85 percent of Chamberlain College of Nursing students use some form of financial assistance to help cover the cost of their education. Between grants and loans, scholarships and work study programs, there are many options available to develop a financial plan.
Grants are financial aid that does not usually need to be repaid. There are criteria you must meet in order to qualify, depending on the aid program:
Federal Pell Grants:
Grants for undergraduate students (who have not earned a prior bachelor’s degree) range from $400 to $5,550 for the award year. The actual amount of the grant is based on the cost of the education, number of hours enrolled and the Federal Pell Grant regulations.
Federal Supplemental Educational Opportunity Grants (FSEOG):
Grants for undergraduate students (who have not earned a prior bachelor’s degree) who show exceptional need; 2011-2012 SEOG is $375 per semester for those who qualify. The federal government provides the school with a limited pool of money. When the funds are exhausted, no more funds are awarded for the year.
Chamberlain Access Grants (CAG):
Additional grant funding for recipients of the Federal Supplemental Education Opportunity Grant (SEOG). This grant is funded by Chamberlain and is $175 per semester for any student also receiving SEOG.
State-Funded Programs:
Many states have grant and scholarship programs that provide funding to students who demonstrate financial need or have successfully achieved certain academic qualifications. Recipients are typically required to:
Chamberlain currently participates in state-funded programs in the following states:
The first step in qualifying for financial assistance is completing and filing the Free Application for Federal Student Aid (FAFSA), which serves as an application for all federal – and most state – student aid programs.
The FAFSA can be filed electronically at http://fafsa.ed.gov; be sure to include the Chamberlain school code (006385). 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. The information reported on the FAFSA is used to determine the expected family contribution (EFC). Financial aid eligibility is determined by subtracting the EFC from the total estimated educational expenses.
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.
Loans are a form of financial aid that must be repaid, but generally not until students have graduated, enroll less than half time, or stop attending school. Qualification may be based on need and in some cases a credit check may be required.
Stafford Loans | Federal Plus Loans| Private Loans
Student loans are available through the William D. Ford Federal Direct Loan Program to help pay for college expenses. These are low interest rate loans that must be repaid. Repayment begins six months after the student graduates or drops below half-time attendance (six credit hours per term). All Stafford Loans are subject to an origination fee assessed by the lender.
There are two types of Stafford Loans:
Subsidized Stafford Loan
The federal government pays the interest on the loan while the student continues to be enrolled at least half-time.
Unsubsidized Stafford Loan
The student is responsible for the interest on the loan. The student may let the interest capitalize, but Chamberlain College of Nursing suggests that the student pay the interest quarterly. The loan limits for dependent undergraduates per academic year are as follows:
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.
Direct Loans are low-interest loans for students and parents 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:
Students and parents can complete their loan application online directly through the U.S. Department of Education. You will need the following items:
To complete the Federal Stafford MPN:
Either parent of a dependent student may borrow up to the student's unmet costs (cost minus aid). As of July 1, 2006, all new Federal PLUS loans have a fixed interest rate of 7.9 percent. The federal government will deduct a 4 percent 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.
A graduate student may borrow a Federal Graduate PLUS loan to cover any unmet costs (cost minus aid). As of July 1, 2006, all new Federal Graduate PLUS loans have a fixed interest rate of 7.9 percent. The federal government will deduct a 4 percent 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 qualify for an in-school determent, which postpones principal payments until the student graduates or drops below half-time enrollment.
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:
Federal PLUS Loan for parents:
Federal Graduate PLUS Loan for graduate students:
Entrance Counseling
Before a student may receive a loan, federal regulations require that first-time borrowers at Chamberlain College of Nursing complete loan entrance counseling.
Exit Counseling
If a student who has received a loan falls below six credit hours per term, graduates, and/or leaves Chamberlain College of Nursing, federal regulations require that the student complete exit counseling with the Financial Aid Office. All graduates must complete exit counseling in order to receive a diploma.
Before applying for any private student loan, you should take advantage of all financial aid available to you, including federal student loans. The Application Process:
DeVry Inc. 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 DeVry Inc. students, they may not always do so. Students may choose to borrow from one of the lenders listed below or from any other lender.
The lenders listed below have made loans to DeVry Inc. (DeVry University, Chamberlain College of Nursing, Carrington College, Carrington College of California, Ross Medical School, and Keller Graduate School of Management) students in the past, and continue to do so as of the date listed below.
Updated as of October 6, 2011
Fifth Third Bank Smart Option Student Loan funded by Fifth Third Bank 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 Student Loan for Career and Community Colleges 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
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.
Chamberlain will help you identify all your financing options, as well as helping you apply for the financial assistance you need. More than 85% of Chamberlain students receive some form of financial aid. Financial aid is available for those who qualify in the form of federal and private loans, scholarships, grants, and work-study to those who qualify. Contact your student services advisors for more information on all the scholarship options available to you. Download the Scholarship Guide (PDF).
REQUIREMENTS FOR ALL SCHOLARSHIPS
* Navigate to Nursing participants are only eligible for the Navigate to Nursing Scholarship.
Next Generation Scholarship | Nightingale Scholarship | Dean's Scholarship | Chief Steward Scholarship | Navigate to Nursing (N2N) Scholarship Program | President's Scholarship
A merit based scholarship providing tuition assistance for recent high school graduates who have shown exceptional academic performance.
$2,500 per semester (up to $22,500)
Availability: Varies by campus, semester, and available funds
Verification Requirements: High school transcripts
Continued Eligibility:
Deadline: See your admissions representative for your campus deadline. Scholarship application must be received prior to start of the student's first semester.
A need based scholarship providing tuition assistance for students who have demonstrated exceptional need.
Availability: Varies by campus, session and available funds
Eligibility:
Deadline: See your admissions representative for your campus deadline. Scholarship application must be received prior to the start of the student's first semester.
A merit based scholarship providing tuition assistance for students who have shown exceptional academic performance.
Availability: Varies by campus, semester and available funds
Verification Requirements: Transcripts from all institutions attended
A merit based scholarship providing tuition assistance for students who have demonstrated exceptional academic performance and a commitment to community involvement.
$1,000 per semester (up to $8,000)
Verification Requirements:
Deadline: See your student finance representative for your campus deadline.
A merit based scholarship providing tuition assistance and fees* to allow qualified high school seniors to begin earning college credit toward their Bachelor of Science in Nursing degree while still in high school. All credits are completed under the predetermined Navigate to Nursing scholarship program curriculum.
Up to $8,500 in tuition assistance and fees*
Availability: Varies by location
* Scholarship amounts may vary. For complete details, visit chamberlain.edu/n2n.
$750 per session (up to $4,500)
Initial Eligibility:
Continuing Eligibility:
NOTE: Students who do not meet continuing eligibility requirements can be awarded the scholarship again if they later meet the continuing eligibility criteria.
*Employees of DeVry Inc. or any DeVry Inc. institution are not eligible.
Choose your state below to learn more about the CampusRN Scholarship Fund and how to apply for the $2,500 regional scholarship. Arizona Florida Illinois Missouri Ohio Texas Virginia
Working Parent Scholarship | Clinical Educator Scholarship
A scholarship for Registered Nurses with dependent children who are looking to pursue their Master of Science in Nursing degree. Decisions rendered no later than one week prior to session start.
$290 per session (up to $3,500)
Availability: Unlimited
Deadline: Two weeks prior to session start.
A scholarship for Registered Nurses with clinical experience looking to become educators in a hospital or school setting.