CHCP Financial Aid

Financial Aid is the name used for federal, state, and private resources, for those who qualify, that may help pay for college costs. Typically, financial aid consists of grants, scholarships, loans, and student employment. Grants and scholarships usually do not have to be repaid. Federal Student Loans must be repaid after a student drops below half-time enrollment or ceases attendance. Institutional Loans (CHCP Payment Plans) begin repayment within 30 days of the start date. Student employment consists of opportunities for students to earn money to pay for educational expenses.

Many students and families believe they do not qualify for financial aid (grants, scholarships, loans and/or student employment) and assume they cannot afford higher education. Your first step is to attend your financial aid planning meeting. Our trained financial aid advisors help students and families navigate the financial aid system to determine their type of qualifying financial aid.

Federal student aid is available for those who qualify. To see if you qualify, you must complete The Free Application for Federal Student Aid, more commonly known as the FAFSA. If you are a dependent student for financial aid purposes, both you and your parent will require a FSA ID. Each party must complete their own unique FSA ID. The application process for institutional financial aid is completed during the campus financial planning meeting.

Students are considered dependent or independent for financial aid purposes based on criteria established by Congress. For example, students completing the 2023-24 FAFSA (Free Application for Federal Student Aid) who are under the age of 24 as of January 1, 2000, single, have no dependents, and are not veterans are typically considered dependent for financial aid purposes. Dependent students are required to have parents provide financial information to determine eligibility for the various federal aid programs.  If you are unsure, check with the Financial Aid office to determine your dependency status.

Students must reapply for federal and state aid, if applicable, each year. Typically, students should reapply for aid as soon as possible after January 1st of each year; however, check with your financial aid office to determine when you should reapply.

Grants - The federal government provides grants for students attending college or career school. Most types of grants, unlike loans, are sources of financial aid that generally do not have to be repaid.

Scholarships - Scholarships are gifts that don’t have to be repaid and are designed to help students pay for college or career school. They can be a one-time gift or renewable, depending on the scholarship.

Loans - A loan is money you borrow and must pay back with interest.

First-time Direct Loan borrowers must complete both entrance counseling and a Master Promissory Note (MPN) before any loan funds will be disbursed to the College of Health Care Professions. You will be required to use your Department of Education issued FSA ID. A parent borrower must also request a FSA ID when completing a Parent PLUS MPN.

Entrance Counseling 

If you haven't previously received a federal student loan, you must complete entrance counseling. This will help you understand your rights and responsibilities. Entrance counseling also explains interest rates and the different types of federal student loans available. 

Master Promissory Note 

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. The MPN also explains the terms and conditions of your loan. In most cases, a federal student MPN is valid for up to 10 years. You can borrow additional Direct Loans on a single MPN. The entire MPN process generally takes thirty minutes to complete and must be completed in a single session. 

Parent PLUS loans 

When you apply for a Direct PLUS loan, The College of Health Professions will require the completion of a Parent PLUS Preapproval Application to check your credit history. To be eligible to receive a Parent PLUS loan, you must not have an adverse credit history. You may still be eligible to receive a Direct PLUS Loan if you obtain an endorser or cosigner who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if the parent borrower does not repay the loan. The endorser cannot be the student on whose behalf a parent is obtaining the loan.

Federal Student Loans – For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a one-time, six-month grace period before you must begin making payments. This grace period gives you time to get financially settled and select your repayment plan. Not all federal student loans have a grace period. Note that for most loans, interest accrues during your grace period. You can choose to pay the interest that accrues during your grace period. This prevents that interest from being added to the principal balance (also known as interest capitalization).

Federal Parent PLUS Loan- If you request a deferment, you will not need to make payments while your child is enrolled at least half-time and for an additional six months after your child graduates, leaves school, or drops below half-time enrollment. You can contact your loan servicer to request a deferment.

Institutional – If you receive an institutional loan (otherwise known as a Student Payment Plan or Retail Installment Contact), your repayments begin within 0 to 30 days after your start date without interest.

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