Chamberlain College of Nursing > Financial Aid > Financial Assistance

To help students pay for post-secondary education, the U.S. Department of Education offers seven primary federal financial aid programs. Chamberlain is eligible to participate in the following:

Students are eligible for aid if they:

Are enrolled as regular students in an eligible program.

Are U.S. citizens or eligible noncitizens.

Demonstrate financial need.

Make satisfactory academic progress toward completing their program.

Are not in default on a Federal Perkins/NDSL, Federal Stafford/FFEL, Federal SLS, Income Contingent Loan or Federal PLUS Loan received at any institution.

Do not owe refunds on a Federal Pell Grant, FSEOG or State Student Incentive Grant (SSIG)received at any institution.

More information on these programs is available from a financial aid advisor.

Active Duty Military Tuition Reduction Request Form (56K)
Applicable to RN to BSN Online Degree Completion Program Only!

Federal Pell Grants

Federal Pell Grants help fund post-secondary education for undergraduate students who have not previously earned bachelor’s degrees. For many students these grants provide a foundation of financial aid to which aid from other sources may be added.

Federal Academic Competitiveness Grants

The Academic Competitiveness Grant is available for the first time for the 2006-2007 school year to first-year ($750 per academic year) and second-year ($1,300 per academic year) students who complete a rigorous high school curriculum. Students must be a U.S. Citizen, Pell Grant recipient, and be enrolled full-time in a degree-seeking program. First-year students must have graduated high school after January 1, 2006, and second-year recipients must have graduated high school after January 1, 2005. Second-year recipients must also retain a minimum 3.0 cumulative GPA.

Federal Supplemental Educational Opportunity Grants

FSEOGs provide supplemental funds to undergraduate students with exceptional need, with priority given to Federal Pell Grant recipients. Exceptional need is defined as the lowest EFC per federal-need-analysis methodology. Because FSEOG funds are limited, students should apply for these grants as early as possible.

Federal Perkins Loans

Students who demonstrate financial need may apply for Federal Perkins Loans. Loan amounts are determined according to a student’s need and cumulative borrowing, and institutional allocation. The interest rate on these loans is 5 percent, and repayment begins nine months after borrowers cease to be enrolled at least half time. The minimum monthly payment is $40; total debt must be repaid within 10 years. Federal Perkins funds are awarded according to institutional need-based criteria.

Federal Work-Study

FWS enables students who demonstrate financial need to earn a portion of their educational expenses. (Students must complete the FAFSA to be considered for FWS funds.) In this program, students earn at least the current hourly minimum wage by working at the school or for nonprofit or private for-profit agencies. Chamberlain College of Nursing helps eligible students locate jobs; certain restrictions apply.

Federal Family Educational Loans – Federal Stafford and Federal PLUS Loans

Loans obtained through the FFEL program are obtained from a private lender such as a bank, credit union or student loan company.

Federal Stafford Loans

Students who demonstrate financial need qualify for a subsidized-interest provision while in school, and for the first six months after leaving school or dropping below half-time status, on the lesser of their demonstrated need or the academic year maximum. Students who demonstrate financial need below the academic year maximum may also borrow through this program; however, they must pay interest on the amount borrowed in excess of demonstrated need beginning when the loan is received.

Full-time undergraduate students may borrow a maximum of $3,500 for the first complete academic year (two semesters), $4,500 for the second complete academic year, and $5,500 per academic year after they have completed their second year of study. The amount borrowed for undergraduate study may not exceed $23,000. Students begin repaying the loan six months after ceasing to be enrolled at least half time. The interest rate for loans originated after July 1, 2006, is fixed at 6.8 percent. Students who previously borrowed under this program retain the interest rate in effect when they first borrowed. Monthly payments are based on aggregate borrowing, though the minimum monthly payment is $50. Repayment is usually completed within 10 years. Students who leave school or drop below half-time status are contacted by their lenders to establish repayment schedules.

Under another provision of the unsubsidized Federal Stafford Loan or Federal Direct Stafford/Ford Loan, students who are independent by federal definition may borrow a maximum of $4,000 per academic year for each of the first two completed academic years and a maximum of $5,000 per academic year after completing the second academic year.

Students must notify their financial aid counselor and their lender of a change in local or permanent address.

Federal PLUS Loans (Parent Loans)

These loans allow parents of students who are dependent by federal definition to borrow a maximum of educational costs less financial aid per academic year (two semesters). The interest rate for loans originated after July 1, 2006, is fixed at 8.5 percent. Repayment begins within 60 days after the loan is fully disbursed.

State-Funded Programs

In addition to federal financial assistance, state grant and scholarship programs may be available, providing funding to students who demonstrate financial need or who have successfully achieved certain academic qualifications. Typically, state grant recipients must attend an institution in their home state, and they or their parents must have resided in the state for a period of time. Proof of residency is usually required.