LCMC Health's Called-to-Care Scholars Program Loan and Location Disclosures

LCMC HEALTH – CHAMBERLAIN UNIVERSITY

CALLED-TO-CARE NURSING SCHOLARS PROGRAM

SOLICITATION DISCLOSURE

Underwriter: Louisiana Children’s Medical Center d/b/a LCMC Health, 200 Henry Clay Ave., New Orleans, LA  70118

University: Chamberlain University – Metropolitan New Orleans

Important Information: The LCMC Health Called-to-Care Nursing Scholars Program / Program Description and Recipient Agreement (the “Agreement”) contains information about the Program including eligibility, program requirements, nonpayment, default, any required repayment, and the possibility and consequences of the forgiveness of the Liquidated Damages. All capital terms used herein shall have the meaning set forth in the Agreement.

Eligibility: In order to qualify for the Program, you must meet the following criteria:

  1. Application, acceptance and commitment to the Degree Program at the University in Metropolitan New Orleans.
  2. Eligibility for hire or rehire, as applicable, by LCMC Health.
  3. Successful completion of the following screenings in accordance with Louisiana State Board of Nursing requirements:
    1. Criminal Background Check;
    2. Civil Background Check;
    3. Federal Officer of Inspector General Exclusions Database; and
    4. Louisiana Department of Health and Human Services Direct Service Worker Exclusions List.
  4. Ability to physically attend Degree Program classes at the University in Metropolitan New Orleans.
  5. Willingness to fulfill up to a three (3) year full-time employment commitment in a specified LCMC Health AHM facility. The full details regarding the employment commitment are specified in the Agreement.
  6. Participation in and/or completion of additional activities or requirements which may be specified by University as conditions of participation in accordance with the University’s policies, disclosures, and student handbook.
  7. Minimum age of 18 on the date of completing the Called-to-Care Scholars Program Application.

Disbursement: On a per session basis until the earlier of: (i) 38 months; (ii) graduation; or (iii) an Event of Default.

Recipient’s Financial Obligation: Equal to the total Tuition payments made by LCMC Health to University on Recipient’s behalf. Recipient’s Financial Obligation, including interest, will be forgiven if Recipient fulfills the Work Commitment.

Tuition Payment Per Session

The maximum Tuition payments made to University on your behalf per session:

$ 3,000.00

Maximum Tuition Payment

The maximum amount of Tuition payments made to University on your behalf:

$54,000.00

Interest

Greater of:

  1. 1.50%, or
  2. Short-term AFR

Variable Interest Rate: Your interest rate is variable and may be higher than 1.5%. Your Financial Obligation shall bear interest at a rate, compounded semiannually, equal to the greater of (a) 1.50%, or (b) the then-current short-term applicable federal rate at the time of a Tuition payment.

Fees: No fees are charged under this Program to you by LCMC Health.

Loan Cost Example:  Upon an Event of Default, the unforgiven/unpaid portion of Recipient’s Financial Obligation shall be considered Liquidated Damages, shall be due and payable within twelve (12) months, and will carry a default interest rate of five percent (5%), compounded monthly.

Repayment Option if Event of Default

Amount Provided

Interest Rate

Loan Term

Total Paid

Maximum Financial Obligation at graduation before fulfillment of any Work Commitment

$54,000

1.5%

N/A

$55,297.56

Example Financial Obligation at graduation before fulfillment of any Work Commitment

$10,000

1.5%

N/A

$10,458.52

Federal Loan Alternatives:  You may qualify for Federal education loans.  For additional information, contact your school’s financial aid office or the Department of Education at www.studentaid.gov.

Loan Program

Current Interest Rates by Program Type

Stafford for Graduate Students

4.300% fixed

PLUS for Graduate/Professional Students

5.300% fixed

Bankruptcy Limitation:  If you file for bankruptcy, you may still be required to pay back this loan. 

Next Steps: To apply for this Program, complete the application and the Self-Certification Form. You may get the certification form from your school’s financial aid office. If you are approved for this Program, the terms will be available for 30 days (terms will not change during this period, except as permitted by law).

Preferred Lender List

Chamberlain University has entered into an alliance with LCMC Health to provide a unique opportunity for students to enroll in Chamberlain's BSN program in metropolitan New Orleans Louisiana and receive financial aid in the form of a forgivable loan from LCMC Health.  Because the funding in the Called-to-Care Scholars Program is in the form of a loan the Department of Education requires us to provide this preferred lender list.

Preferred Lenders and required information about the lenders:

1. LCMC Health – Called-to-Care Scholars Program (see Solicitation Disclosure tab)

a. Chamberlain University has entered into an arrangement with LCMC Health to offer the Called-to-Care Scholars Program because the loan is favorable to borrowers in the following ways:

i. Has lower interest rate than Federal Direct Loans under Title IV

ii. Has loan forgiveness options

iii. Does not require payments to be made while the borrower is in school

2. Chamberlain students have previously borrowed from a number of other private lenders.  These include but are not limited to: Ascent Tuition, Regions Bank and The Alaska Supplemental loan.  For a complete list of lenders which have previously made loans to Chamberlain University students in the past please visit: chamberlain.edu/admissions/financial-aid-scholarships/loans

Method and Criteria used to select preferred lenders:

Chamberlain University selects lenders on the basis of our student’s best interests to include on the preferred lenders list. The selection criteria include:

  • Low fees including application fees, origination fees, loan guarantee fees, repayment fees and late fees.
  • Highly competitive interest rates
  • High-quality loan servicing
  • Favorable repayment terms with preference given to lenders who offer loan forgiveness

Private Lender Disclosure

Chamberlain University has entered into an alliance with LCMC Health to provide a unique opportunity for students to enroll in Chamberlain's BSN program in metropolitan New Orleans Louisiana and receive financial aid in the form of a forgivable loan from LCMC Health.  Because the funding in the Called-to-Care Scholars Program is in the form of a loan we are required to provide the following disclosures.

The terms of the Title IV loan programs (Direct Subsidized, Direct Unsubsidized and Direct PLUS) may be more favorable than the provisions of private education loans. These benefits may include, but are not limited to:

  • Fixed Interest rates
  • Multiple Repayment Plans including income-based repayment options
  • Forbearance options for borrowers in distress

Federal regulations require Chamberlain University to publish information regarding the maximum amounts of federal grant and loan aid under Title IV.  The maximum amounts for federal grants under Title IV are listed below. Federal Student Aid made available under Title IV programs is available for those who apply and qualify.

Pell Grant

Amounts can change yearly. The maximum Federal Pell Grant award is $6,495 for the 2021–22 award year (July 1, 2021, to June 30, 2022).

The amount you get, though, will depend on

  • your Expected Family Contribution,
  • the cost of attendance (determined by your school for your specific program),
  • your status as a full-time or part-time student, and
  • your plans to attend school for a full academic year or less.

Federal Supplemental Educational Opportunity Grants (FSEOG)

You can receive between $100 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds at your school.

TEACH Grant

Up to $4,000 per year. NOTE: Chamberlain University does not offer any programs eligible for TEACH grants.

Iraq and Afghanistan Service Grant

You may be eligible to receive the Iraq and Afghanistan Service Grant if:

  • you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but
  • meet the remaining Federal Pell Grant eligibility requirements, and
  • your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and
  • you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.

The grant award is equal to the amount of a maximum Federal Pell Grant for the award year but cannot exceed your cost of attendance for that award year. For the 2021–22 award year (July 1, 2021, to June 30, 2022), the maximum Federal Pell Grant award will be $6,495.

The maximum amounts for federal loans under Title IV programs are listed below.

Direct Subsidized and Unsubsidized Loans:

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans. The current interest rate is 3.73% fixed.

Year

Dependent Students (except students whose parents are unable to obtain PLUS Loans)

Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)

First-Year Undergraduate Annual Loan Limit

$5,500-No more than $3,500 of this amount may be in subsidized loans.

$9,500-No more than $3,500 of this amount may be in subsidized loans.

Second-Year Undergraduate Annual Loan Limit

$6,500-No more than $4,500 of this amount may be in subsidized loans.

$10,500-No more than $4,500 of this amount may be in subsidized loans.

Third Year and Beyond Undergraduate Annual Loan Limit

$7,500 per year-No more than $5,500 of this amount may be in subsidized loans.

$12,500-No more than $5,500 of this amount may be in subsidized loans.

Graduate or Professional Student Annual Loan Limit

Not Applicable (all graduate and professional degree students are considered independent).

$20,500 (unsubsidized only).

Subsidized and Unsubsidized Aggregate Loan Limit

$31,000-No more than $23,000 of this amount may be in subsidized loans.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans.

 

$138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Direct PLUS Loans (including both parent PLUS and graduate PLUS)

The maximum PLUS loan amount you can receive is the cost of attendance (determined by the school) minus any other financial aid received. The current interest rate is 6.28% fixed.

The following are private education loan disclosures for the lenders/loans that appear on Chamberlain University’s preferred lender list. We recommend that you explore federal student aid programs prior to utilizing any private educational loans. Chamberlain does not endorse or recommend any lenders.

LCMC Health Called-to-Care Scholars Program (see Solicitation Disclosure tab)

Chamberlain students have previously borrowed from a number of other private lenders in the past.  These include but are not limited to: Ascent Tuition, Regions Bank and The Alaska Supplemental loan.  For a complete list of lenders which have previously made loans to Chamberlain University students in the past please visit chamberlain.edu/admissions/financial-aid-scholarships/loans.

Location Disclosure

Students participating in LCMC Health’s Called-to-Care Scholars Program will complete their onsite coursework exclusively at Chamberlain University College of Nursing Jefferson Parish course location at 4224 Houma Boulevard, Suite 600, Metairie, LA 70006. Students who need to enroll in courses with onsite components prior to the to be determined location opening, may have their program progression delayed. Reasons for the new location not opening, or having its opening postponed, include, but are not limited to  delays in the build-out of the new location. 
  
Students participating in LCMC Health’s Called-to-Care Scholars Program will be enrolled in a hybrid model, which delivers degree coursework via a mix of online and onsite modalities. All nursing simulation and clinical training will be onsite and in-person, while general education, science courses and a portion of the nursing courses without simulation will be delivered online. 
  
Students in the BSN Degree Hybrid Option can access student services in-person and/or online. Students enrolled in the Called-to-Care Scholars Program will receive these services exclusively online and/or Chamberlain University College of Nursing Jefferson Parish course location at 4224 Houma Boulevard, Suite 600, Metairie, LA 70006. These services include, but are not limited to, admission services, student services, tutoring, library services, etc.