Capella University Student Loans – Capella University is a for-profit online university based in Minneapolis, Minnesota. Students at Capella may be eligible for federal student loans, private student loans, or a combination of both to help finance their education.
Federal student loans, such as Direct Subsidized and Unsubsidized Loans, are offered by the government and have fixed interest rates. To be eligible, students must complete the Free Application for Federal Student Aid (FAFSA).
Private student loans, on the other hand, are offered by private lenders and have variable interest rates. To apply for a private student loan, a student will typically need a co-signer and good credit history.
It is important to research and compare all options before taking out any student loans, as loan terms and conditions can vary widely. It is also recommended to exhaust all other financial aid options, such as grants and scholarships, before taking out student loans.
Federal grants are free money that doesn’t need to be repaid.
Federal Work-Study Program
Choose a job at Capella University or local community service. Capella offers work study even if you’ve maxed out your federal financial aid.
Fill out the FAFSA, using Capella school code 032673, to see if you qualify, check the work-study box, and complete a job application on Capella’s career website.
Federal student loans must be applied to school costs and your degree. Be sure to use them responsibly—only take as much as you need.
Capella University Student Loans options for bachelor’s degree:
- Federal Direct Subsidized Loans are available to eligible undergraduate students who show financial need.
- Federal Direct Unsubsidized Loans have no financial need requirement and are available to eligible undergraduate students.
- Federal Parent PLUS Loans are for undergraduate, dependent students. Eligible parents of dependent students can use this loan.
Capella University Students Loans options for master’s, doctorates, and certificates
- Federal Direct Unsubsidized Loans have no financial need requirement and are available to eligible graduate students.
- Federal Graduate PLUS Loans can help pay for education expenses not covered by other financing options.
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Capella University Student Loans application process
The Capella University student loan application process typically involves the following steps:
- Research and compare different loan options: Before applying for a student loan, it is important to research and compare different loan options to find one that meets your financial needs and budget.
- Complete the Free Application for Federal Student Aid (FAFSA): To be eligible for federal student loans, you must complete the FAFSA.
- Review your financial aid award letter: Once you have completed the FAFSA, you will receive a financial aid award letter from Capella University. This letter will detail the types and amounts of financial aid you are eligible for, including any federal student loans.
- Accept or decline loan offers: Once you have reviewed your financial aid award letter, you can accept or decline the loan offers made to you.
- Complete the loan entrance counseling: Before you can receive loan funds, you must complete loan entrance counseling. This provides you with important information about your loan obligations and rights.
- Sign and return your loan promissory note: After completing entrance counseling, you will need to sign and return your loan promissory note. This is a legal document that outlines the terms and conditions of your loan.
- Receive your loan funds: Once your loan promissory note has been received and processed, your loan funds will be disbursed to your school. Full Application can be done here
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Eligibility and Requirements for Capella University Student Loans
Our basic eligibility requirements are that you must
- demonstrate financial need for need-based federal student aid programs;
- be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
- be enrolled at least half-time to be eligible for Direct Loan Program funds;
- maintain satisfactory academic progress in college or career school;
- sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) form stating that you’re not in default on a federal student loan, you do not owe money on a federal student grant, and you’ll only use federal student aid for educational purposes; and
- show you’re qualified to obtain a college or career school education.
NB: Additional eligibility requirements can apply in certain situations including for non-U.S. citizens, students with criminal convictions, and students with intellectual disabilities.
Capella University Student Loans Repayment
Because your loan must be repaid, carefully consider repayment requirements before taking out a loan. Most lenders offer free repayment counseling.
There are a variety of repayment plans available. Your estimated monthly repayment will be based on your total loan amount and repayment plan. It’s important to work with your lender to set up a plan that fits your budget so you can make timely payments each month.
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily stop making or reduce your federal student loan payments.
Capella University Student Loans Acceptance Rate
The acceptance rate for Capella University students loan is not publicly available. The loan application process and acceptance rate may be dependent on various factors such as the borrower’s credit score, income, and other financial information. It is best to contact Capella University’s financial aid office for more information about the loan application process and acceptance rate.
How to Use Your Student loans at Capella University
Here’s a quick overview of how and when you’ll get your student loan. Capella will disburse your funds late in the third week of courses if you’re 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 your outstanding balance, we’ll refund any excess to you to accept or return.
Apply your federal financial aid offer to:
- Tuition and fees
- Books and supplies
- Dependent care expenses
- Disability-related expenses
- Licensing/certification fees
- Personal computer
- Eligible study-abroad programs
- Miscellaneous living expenses
Frequently asked questions
Here are some frequently asked questions about Capella University student loans:
What types of student loans are available through Capella University?
Capella University offers both federal and private students loans. Federal loans include Direct Subsidized and Unsubsidized loans, Graduate PLUS loans, and Perkins loans. Private loans are offered by private lenders and may have different terms and conditions than federal loans.
What is the interest rate for Capella University student loans?
The interest rate for Capella University student loans varies depending on the type of loan. Federal student loan interest rates are set by the government and can change each year. Private student loan interest rates are determined by the lender and may be fixed or variable.
What is the maximum amount I can borrow through Capella University student loans?
The maximum amount you can borrow through Capella University student loans will depend on your cost of attendance and other financial aid received. The school’s financial aid office can provide you with more information about loan limits.
How do I apply for a Capella University student loan?
You can apply for a Capella University student loan by completing the Free Application for Federal Student Aid (FAFSA) and reviewing your financial aid award letter. If you wish to apply for a private loan, you can compare different loan options and apply directly with a lender.
Is loan counseling required for Capella University student loans?
Yes, loan counseling is required for Capella University student loans. Before you can receive loan funds, you must complete loan entrance counseling, which provides important information about your loan obligations and rights.
When will I receive my loan funds?
The disbursement of loan funds will depend on various factors such as the type of loan, the school’s disbursement schedule, and the completion of required loan counseling and promissory note signing. Contact the school’s financial aid office for more information about loan disbursement.
Here is some advice for obtaining Capella University loans:
1. Start early: It is recommended to start the loan application process as early as possible, as it can take several weeks to complete all the required steps.
2. Compare different loan options: Before applying for a student loan, research and compare different loan options to find one that meets your financial needs and budget.
3. Complete the FAFSA: To be eligible for federal student loans, you must complete the Free Application for Federal Student Aid (FAFSA).
4. Read your financial aid award letter carefully: Once you have completed the FAFSA, you will receive a financial aid award letter from Capella University. Review the letter carefully to understand the types and amounts of financial aid you are eligible for, including any student loans.
5. Consider alternative sources of funding: In addition to student loans, consider alternative sources of funding such as scholarships, grants, work-study programs, or part-time jobs.
6. Borrow only what you need: It is important to only borrow what you need for your education, as student loans must be repaid with interest.
7. Make a budget: Before taking out a student loan, create a budget to help you understand your monthly expenses and income, so you can determine how much you can afford to repay each month.
8. Understand your loan terms and conditions: Make sure you understand the terms and conditions of your loan, including the interest rate, repayment terms, and any fees.
9. Keep records of your loans: Keep accurate records of your loans, including the loan amount, interest rate, repayment terms, and any payments made.
10. Consider loan consolidation or refinancing: If you have multiple student loans, you may be able to consolidate or refinance your loans to simplify the repayment process and lower your monthly payments.
Wishing all applicants the very best!.