Understanding the financial aid application process will help you get the most out of it. Here are the steps and approximate completion times.
Are you getting financial help from other sources? Your employer? Scholarships?
Upon completion of the FAFSA process, you’ll receive a financial aid award letter in two to four weeks. We recommend applying for financial aid at least one month prior to starting class.
Regardless of whether you apply for federal aid, you must complete
a financial aid disclosure as part of your Capella application. You
can either complete it during your admissions application or after
you’ve submitted it.
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 award to your outstanding balance, we’ll refund any excess to you to accept or return.
Apply your federal financial aid award to:
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
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily stop making or reduce your federal student loan payments.