Lana Oconnell
Students at Capella University can receive federal financial aid in the form of grants, work-study programs, and loans. To be eligible for federal financial aid, students must fill out a Free Application for Federal Student Aid (FAFSA) and be enrolled in an eligible program in the GuidedPath or FlexPath learning format. Financial aid is typically disbursed in the middle of the third week of the course for GuidedPath learners and shortly after days 16 and 170 of the payment periods for FlexPath Model A learners. Students can also explore other options for funding their education, such as scholarships, tuition assistance, and discounts. It is important for students to understand the terms of their loans, including the interest rate, the total amount to be repaid, and the repayment timeline.
| Characteristics | Values |
|---|---|
| Disbursement time | Late in the third week of courses |
| Requirements | Enrolled at least half-time, have posted in the courseroom during the first week, and have met all other aid eligibility requirements |
| Excess funds | Refunded to the student to accept or return |
| Federal financial aid | Requires participation in the courseroom at the time of disbursement |
| Maintaining eligibility | Maintain good academic standing and satisfactory academic progress |
| Repayment plans | Various repayment plans are available, and monthly repayment is based on the total loan amount and repayment plan |
| Deferment or forbearance | Available under certain circumstances, allowing a temporary reduction or suspension of loan payments |
| Application process | Fill out a Free Application for Federal Student Aid (FAFSA) using Capella school code 032673 |
| Federal Direct Subsidized Loans | Available to eligible undergraduate students who demonstrate financial need |
| Federal Direct Unsubsidized Loans | No financial need requirement, available to eligible graduate students |
| Federal Graduate PLUS Loans | Help cover education expenses not covered by other financing options |
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What You'll Learn
Financial aid disbursement dates
Capella University disburses funds late in the third week of courses, provided that students are enrolled at least half-time, have posted in the courseroom during the first week, and have met all other aid eligibility requirements. After applying the offer to any outstanding balance, any excess funds are then refunded to the student.
To be eligible for federal financial aid, students must fill out a Free Application for Federal Student Aid (FAFSA). Upon completion of the FAFSA process, students will receive a financial aid offer letter in two to four weeks. Federal financial aid includes grants, work-study programs, and loans. Grants are free money that does not need to be repaid, and work-study programs are available at Capella University or in local community service. Student loans must be applied to school costs and degrees, and they must be repaid. Federal Direct Subsidized Loans are available to eligible undergraduate students who demonstrate financial need, while Federal Direct Unsubsidized Loans are available to eligible graduate students with no financial need requirement.
Recipients of financial aid who are enrolled in a program with the FlexPath Web must be awarded approximately seven days before the payment dates. The last day to drop with a 100% refund (by 11:59 pm CST) was Friday, October 14, 2022, and the last day to drop with a 75% refund (by 11:59 pm CST) was Friday, October 21, 2022.
Students can contact a Capella financial aid advisor with questions or to discuss their situation. Financial aid advisors can help students create a repayment plan that fits their budget, and lenders can also offer free repayment counselling. There are a variety of repayment plans available, and under certain circumstances, students can receive a deferment or forbearance that allows them to temporarily stop making or reduce their federal student loan payments.
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Eligibility for student loans
To be eligible for student loans in the US, there are several criteria you must meet. Firstly, you need to be enrolled at least half-time in an eligible program at a participating school. This means that you must be taking a certain minimum number of courses or credits per term or year, which may vary depending on the school and program. It is important to maintain good academic standing and make satisfactory academic progress to remain eligible for student loans.
Secondly, you must demonstrate financial need, although this is not always necessary for certain loan types, such as Federal Direct Unsubsidized Loans. Your school will determine the amount you can borrow based on the cost of attendance and other financial aid you receive. Federal student loans have limits on the total amounts you can borrow annually and for your entire undergraduate or graduate study. These limits depend on factors such as your year in school and whether you are a dependent or independent student.
Thirdly, you must be a US citizen or eligible non-citizen. For federal student loans, you also need to have a valid Social Security number and sign a statement on your Free Application for Federal Student Aid (FAFSA) certifying that you will use the funds only for educational purposes. Additionally, for Federal Direct PLUS Loans, which are available to graduate or professional students, there is no requirement for a strong credit history, and you do not need a cosigner.
Finally, it is essential to understand the different types of student loans and their specific eligibility requirements. These include Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, and Federal Graduate PLUS Loans. Each loan type has unique features and eligibility criteria, so it is important to research and understand them before applying. Additionally, there are repayment options to be aware of, such as fixed repayment plans and income-driven repayment plans.
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Types of financial aid
Capella University disburses funds in the third week of courses if you are enrolled at least half-time, have posted in the courseroom in the first week, and have met all other aid eligibility requirements. The university also offers financial aid advisors to help students create a financial plan.
There are several types of financial aid that can help students pay for their education. These include:
Grants
Grants are typically awarded based on financial need and do not usually need to be repaid. Federal grants can help students pay for college tuition and other associated costs. There are also state, local, and institutional grants available, with federal grants contributing the highest percentage of funding.
Scholarships
Scholarships are a form of financial aid offered by nonprofit and private organizations. They may be awarded based on academic merit, talent, financial need, or a particular area of study.
Work-Study Programs
The Federal Work-Study Program allows students to work part-time to earn money to pay for their education. Students can choose a job at the university or in the local community. Some institutions, like Capella University, offer work-study programs even if students have maxed out their federal financial aid.
Student Loans
Student loans are a common form of financial aid, but it is important to remember that they must be repaid with interest. Federal student loans are available to eligible undergraduate and graduate students. There are different types of federal loans, including Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, and Federal Graduate PLUS Loans, which help cover education expenses not covered by other financing options.
It is important to understand the financial aid application process and work with a lender to set up a suitable repayment plan. Students can fill out a Free Application for Federal Student Aid (FAFSA) to determine their eligibility for different types of financial aid.
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Student loan repayment
Understanding the repayment process is essential for effective loan management. Here are some key considerations for student loan repayment:
Repayment Plans
Students should work closely with their lenders to establish a suitable repayment plan. The monthly repayment amount depends on the total loan amount and the chosen repayment plan. It is important to select a plan that aligns with the borrower's budget, ensuring they can make timely payments each month.
Maintaining Eligibility
To maintain eligibility for federal financial aid, students must fulfil specific requirements. These include being enrolled at least half-time, actively participating in courses, and maintaining satisfactory academic progress. Failure to meet these criteria may result in the cancellation of future disbursements and the need to repay any federal aid received.
Interest and Fees
Federal student loans typically accrue interest and fees. It is the borrower's responsibility to understand the interest rate applicable to their loan and the total amount that must be repaid. Knowing these details helps borrowers make informed decisions and plan their repayment strategy effectively.
Scholarships and Alternative Options
Before opting for student loans, it is advisable to explore alternative funding sources, such as scholarships, tuition assistance, and discounts. Capella University offers various scholarships, including the Capella Progress Reward scholarship, which can help reduce the overall financial burden. Additionally, military benefits may be available for eligible individuals.
Disbursement Timing
The timing of disbursements can vary. At Capella University, financial aid is typically disbursed during the third week of courses, provided that the student is enrolled at least half-time, has participated in the courseroom during the first week, and has met all other eligibility requirements. Understanding the disbursement schedule is essential for managing finances effectively.
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Scholarships and discounts
Emerging Leader Progress Reward
The Emerging Leader Progress Reward is a full-tuition scholarship available for the following programs: DNP, MSN FlexPath, or BSN FlexPath. Those who are not awarded this scholarship may still be eligible for a 50% discount for the first billing session. However, it should be noted that this scholarship may decrease the amount of funding offered from other sources, and recipients cannot be considered for other Capella grants, scholarships, or discounts in excess of 15%.
Capella Progress Rewards
Capella Progress Rewards scholarships are available to new and returning students and alumni. These scholarships are not need-based, and funds do not need to be paid back.
Military Benefits
Military benefits may be available for service members, veterans, their spouses, and dependents.
Federal Work-Study Program
The Federal Work-Study Program provides part-time work to earn money to help pay for education expenses.
Partner Organization Discounts
Tuition discounts and scholarships are available for eligible employees of partner organizations.
Credit Transfer
Credits from another accredited university may be transferred to a Capella degree program.
No-Cost General Education Courses
No-cost general education courses are available through Capella's affiliate, Sophia, which can be applied to a Capella bachelor's degree.
In addition to these scholarships and discounts, it is important to note that the timing of student loan disbursements may impact your financial planning. While there have been some delays in disbursements in the past, Capella typically disburses funds late in the third week of courses if you are enrolled at least half-time, have posted in the courseroom during the first week, and have met all other aid eligibility requirements.
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Frequently asked questions
Financial aid is typically disbursed in the middle of the third week of the course. However, there are different disbursement dates for different learning formats. For instance, FlexPath Model A learners must set target dates for each class in the first week, with financial aid disbursed shortly after Days 16 and 170 of the payment periods. GuidedPath learners must post in their courseroom within the first two weeks of courses and be registered at least half-time in their program.
To receive financial aid from Capella, you must be actively enrolled in courses in your degree program, and all your financial aid documents must be complete. Additionally, federal regulations require you to be participating in the courseroom at the time that aid is disbursed.
Capella offers various forms of financial aid, including federal grants, work-study programs, and loans. There are also scholarships available, which are funds that you don't have to pay back. Before applying for a loan, it is recommended to explore other options such as discounts, tuition assistance, and scholarships.
To apply for federal financial aid, you need to fill out a Free Application for Federal Student Aid (FAFSA) using Capella's school code: 032673. You can also apply for scholarships by reviewing the eligibility requirements and submitting an application before the deadline.
