The Application Process
Important: The loan application process at Concordia University is “borrower initiated”. This means that each academic year, you must begin the loan process by filing a FAFSA application and an MPN.
Procedures
Step 1. Apply for admission to Concordia University and receive a letter of acceptance. Register for courses.
Step 2. Fill out the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov. This will produce your SAR (Student Aid Report) with your EFC (Expected Family Contribution). This should be done as early as possible; January is best. Concordia University's federal school code is 00836500.
You must provide proof of completion of the FAFSA to the FAAO as we do not automatically receive confirmation of your application.
Step 3. Familiarize yourself with the loan process and your rights and responsibilities as a borrower. Complete online Entrance Counselling at mappingyourfuture.org.
Step 4. Choose a lender and a guarantor. Although there are many eligible lenders and guarantors, we recommend that you choose those who have experience working with foreign schools.
The FAAO's preferred guarantor is American Student Assistance (ASA). Their office is located in Boston, Massachusetts. ASA is a non-profit corporation that provides students with Stafford loans. To know more about this guarantor, please consult their website at: www.amsa.com.
Here are some ASA lenders and their codes:
Educaid/Wachovia 830005 Chase 803000-55
Here are some additional guarantors and their websites, where you may find information about the lenders they prefer:
Salllie Mae http://www.salliemae.com/ Bank of America http://www.bankofamerica.com/studentbanking/ Nela http://www.nela.net/ Nelnet http://www.nelnet.com/ Vermont Student Assistance Corps. http://services.vsac.org/ilwwcm/connect/VSAC/ Finance Authority of Maine http://www.famemaine.com/
Step 5. Fill out a Master Promissory Note (MPN), which may be found either on your guarantor's website or below. Be sure to read it carefully! This is a legally binding contract. Please forward the original signed copy to the Financial Aid and Awards Office. If you complete it online, forward a copy of the e-signed MPN.
Step 6. Submit your SAR, your MPN and your Confirmation of Credit Load either in person at the Financial Aid and Awards Office or by mailing it to:
US Loans
Financial Aid and Awards Office
Concordia University
1455 Boulevard de Maisonneuve West
Room LB-085
Montreal, Quebec H3G 1M8
CANADA
If you are studying during the summer semester, you should submit your complete application by the first week of April of that year. If you begin your studies in September, send in your application no later than the last week of June. Remember, the earlier you apply, the earlier you will receive your loan.
Forms
MPN for Stafford Loans (subsidized and unsubsidized)
MPN for PLUS Loans (for parents and for graduates)
Certification
Certification is the process undertaken by the FAAO to approve your loan amount. The FAAO uses your EFC (which is determined by your SAR) and your COA, as well as your expected financial assistance (EFA) in the form of grants, bursaries and scholarships, to determine your financial need. The EFC and EFA are subtracted from your COA, and the amount left over helps decide the type and amount of loan for which you are eligible.
Once the FAAO has figured out the amount and types of loans you can borrow, you will receive an email with this information. You must confirm or reject the proposed loan amount(s) and type(s). If you wish to borrow less than is suggested, indicate how much you would like to borrow in your response.
The FAAO will then proceed to complete the certification process and send your loan request to your guarantor. Remember that no certification can be completed until you have undergone entrance counselling at www.mappingyourfuture.org.
Disbursement
Stafford, Graduate PLUS and Alternative Loans. When the loan funds are disbursed, the cheque is sent first to the FAAO. There, your enrolment status is verified, after which you will be emailed that your loan has arrived. You must pick up your loan cheque at the Birks Student Service Centre, located in the Library building in room LB 185.
All cheques are co-payable to the University and to you. When you go to pick up your loan, you will have to pay your tuition and fees first. All remaining funds will be deposited into your bank account. Disbursements will be made in equal parts according to the number of semesters in which you are enrolled. If you are enrolled in the Fall and Winter semesters only, you will receive two disbursements. If you are also enrolled in the Summer semester, you will receive three disbursements. Note that Concordia's academic year begins with the Summer semester and ends with the Winter semester.
You will be notified as soon as possible of your loan disbursement. It is important to pick up your cheque quickly; Stafford loan cheques are only valid for 90 to 120 days. You should allow 30 days for bank processing time.
Parents PLUS Loans. All cheques are co-payable to the University and to your parents. Like the Stafford loans, cheques for PLUS loans are sent to the FAAO, where your enrolment is verified. Next, the cheque will be sent to your parents for endorsement. Your parents must mail the cheque back to the FAAO. The cheque will be deposited directly into your student account, and you will be informed by email.
Contact
For information on contacting the FAAO, click here.
Please forward your email inquiries concerning the US loan application process to USaid@faao.concordia.ca.