Awards & Requirements
If you are a first-time student at Concord University, you will be sent a notification by mail once you have completed the FAFSA and are awarded federal aid. Returning student will receive an email when you have been awarded financial aid. All students will receive an email when a revision to your financial aid awards has been made. Your awards will list specific types of financial aid offered, the corresponding dollar amounts, and in some cases special messages or instructions related to your awards. Messages usually provide you terms and conditions of the awards. Also, if you must take additional action to receive your awards, you need to follow the instructions provided.
How To Accept Your Student Loan
- Log into MyConcordU at myconcordu.concord.edu
- Click on Tools, select Everyday Tools, then show more
- Click on Student Self-Service
- Click on the Financial Aid Tab
- Click Award under Tools Menu
- Click on Award by Aid Year
- Click the Accept Award Offer tab.
Tips when accepting or declining your aid:
- Read the Terms and Conditions
- You have two options to accept:
- Click Accept only – will accept the full loan amount to be equally divided over the fall and spring semester.
- Click Accept and then entering a partial amount into the adjacent box – will accept the amount indicated and it will be equally divided over the fall and spring semester.
How to Accept Your Awards
The Financial Aid Office assumes that you have accepted your grant and scholarship offers. However, if you are offered a student loan, you must inform the Financial Aid Office whether you “ACCEPT” or “REJECT” that award offer. You may do so online by accessing your awards in your MyConcordU account.
Alternatively, if you wish to cancel, reduce, or increase any portion of an accepted student loan, you may submit an online Loan Adjustment Form and submit it to the Financial Aid Office. Please note, grade level is only required to be reviewed on an annual basis; if your undergraduate grade level is moving from a Freshman to Sophomore, or Sophomore to Junior after the completion of the Fall semester and you wish to adjust your student loan, you may request this adjustment through the online Loan Adjustment Form as well. To adjust aid for Fall 2022, Spring 2023, complete the Loan Adjustment Form. Your loan offer will not credit unless you complete Entrance Loan Counseling, sign a Federal Direct Loan Master Promissory Note, and “ACCEPT” your loan offer online in your MyConcordU account. If you fail to follow through on providing documentation or information to fulfill any outstanding requirements, your financial aid offer is subject to cancellation. Also, if you do not complete the required entrance loan counseling or sign a master promissory note, your loan offer will be canceled.
Your financial aid awards will automatically credit to your student account when all eligibility requirements are met. Your financial aid will not credit to your student account unless all of your Student Requirements are met, you are making Satisfactory Academic Progress (or your Satisfactory Academic Progress Appeal has been approved), and you have no financial aid holds on your account. Awards are initially offered based on assumed full-time enrollment. If you meet any of the criteria listed below, please contact the Financial Aid Office at email@example.com
- You plan to enroll part-time
- You plan to enroll for one semester only
- You anticipate receiving financial aid from a source not included in your Award Package, such as a local scholarship
- Your housing status differs from what was noted in your Award Package
- You anticipate graduating in December or at the conclusion of a summer session
Federal Work-study awards do not credit to your account. When you work and submit time sheets, you are paid in the form of a paycheck or direct deposit.
Disbursement of Financial Aid (or Financial Aid Crediting to your Billing Account)
Financial aid will begin being disbursed the second Friday of the semester. After that aid is disbursed on a daily basis to students’ billing account. However, financial aid will not credit to the student’s account unless all eligibility requirements have been met and verification has been completed. In addition, if the student is taking out a student loan, the student must have completed loan entrance counseling and completed a master promissory note for the respective loan program. If you are a first-year undergraduate student, and a first-time borrower, you will have to wait 30 days after the first day of the semester before your loan can be credited to your account. Single semester loans are required to be disbursed in 2 equal installments (the first occurring at the beginning of the semester, and the second occurring at the mid-point of the semester). Authorized financial aid is a temporary status and is used for financial planning purposes only. Authorized financial aid allows Student Account’s to defer payment of a student’s tuition, fees, and residential and board payments until the financial aid is finalized and credited to the student’s account. Students are responsible for making payment for the difference between student account charges and financial aid awards by the designated due dates established by the University. Financial aid awards are not final until they have been credited to the student’s account.
When your financial aid for the semester/term exceeds your direct charges (tuition, fees, etc.) on your student bill, you are entitled to a refund for the difference to use toward other educational expenses such as books and living expenses.
The Student Account’s Office issues refunds to students beginning the second Friday of the semester, and then daily. After this office has credited/disbursed your aid to your student account, refunds for any payments in excess of your university balance will be issued by the Student Accounts Office in 7-10 business days through BankMobile. For more information about financial aid refunds and how to select a refund preference, visit the Student Account’s Office at www.concord.edu/about/important-offices-and-centers/business-office/student-accounts-office.