Getting Started
Eligibility
Acceptance. 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 and Course Load. To be eligible for all federal loans, you must be registered in a minimum of 6 credits per semester.
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 (http://supportservices.concordia.ca/iso/) to make sure that you do not have any difficulties with Immigration Quebec or the Department of Citizenship and Immigration Canada.
Dependency Status. For the purposes of the FFELP, you are considered 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.
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 be completed on the web at www.mappingyourfuture.org.
If you are a Stafford Loan borrower, please complete the Stafford 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 receive an electronic confirmation of your interview (by email). A hardcopy of the confirmation of the Entrance Counselling will 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. If you have not yet registered for your courses, you must complete and submit the Confirmation of Credit Load and you are encouraged to register as soon as possible.
For the most recently updated information about tuition and compulsory fees based on program, see http://tuitionandfees.concordia.ca/.
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. For a non-resident, estimates for one semester would include:
Living Expenses 2008-09 Housing $1,820 Food $1,958.67 Personal expenses $658.67 Transportation $346.67
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 Officer 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 US dollars based on the exchange rate of that day.
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:
American Institute of Certified Public Accountants www.360financialliteracy.org Financial Aid and Awards Office http://web2.concordia.ca/financialaid/planning/ Practical Money Skills www.practicalmoneyskills.com US Financial Literacy and Education Commission www.mymoney.gov
Banking
You will need a bank account in which to deposit your loan. We suggest getting a Canadian bank account so that you can get local help with your finances. 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:
Bank of Montreal www.bmo.com CIBC www.cibc.com Desjardins www.desjardins.com Laurentian Bank www.laurentianbank.ca Royal Bank of Canada www.rbc.com Scotiabank www.scotiabank.com TD Canada Trust www.tdcanadatrust.com