Federal Direct Student Loan Program®

Federal Direct Loans are low-interest loans for students and parents (Parent PLUS only) to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

With Direct Loans, you:

  • Borrow directly from the federal government
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
  • Must complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN)

There are two types of Direct Loans:

Federal Direct Subsidized Loan

The federal government pays the interest on the loan while the student continues to be enrolled at least half-time; eligibility is based on need and degree program.

Federal Direct Unsubsidized Loan

The student is responsible for the interest on the loan. The student may let the interest capitalize, but Chamberlain suggests that the student pay the interest quarterly.

Eligibility for a maximum combined Direct Loans (subsidized and unsubsidized)

Independent Students Eligible Amounts Per Semester:

  • Freshman: $4,750
  • Sophomore: $5,250
  • Junior/Senior: $6,250

Dependent Students Eligible Amounts Per Semester:

  • Freshman: $2,750
  • Sophomore: $3,250
  • Junior/Senior: $3,750

The aggregate loan limit for a dependent undergraduate is $31,000. The aggregate loan limit for an independent undergraduate is $57,500.

The aggregate loan limit for a graduate student is $138,500. This includes loans borrowed as an undergraduate student.

How to Apply

Completing the Free Application for Federal Student Aid (FAFSA®)

The first step in qualifying for federal financial assistance is completing the FAFSA at fafsa.gov.

Be sure to include Chamberlain’s school code: 006385.

Note: If you attend our Indianapolis campus, or are an Indiana state resident enrolled in our RN to BSN program option, please include school code E02182 as your first school code (in addition to 006385) to be considered for Indiana state grant funds.

The FAFSA serves as an application for all federal – and most state – student aid programs. The information reported on the FAFSA is used to determine an Expected Family Contribution (EFC). An EFC determines eligibility for need-based aid, such as the Pell Grant and Federal Direct Subsidized Loans. Financial aid eligibility is determined by subtracting the EFC from the total estimated educational expenses.

Chamberlain’s priority deadline for filing the FAFSA is March 1. The FAFSA should be filed within two weeks of application for admission and must be renewed each year. Prompt submission assures consideration for maximum available financial aid.

After the FAFSA has been processed, the student will receive a Student Aid Report (SAR). The student and/or family must review the SAR for accuracy and notify the financial aid office of any necessary corrections.

Assistance packages are developed using information from the FAFSA and any supplemental documents. The foundation for all assistance packages is contributions from student and family income and assets. Chamberlain provides students with award letters indicating the amount of financial aid for which they may be eligible and sources from which the aid may be received.

Reinstated/readmitted students may be considered for financial aid if they meet all eligibility requirements.

Chamberlain complies with all applicable state and federal equal credit opportunity laws; however, Chamberlain cannot guarantee financial assistance or credit to any student.

Completing Federal Direct Loan Entrance Counseling

Before a student may receive a loan, federal regulations require that first-time borrowers at Chamberlain complete loan entrance counseling. The entire counseling process must be completed in a single session and typically takes between 20 to 30 minutes.

To complete Direct Loan Entrance Counseling:

  1. Log in to studentloans.gov - You will need an FSA ID to complete entrance counseling on the web. If you do not already have an FSA ID or cannot locate it, visit fsaid.ed.gov.
  2. Click on “Complete Loan Counseling (Entrance, Financial Awareness, Exit)”
  3. Click on the “Start” button next to “Entrance Counseling (Required)”
  4. Choose “Illinois” as your school state and “Chamberlain College of Nursing” as your school name - look for school code G06385

AND

Choose the correct student type from the two options:

  • BSN and RN to BSN students should choose the undergraduate option
  • MSN and DNP students should choose the graduate or professional option

Completing a Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN)

Students complete their Subsidized/Unsubsidized MPN online directly through the U.S. Department of Education. You will need the following items:

  1. An FSA ID to sign the MPN on the web. If you do not already have an FSA ID or cannot locate it, visit fsaid.ed.gov
  2. Your permanent address and telephone number
  3. Your driver's license number (if you have one)
  4. Names, addresses and phone numbers for two references

To complete the Direct Subsidized/Unsubsidized Loan MPN:

  1. Log in to studentloans.gov using your FSA ID.
  2. Select "Complete Loan Agreement (Master Promissory Note)”
  3. Click on the “Start” button next to “MPN for Subsidized/Unsubsidized Loans”
  4. Choose “Illinois” as your school state and “Chamberlain College of Nursing” as your school name - look for school code G06385

Federal Direct Loan Exit Counseling

If a student who has received a loan falls below half-time enrollment, graduates, and/or leaves Chamberlain, federal regulations require that the student complete exit counseling. All graduates must complete exit counseling at studentloans.gov.

Direct Loans®, Federal Direct Student Loan Program® and FAFSA® are registered trademarks of the U.S. Department of Education.

Federal PLUS Loans

With PLUS Loans, you (or your parent for Parent PLUS only):

  • Borrow directly from the federal government
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs chang
  • Must complete Loan Entrance Counseling if you are a graduate student applying for a Graduate PLUS loan
  • Must complete a Direct Loan Master Promissory Note (MPN)

There are two types of PLUS Loans:

Federal Parent PLUS Loans

Either parent of a dependent student may borrow up to the student's unmet costs (cost minus aid). The federal government will deduct a loan fee from the loan before the borrower receives any loan money; therefore, the loan funds received by the borrower will be less than the amount they will repay.

A credit check will be done on the parent to establish creditworthiness. Loan funds are sent to the school and applied to the student's account. Parent borrowers begin repayment within 60 days after the loan is fully disbursed. Deferment options are available.

Federal Graduate PLUS Loans

A graduate student may borrow a Federal Graduate PLUS loan to cover any unmet costs (cost minus aid). The federal government will deduct a loan fee from the loan before the borrower receives any loan money; therefore, the loan funds received by the borrower will be less than the amount they will repay.

A credit check will be performed on the graduate student to establish creditworthiness. Loan funds are sent to the school and applied to the student’s account. Students can qualify for in-school determent, which postpones principal payments until the student graduates or drops below half-time enrollment.

How to Apply

Students must complete the current award year’s FAFSA before a PLUS loan application can be submitted. Please see Federal Direct Loan Program for more details on completing a FAFSA.

To complete a PLUS loan application:

  • Make sure you have a current FAFSA on file
  • Log in to studentloans.gov with your FSA ID
  • Select “Apply for a Direct PLUS Loan”
  • Select the loan type you are requesting:
    • Direct PLUS Loan Application for Graduate/Professional Students (Grad PLUS)
    • Direct PLUS Loan Application for Parents (Parent PLUS)

Entrance Counseling (Graduate Students Only)

Before a graduate student can receive a Graduate PLUS loan, the student must complete Loan Entrance Counseling - even if they previously completed it for a subsidized or unsubsidized loan.

To complete Graduate PLUS loan entrance counseling:

  1. Log in to studentloans.gov with your FSA ID
  2. Click on “Complete Loan Counseling (Entrance, Financial Awareness, Exit)”
  3. Click on the “Start” button next to “Entrance Counseling (Required)”
  4. Choose “Illinois” as your school state and “Chamberlain College of Nursing” as your school name - look for school code G06385

    AND

    Choose “I am completing entrance counseling to receive Direct Loans as a graduate or professional student”

Completing Your Direct Loan Master Promissory Note (MPN)

Students and parents can complete their loan application online directly through the U.S. Department of Education.

You will need the following items:

  • A Department of Education Federal Student Aid (FSA) ID: You will need to have an FSA ID to complete the MPN on the web. If you do not already have an FSA ID or cannot locate it, visit fsaid.ed.gov. Note: Parents will need their own separate FSA ID when completing a Parent PLUS MPN.
  • Your Social Security Number and if you are a parent, the Social Security Number of the student
  • Your permanent address and telephone number
  • Your driver's license number (if you have one)
  • Names, addresses and phone numbers for two references

To sign an MPN for the Parent PLUS Loan:

  • Log in to studentloans.gov with your FSA ID
  • Select "Complete Loan Agreement (Master Promissory Note)"
  • Select the “Start” button next to "PLUS MPN for Parents"
  • Choose “Illinois” as your school state and “Chamberlain College of Nursing” as your school name - look for school code G06385

To sign an MPN for a Graduate PLUS Loan:

  • Log in to studentloans.gov with your FSA ID
  • Select "Complete Loan Agreement (Master Promissory Note)"
  • Select the “Start” button next to "PLUS MPN for Graduate/Professional Students"
  • Choose “Illinois” as your school state and “Chamberlain College of Nursing” as your school name - look for school code G06385

Exit Counseling

If a student who has received a PLUS loan falls below half-time enrollment, graduates, and/or leaves Chamberlain, federal regulations require that the student complete exit counseling. All graduates must complete exit counseling.

Direct Loans®, Federal Direct Student Loan Program® and FAFSA® are registered trademarks of the U.S. Department of Education.

   

Private Loan Applications

Before applying for a private student loan, you should compare all financial aid available to you, including federal student loans.

Before pursuing a private loan:

  1. Complete a FAFSA for the current award year. If you have not submitted your FAFSA, go to fafsa.gov.
  2. Review your estimated financial aid awards with your student support advisor.
  3. Determine how much you need to borrow in each loan program (Direct Loans®, private loans, etc.).
  4. Remember to borrow wisely, and borrow only what you need for educational expenses.
  5. When you apply for a Private Loan, in most cases will be told right away if your loan is approved. There is a credit check process, so your loan approval, subsequent interest rate and loan fees (if applicable), are based on your credit status.

Chamberlain University does not make any recommendations regarding lender selection. The lenders are listed in alphabetical order, and therefore do not indicate any sort of rank or preference. Students are encouraged to review each lender’s terms and conditions before selecting a lender. Lender terms and eligibility criteria sometimes change, and while all of the lenders listed below currently provide loans to Chamberlain students, they may not always do so. Students may choose to borrow from one of the lenders listed or from any other lender. 

Lenders List

The lenders listed below have made loans to Chamberlain College of Nursing students in the past, and continue to do so as of the date listed below.

Updated as of July 19, 2016

PNC Bank
PNC Solution Loan
Loan Disclosure Information

Regions Bank
Smart Option Student Loan for Regions Bank
Loan Disclosure Information

Sallie Mae
Smart Option Student Loan
Loan Disclosure Information

Wells Fargo Bank
Undergraduate Students - Student Loan for Career and Community Colleges
Loan Disclosure Information

Graduate Students - MedCAP Alternative Loan for Health Professionals
Loan Disclosure Information

The following loans are provided by state organizations and have certain state residency or school eligibility requirements.

Alaska
Alaska Supplemental Loan
Loan Disclosure Information

Maine
Maine Loan
Loan Disclosure Information

Minnesota
Minnesota SELF Loan
Loan Disclosure Information

New Jersey
NJCLASS Loans
                 
North Dakota, South Dakota, Minnesota, Montana, Wisconsin, Wyoming
DEAL Loan
Loan Disclosure Information



Direct Loans®, Federal Direct Student Loan Program® and FAFSA® are registered trademarks of the U.S. Department of Education.

Student Loan Code Of Conduct

Chamberlain College of Nursing observes the federal regulations regarding student loan requirements.

Code of Conduct agreements were designed to create and ensure uniform student loan practices that focus on the best interest of borrowers. In these documents, restrictions are defined to manage the relationships among school employees, learning institutions, lender advisory board members, and student loan organizations. Students are encouraged to review the Code of Conduct agreements to learn more about the requirements governing loan regulations.

Student Finance Conflict of Interest Policy and Code of Conduct

If you have any questions about these documents, please contact your local Chamberlain College of Nursing Student Services office.



Direct Loans®, Federal Direct Student Loan Program® and FAFSA® are registered trademarks of the U.S. Department of Education.

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