Type of Financial Aid: Graduate Students

Federal Loan Information

Unsubsidized Stafford Loan

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. For new borrowers, the fixed interest rate is currently 5.31% during repayment.

Direct Graduate PLUS Loans

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 is currently 6.31% during repayment.

Additional Loan Resources

  • Teacher Loan Forgiveness: The Department of Education has listed specific programs eligible for loan forgiveness after certain terms have been met.
  • Loan Forgiveness for Public Service Employees: You may be eligible for a loan cancellation after 120 payments if you are employed in a specific Public Service field.
  • Loan Cancellation: The Department of Education has strict guidelines for students with outstanding Federal loans interested in a loan cancellation. If you have a special circumstance, please review this website to determine if you would qualify.
  • Loan Consolidation: If you have borrowed multiple Federal loans while in school, you may consider loan consolidation. This link will provide you with detailed information to decide if it would be beneficial to consolidate your loans.
  • 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.

Grant and Scholarship Information

TEACH Grant Program: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $3,724 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 church professional program are eligible for the Concordia Supplemental Church Professional Award by completing and submitting the scholarship application.

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