Loan Options

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.

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.

The Graduate Certificate in FNP is currently ineligible for Title IV aid, as such, Chamberlain University is unable to award or disburse Title IV federal grants or loans for students currently attending this program. Chamberlain cannot guarantee nor affect the timeframe for approval to offer Title IV aid.

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 studentaid.gov/h/apply-for-aid/fafsa.

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.

The FAFSA becomes available every October 1. Chamberlain’s priority deadline for filing the FAFSA is March 1. The FAFSA should be filed within two weeks of the application for admission and must be renewed each year. Prompt submission assures consideration for maximum available financial aid. For Federal and State Aid specific deadlines, visit https://studentaid.ed.gov/sa/fafsa.

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 studentaid.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 studentaid.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 studentaid.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.

The Graduate Certificate in FNP is currently ineligible for Title IV aid, as such, Chamberlain University is unable to award or disburse Title IV federal grants or loans for students currently attending this program. Chamberlain cannot guarantee nor affect the timeframe for approval to offer Title IV aid.

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 studentaid.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 studentaid.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 studentaid.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 studentaid.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 studentaid.gov/h/apply-for-aid/fafsa.
  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. 

The Graduate Certificate in FNP is currently ineligible for Title IV aid, as such, Chamberlain University is unable to award or disburse Title IV federal grants or loans for students currently attending this program. Chamberlain cannot guarantee nor affect the timeframe for approval to offer Title IV aid.

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 March 29, 2018

Ascent Tuition
Ascent Tuition Loan

  1. Loan Disclosure Information
  2. Loan Disclosure Information

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
Health Professions Graduate Loan

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

Missouri
Health Professional Nursing Student Loans

New Jersey
NJCLASS Loans

North Dakota, South Dakota, Minnesota, Montana, Wisconsin, Wyoming
DEAL Loan
Loan Disclosure Information

Vermont
Vermont Advantage Loans

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

What is the Nursing Faculty Loan Program?

NFLP Overview

The Nurse Faculty Loan Program (NFLP) is a low-interest federal loan/forgiveness program that prepares and trains qualified nurses to become nurse educators to address the current nursing educator workforce shortages within the post-secondary education industry. The NFLP is funded through the U.S. Department of Health and Human Services, Health Resources and Services Administration (HRSA) and is administered by Adtalem Global Education Inc. d/b/a Chamberlain University, in conjunction with our loan servicer, Tuition Options. 

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Eligible students must intend to teach full-time (or in multiple adjunct positions resulting in full-time equivalency) for up to four consecutive years following completion of their degree program.

Up to 85% of an NFLP loan (including accrued interest) can be forgiven if the service obligation (up to four consecutive years working as nurse faculty) is completed. See chart below:

Teaching Year  Amount Forgiven Remaining Balance

1

20%

80%

2

20%

60%

3

20%

40%

4

25%

15%

Beginning in years 5-10 (for a period of 6 years), the NFLP recipient begins repayment of the remaining balance (15% of the original cost and the accumulated interest).

The amount awarded to students is dependent upon funding availability and how much the student chooses to receive up to the total charges for tuition, books, and fees.

Purpose

The NFLP is designed to increase the number of qualified nursing faculty by providing funding to accredited schools of nursing so they can offer loans to eligible students who are enrolled in advanced education nursing degree programs and are committed to become nurse faculty.

How Does It Work

  • Eligible students must intend to teach full-time (or multiple adjunct positions resulting in full-time equivalency) for up to four consecutive years following completion of their degree program.
  • Up to 85% of an NFLP loan (including accrued interest) can be forgiven if the service obligation (up to four consecutive years working as a nurse faculty) is completed.
  • The amount awarded to students is dependent upon funding availability and how much the student chooses to receive up to the total charges for tuition, books and fees.
  • Loan forgiveness applies only to NFLP funds. Other forms of financial aid, such as previously received federal student loans, does not apply.

Eligibility Requirements

  • Must enroll in Chamberlain’s DNP or MSN (Nurse Educator Track) degree programs (new, readmit and continuing students are eligible).
  • Must register at least as a half-time (three credit hours per semester) student, and the student must maintain at least half-time enrollment status for a minimum of two semesters during an academic year while receiving the NFLP loan.
  • Must intend to become a full-time (or multiple adjunct positions resulting in full-time equivalency) nurse faculty (i.e., teaching capacity) at a post-secondary college or university of higher education to teach nursing programs at any program level.
  • Cannot be a visiting professor with Chamberlain University.
  • Must be in Good Academic Standing.
  • Must be a U.S. citizen or national of the U.S., or a lawful permanent resident of the U.S. and its territories.
  • Have no judgment liens entered against him/her based on the default of a Federal debt, 28 U.S.C. 3201 (e).
  • Agree that by applying for the loan, he/she gives Chamberlain permission to check his/her records on studentaid.gov and the General Service Administration's Excluded Party List websites.
  • Funding must be available. NFLP loans are limited and are awarded on a first-come, first-served basis until funding is exhausted.
  • Must complete Chamberlain University’s NFLP application form.

Application Process—students who wish to be considered for an NFLP Loan must:

  • Request the Chamberlain University NFLP Application Form be sent via DocuSign from a Chamberlain admission representative or student support advisor. 
  • All applicants will receive notification informing them of their NFLP application status prior to the start of the upcoming session. 
  • Chamberlain University will run a credit check to confirm if there are any judgment liens entered against him/her based on the default of a Federal debt, 28 U.S.C. 3201 (e). 
  • Upon credit check completion and approval, the applicant will receive an email from Tuition Options (Chamberlain’s NFLP loan service provider) with instructions to register for their online account and to review and e-sign their loan documents and disclosures. 

Entrance Counseling

Entrance Counseling will be included in the Tuition Options email notification the borrower receives with the instructions to register for their online account and to review and e-sign their loan documents and disclosures.

Maintaining Eligibility Through the Award Year—A student granted an NFLP Loan must:
  • Maintain a GPA of 3.0 or higher
  • Maintain at least half-time (3 credit hours per semester) student status
Renewal Process For Continuing Students

Students must apply for NFLP funding each desired award year. Funding is contingent upon ongoing federal approval of the program with HRSA and awarded funding to Adtalem Global Education Inc. d./b./a. Chamberlain University.

Interest Rate
  • Interest accrues on the NFLP loan at a rate of 3% per annum, beginning three months after the borrower graduates or ceases to be enrolled in their graduate nursing program.
  • If the Borrower fails to complete the advanced nurse education program or fails to serve as a nurse faculty member for a consecutive four-year period, interest will be charged at the prevailing market rate.
  • Borrowers employed as full-time (or in multiple adjunct positions resulting in full time equivalency) nurse faculty at a school of nursing for a consecutive four-year period will bear interest at the rate of 3% for the four-year period and the remaining six years of the “repayment period.” If the borrower ceases full-time employment as nurse faculty at a school of nursing, the NFLP loan will bear interest at the prevailing market rate.
  • The prevailing market rate is determined by the U.S. Treasury Department and is published quarterly in the Federal Register linked here.
Drops or Withdrawals
  • NFLP funding is non-refundable and is tuition and fees restricted.
  • If an NFLP recipient drops all enrollment, their funding will be reallocated to the next eligible applicant.
  • If an NFLP recipient withdraws from a course or session, Chamberlain will follow the institutional refund policy for returning funds back to the Chamberlain University NFLP account for reallocation the following award year.
  • If an NFLP recipient reduces intended enrollment, their NFLP funding will be adjusted to only cover applicable charges.
Exit Counseling

Exit counseling is required. After you complete your program or cease attending classes, you will be contacted by Chamberlain Student Services to complete Exit Counseling.

Grace Period

Students will be given a grace period of nine consecutive months, which begins immediately following completion of the program or when the student ceases attending Chamberlain University. During the grace period, repayment of the loan is not required.

Deferment requests can be submitted to Tuition Options for review and approval determination via the borrower’s Tuition Options online account

Repayment

The loan is repayable in equal or graduated periodic installments over a 10-year maximum period. Repayment begins nine months after the borrower does one of the following:

  • Completes the program  
  • Ceases to be enrolled as a student in the DNP or MSN (Nurse Educator Track)

Loan repayment support is available from your Chamberlain University student support advisor or Tuition Options.

Employment Certification & Loan Forgiveness

Borrowers can submit their annual Employment Certification to Tuition Options for review and approval determination via the borrower’s Tuition Options online account.

Deferment
Deferment is available to borrowers who qualify.  Please speak to Tuition Options for eligibility criteria.

Forbearance
Forbearance is available to borrowers who qualify. Please speak to Tuition Options for eligibility criteria.

Death Forgiveness
Death Forgiveness is available. In the event of a borrower’s death, Tuition Options can be contacted for support.

Total and Permanent Disability Forgiveness
Total and Permanent Disability Forgiveness is available. In the event of total and permanent disability, Tuition Options can be contacted for support.

 

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.