Loan Options

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.

How to apply for federal aid

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 $100,000. This includes loans borrowed as an undergraduate 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.

How to Apply

Students must complete the current award year’s FAFSA before a PLUS loan application can be submitted. Please see Applying for Federal Aid for more details.

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 Student Loans

Private loans are non federal loans offered by a bank or lender (not the U.S. Department of Education). Before applying for a private student loan, you should compare all financial aid available to you, including federal student loans. It is important to know the difference between federal loans and private loans. Go to https://studentaid.gov/understand-aid/types/loans/federal-vs-private for an expanded comparison of federal versus private 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 advising & retention specialist.
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. 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 lenders are listed in alphabetical order, and therefore do not indicate any sort of rank or preference. 

Lenders List

The lenders listed below have made loans to Chamberlain University students in the past three years (2023-2025):

• Affinity Federal Credit Union by Sallie Mae
• Alaska Supplemental Loan
• Arizona Central Credit Union
• Ascent
• CollegeAve
• Edly Inc Loan Program
• GraniteEdvCo/EdventinU – New Hampshire Higher Education Loan Corporation
• Grt Southern
• NJ Class
• PASEFC
• PHEAA (PA Forward)
• Regions – Sallie Mae
• RISLA
• SafeCU
• Sallie Mae Student Loans
• SummitCU
• TogetherCU
• UniveristyCU
• VSAC

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

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

Alaska
Alaska Supplemental Loan

Maine
Maine Loan

Minnesota
Minnesota SELF Loan

Missouri
Health Professional Nursing Student Loans

New Jersey
NJCLASS Loans

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

Vermont 
Vermont Advantage Loans

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