Grants, loans, part-time employment and scholarships are available for eligible students at Concord. Students should complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 to assure consideration for available funds since the earlier applications are packaged first. Apply online with FAFSA on the web at www.fafsa.gov. April 15 is the deadline for priority consideration of campus-based aid; however, applications processed after April 15 will be considered based on the availability of funds. Awards are normally based on full-time enrollment. However, some programs are available for part-time enrollment. The major portion of financial aid is awarded to students who have demonstrated financial need (as determined by the Department of Education) based on the results of the FAFSA.
Financial aid is normally awarded to students for the regular academic year of two semesters. An academic year is defined as two semesters, 32 weeks or 24 semester hours usually beginning in August and ending in May. Renewal of Federal and State aid is contingent upon reapplying each year, having demonstrated financial need, and maintaining satisfactory academic progress toward a degree objective.
Many communities and local organizations offer scholarships to deserving high school graduates. These possibilities should be explored with your high school principal or guidance counselor.
Institutional scholarships available through Concord University are competitive. Information is available from the Office of Admissions.
General Financial Aid Information
Students who receive financial aid at Concord University must use this money solely for educational expenses related to attendance at Concord. Any student who receives financial aid from sources in addition to programs offered by Concord must report the types and amounts of these awards to the Financial Aid Office. Additional aid may reduce or cancel the student’s original award.
Federal student aid programs, amounts, and policies are subject to change based on Federal legislative action. Questions concerning financial aid should be directed to the Financial Aid Office.
When a student lists Concord University on the Free Application for Federal Student Aid (FAFSA), each individual application is reviewed. When a student is selected for verification, either by the Department of Education or Concord University.
A letter listing all information needed to complete the verification process is mailed and/or emailed to the student. If the verification documentation is not received within a few weeks, a reminder letter is mailed and/ or emailed to the student reminding him/her that the information is still needed. All financial aid is awarded on a first come first serve basis. When verification is complete, if there is any type of change by the institution, the student is notified by mail or email from the Department of Education and a letter from the financial aid office notifying the student of the changes. When verification is complete and the student has been awarded, notification will be sent via mail or email. No award is made prior to completion of verification. Students can view their awards on their MyCU account. This information is updated and immediately ready for review.
If and when an overpayment happens, the student is notified immediately and a letter stating the request for repayment is sent at that time.
You must complete and submit a Free Application for Federal Student Aid (FAFSA) (available January 1 of the academic year) to apply for federal student aid and to apply for most state and college aid. Applying online with FAFSA on the Web at www.fafsa.gov is faster and easier than using a paper FAFSA. Submit your FAFSA early, some programs have limited funding.
Federal Pell Grant
A Federal Pell Grant does not have to be repaid and are awarded to undergraduate students who have not earned a bachelors or a professional degree. The award amount depends on your financial need (as determined by the Department of Education), your budget, enrollment status (full-time or part-time) and the number of semesters of enrollment.
You can only receive the Pell Grant for up to 12 semesters or the equivalent.
Federal Supplemental Education Opportunity Grant (FSEOG)
The Federal Supplemental Education Opportunity Grant (FSEOG) does not have to be repaid and is awarded to undergraduate students with exceptional financial need (as determined by the Department of Education). Pell Grant recipients with the lowest expected family contributions (EFCs) will be considered first for a FSEOG. The amount depends on when you complete the FAFSA, your financial need (as determined by the Department of Education) and available funding.
West Virginia Higher Education Grant
Selection is made by the West Virginia Higher Education Grant Program in Charleston. Priority filing date is determined by the state, see www.cfwv.com for details. Awards are based on available funds.
West Virginia Promise Scholarship
The PROMISE scholarship is a merit-based financial aid program. Students must reach certain academic goals(minimum high school grade point average (GPA) and minimum ACT/SAT scores) to be eligible to receive funds to help pay for college. Students must complete the PROMISE Scholarship Application and the FAFSA. Go to www.cfwv.com for details. Award amounts are based on available funding.
The PROMISE Scholarship is renewable if the student has maintained a minimum GPA and obtained a minimum of 30 credit hours in a year of enrollment. Go to www.cfwv.com for details.
State Grants (Other Than West Virginia)
Check with your home state grant office, if one exists, to determine if state residents attending out-of-state schools are eligible for grants. If so, process the paperwork for Concord, and we will disburse your state grant.
The Federal Perkins Loan
An applicant may borrow a maximum of $27,500 as an undergraduate student, not to exceed $11,000 in the first two years of school (based upon availability of funds). The first repayment is due nine months after graduation or separation from college. The loan has a five percent interest rate which begins to accrue the tenth month after graduation or separation from college. There are provisions for the repayment of this loan to be partially or wholly canceled for certain areas of teaching, military service, volunteer service, NOAA, and certain disabilities. In addition, deferment options exist. Check with the Perkins Loan Office prior to leaving school about these options.
Federal Direct Stafford Loan (Subsidized and Unsubsidized)
Direct Stafford Loans, from the William D. Ford Federal Direct Loan Program, are low-interest loans (must be repaid) for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education.
Direct Subsidized Stafford Loans are for students with financial need (as determined by the Department of Education). Students are not charged interest while in college at least half-time.
Direct Unsubsidized Stafford Loans do not require students to demonstrate financial need. Interest accrues from the time the loan is first disbursed. Students can pay the interest while in college and during grace periods and deferment or forbearance periods, or students can allow the interest to accrue and be capitalized (added to the principal amount of the loan). Not paying the interest as it accrues will increase the total repayment amount because interest is charged on a higher principal amount.
Students must complete the FAFSA. First time borrowers must complete a Master Promissory Note (MPN) and Entrance Counseling. The MPN is a legal document in which the borrower (student) promises to repay the loan and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of the loan. The MPN and Entrance Counseling can be completed on-line at www.studentloans.gov.
The maximum annual loan amount an undergraduate student may borrow is $3,500 at the freshman level, $4,500 at the sophomore level, and $5,500 at the junior and senior level, with an aggregate loan limit of $31,000 ($23,000 maximum Subsidized Loan). An additional $2,000 Unsubsidized Stafford may be borrowed, if eligible, for each grade level. Award amounts may be reduced based on the student’s budget and other aid.
The interest rate on Stafford Loans are set ty the federal government. Review your loan history at: www.nslds.ed.gov
Federal Parents Loan For Undergraduate Dependent Students (FPLUS)
Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. Loans will come directly from the U.S. Department of Education under the Direct Loan Program. The parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN). The MPN is a legal document in which the borrower promises to repay the loan and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of the loan. The application and MPN can be completed on-line at www.studentloans.gov.
Parents may borrow an annual amount equal to cost of attendance minus other aid. The interest rate is set by the federal government.
Concord University has very limited institutional loans that may be used as restricted sources of funds.
Federal Work-Study Program
Students in the Federal Work-Study Program may secure jobs in various offices on campus, as well as other agencies. The work hours for this program will be adjusted to the student’s schedule but may not exceed 20 hours per week. The rate of pay, for most jobs, is the federal minimum wage.
State Student Assistant Program
This is a State-funded work program and students may be hired by various departments. Financial need is not a prerequisite.
Satisfactory Academic Progress (SAP) Policy for Financial Aid Recipients
Students must maintain Satisfactory Academic Progress (SAP) to be eligible to receive financial aid. The current policy is located on our web site at www.concord.edu/admissions/financial-aid.