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Federal Financial Aid

Information to help you make wise financial choices

Financial aid is government funds—grants, work-study programs, and loans. To learn if you are eligible, fill out a Free Application for Federal Student Aid (FAFSA), using Capella school code 032673.

Federal grants
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. 

Student Loans
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.

Student loan options for bachelor’s degree:

Student loan options for master’s, doctorates, and certificates

Check federal financial aid eligibility »

Need Help?

Talk with a Capella financial aid advisor who can help you create a plan.

Steps to Apply for Federal Aid

Understanding the financial aid application process will help you get the most out of it. Here are the steps and approximate completion times.

1. Get an FSA ID

Create an FSA ID to access the Federal Student Aid online system.

10 minutes | Start »

2. Fill out the FAFSA

The application for federal grants, work study programs, and loans for college students. Capella’s school code is 032673. 

20 minutes | Apply »

3. Complete Online Loan Counseling

Learn your responsibilities for any federal student loans you receive.

20-30 minutes | Read more »

4. Sign Master Promissory Note

A pledge to repay your federal student loans with interest and fees.

30 minutes or less | Confirm »

5. Submit Capella's Financial Aid Agreement

Are you getting financial help from other sources? Your employer? Scholarships?

Let us know here »

6. Receive Your Award Letter

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.

How to Use Your Aid

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:

  • Tuition and fees
  • Books and supplies
  • Dependent care expenses
  • Disability-related expenses

  • Licensing/certification fees
  • Personal computer
  • Eligible study-abroad programs
  • Miscellaneous living expenses

Loan 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. 

Learn more » 

Find Funding Options

We’re here to help you find ways to pay for college without acquiring overwhelming debt. Capella financial aid advisors are available to guide you, or you can download our step-by-step financing guide.