfactory academic progress may result in the cancellation of your Title IV aid.
Basic Standard for Satisfactory Academic Progress
To achieve SAP as per the U.S. Department of Education, students must:
- Maintain a minimum annual GPA of 2.0 (undergraduates) and 3.0 (graduate studies)
AND
- Maintain a minimum cumulative rate of two-thirds of credits attempted (67%)
- The percentage is calculated by dividing the total number of credits successfully completed by the number of credits attempted.
Also, the financial aid office will ensure that students are completing their educational program within a time frame no longer than 150% of its published length. (For example, a student must complete their program after attempting a maximum of 180 credits for a 120-credit program).
Furthermore, for students enrolled in an educational program of more than two academic years, must have a minimum Cumulative GPA of 2.0 or have the academic standing consistent within their faculty’s published requirements for graduation.
Please note that courses noted as follows count towards a student’s attempted credits: Discontinued (DISC), Deferred (DEF), Did Not Write (DNW), Incomplete (INC), Medical (MED), Repeat (RPT).
Example of ideal pace of progression for an undergraduate student:
0 - 30 credits = year 1
30 - 60 credits = year 2 (with a minimum Cummulative GPA of 2.0 or more)
60 - 90 credits = year 3
90 - 120 credits = year 4
For the purposes of calculating a student pace of progression, the Financial Aid & Awards Office will divide the total number of credits successfully completed by the number credits attempted.
Example: A student passed 15 credits of an attempted 24 credits.
15/24 = 62.5% - this indicates the student did not make academic progress
For graduate students, the maximum timeframe will be defined by the School of Graduate Studies upon admission and will be monitored and evaluated on an annual basis.
Student Loan Denied Status
If you fail to meet the minimum 2.0 annual Grade Point Average standard, or fail to complete at least two-thirds of cumulative credits attempted, you will immediately lose your eligibility for Title IV aid funding. No Title IV financial aid will be disbursed to you unless you are removed from Student Loan Denied status.
If you fail to satisfy the 150% requirement, you will also be placed on Student Loan Denied status. No Title IV aid will be disbursed unless you have made an appeal and the appeal is granted. There are no exceptions to this requirement. If you are in a 120-credit bachelor degree program and have attempted in excess of 180 credits including transfer credits, you are no longer eligible for financial aid.
All Title IV aid recipients who fail the any of the above noted Satisfactory Academic Progress standards will be notified by e-mail within 1 week of the determination to advise they have been placed on Student Loan Denied Status, and given a specific date to submit their appeal (if applicable).
Reinstatement of Aid After Student Loan Denied Status
Reinstatement of financial aid after you have been placed on Student Loan Denied status may be achieved in one of the following ways:
1-) You attend Concordia University, pay for tuition and fees without the help of Title IV financial aid, and do well enough in the course work to meet all the Satisfactory Academic Progress standards. You regain aid eligibility in a probationary status.
2-) You must submit a written appeal in accordance with the appeal process. If the FAAO grants the appeal, you will then be placed on Student Loan Probation for ONE payment period. You must attain a minimum 2.0 term GPA in that payment period to qualify for the second disbursement. The student’s next academic evaluation will use the term GPA of the 1st payment period of the aid year. This evaluation will normally be done in September, December or May, after which time if your GPA is not above the 2.0 minimum or pace of progression has not been attained, you will immediately be placed on US Federal Loan Suspension and become ineligible for any further Title IV aid until all of the above noted minimum academic requirements have been met.
Appeal Process
You may appeal your "Student Loan Denied Status" if it can be determined that an unusual or extraordinary situation affected your academic progress. An example of an unusual or extraordinary situation would be a death in the family or a serious illness.
Appeals must be:
- Submitted in writing to the FAAO's Manager and/or U.S. Loan Advisor by the date specified in the Student Loan Denied notification letter.
- You must submit documentation that supports your unusual or extraordinary situation (i.e. death of a family member is supported by a death certificate). In addition, your statement must include a specific plan for your academic recovery.
- You (the student) must explain what has changed in your situation that will allow you to meet Satisfactory Academic Progress requirements at the next evaluation.
Should you require additional information regarding this process please visit the Financial Aid and Awards Office for additional information.
Entrance counselling
All first year students at Concordia University are required to complete Entrance Counselling prior to receiving loan funds. Entrance Counselling describes the rights and obligations of borrowers and answers many questions you may have about loans. It may also be completed at StudentLoans.gov.
- If you are a Direct Loan borrower, please complete the Direct Loan Entrance Counselling.
- If you are a Graduate PLUS Loan borrower, please complete the Graduate PLUS Entrance Counselling.
- If you are a borrower of both types of loans, please complete the combined Entrance Counselling.
When you complete Entrance Counselling, the FAAO will not receive an electronic confirmation please print a confirmation. A hardcopy of the confirmation of the Entrance Counselling must be kept in your file for audit purposes.
Cost of attendance
The FAAO calculates your cost of attendance (COA) when your application is being processed in order to determine your financial need. The COA is based on tuition fees, books and living expenses for one academic year. The COA is based on the number of credits you actually intend to take.
Visit our Tuition and Fees pages for the most recently updated information about tuition and compulsory fees based on program.
Living expenses are calculated by the FAAO. Housing, food, transportation and personal expenses are included in the estimate of reasonable costs per semester. Additional costs, such as supplies and internet fees are also calculated.
Other necessary and reasonable expenditures that don't fall into the above categories, such as the purchase of a computer or a return trip home, may also be included in the calculation if approved by a Financial Aid Advisor and if you can provide proof of purchase. Once all of the costs have been assessed, the COA is calculated in Canadian dollars and then converted to U.S. dollars based on the exchange rate of that day.
Banking
You will need a Canadian bank account (which has debit card capability) for the deposit of any surplus in your student account. Many banks will allow you to apply for a bank account online, so you can start the process before you get to Montreal. Here are the websites of several banks with branches near Concordia:
As an eligible educational institution, Concordia University can only provide Canadian federal (T2202A) and provincial (RL-8) tax receipts. If you are filing taxes in the U.S., you can use the information on the T2202A, along with Concordia’s EIN (Employer Identification Number) 98-1422233. You will require this information in order to complete your U.S. income tax returns.
U.S. loan terminology
Award Year: The 12-month period during which you attend the University, and for which your aid has been awarded.
Capitalization: The process by which interest is added to the principal loan amount if you choose not to make interest payments while at the University or in forbearance. This process increases the amount that must be repaid and will make your monthly payment larger.
Cost of Attendance (COA): The total amount it will cost you to go to school. This amount includes tuition fees, living expenses, books, insurance, travel and transportation. The COA is determined by the FAAO, using US guidelines.
Default: The failure of a borrower to repay the loan under the terms of the promissory note. If your repayment instalments are monthly, you are considered in default if you do not pay for 270 consecutive days. If your instalments are less frequent, default is declared after 330 consecutive days of non-payment.
Deferment: The temporary postponement of loan payments; during this time, you do not have to pay either principal or interest.
Delinquency: The status of a loan when payment is late. Delinquency can lead to default.
Disbursement: The lender's payment of loan funds to the University. Disbursement is usually made in two or more instalments during the year in accordance with US Department of Education regulations.
Free Application for Federal Student Aid (FAFSA): The application that you must file to apply for financial aid. The FAFSA is printed and distributed free of charge by the U.S. Department of Education. It is also available online.
FAFSA Submission Summary: Report of the information you provided in the FAFSA. It contains your SAI (replaces the Student Aid Report (SAR))
Forbearance: The temporary postponement or reduction of payments because of the borrower's financial difficulties. Forbearance may also be an extension of the repayment period. You are charged interest during forbearance.
Full-time: Enrolment in twelve or more credits per semester.
Grace Period: A period of time between when you graduate or drop below half-time status and when repayment begins. For Stafford Loans, the grace period is six-months. There is no grace period for PLUS Loans. If you re-enter school at least half-time during your grace period, the grace period is renewed for another six months. Therefore, you have the full grace period available when you leave school again. However, if you use all your grace period at once and re-enter school, you will not be eligible for another grace period.
Half-time: Enrolment in six or more credits per semester.
Interest: The fee that is charged by the lender in exchange for lending the money, the interest rate, usually expressed as a percentage of the loan amount, may stay the same for the term of the loan (fixed rate) or it may change periodically (variable rate). Interest rates for Stafford loans are fixed, whereas those of alternative loans may vary.
Master Promissory Note (MPN): A legally binding contract that you sign, thereby agreeing to repay the loan. It contains the loan terms and conditions, including how and when the loan must be repaid.
Principal: The total sum borrowed. This includes the original amount borrowed plus any interest that has been capitalized. Additional interest charges are based on this amount.
Student Aid Index (SAI): The amount that you and family are expected to contribute toward the Cost of Attendance. This amount is based on your or your family's income and assets.
Subsidized Loan: A loan made on the basis of financial need. The federal government pays the interest on these loans while you are enrolled at least half-time, during the grace period, or during authorized periods of deferment.
Three-Quarter Time: Enrolment in 9 to 11.75 credits per semester.
Unsubsidized Loan: A loan not based on financial need. You are responsible for paying all interest that accrues throughout the life of an unsubsidized loan. During in-school status, deferment, and forbearance periods, you may choose to pay the interest charged on the loan or allow the interest to be capitalized.
Withdrawn: A student is considered to have withdrawn from a payment period or period of enrollment if, in the case of a program that is measured in credit hours, the student does not complete all the days in the payment period or period of enrollment that the student was scheduled to complete.