Benedictine University has joined thousands of other U.S. colleges and universities in the Federal Direct Student Loan Program. This means all Federal Stafford and PLUS loans will disburse directly from the federal government. Borrowers will benefit from up-front rebates, a stable source of funding, and loans that are never sold.
You receive your Federal Direct Loan disbursement notifications via your Benedictine e-mail account. The notification includes:
If you would like a paper copy you may either:
Question/concerns? Please contact the Office of Financial Aid via e-mail or phone, 1-630-829-6100.
A private loan should be used to meet out of pocket expenses only when federal, state and institutional aid has been exhausted. You are strongly encouraged to pursue the availability of free or lower-cost financial aid (including loans) by completing the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
Once you have your Financial Aid Award Letter and have determined your need for additional funds to cover your out of pocket expenses, you may want to search for a parent or student private loan. To assist you with your search, Benedictine has gathered a list of lenders that have historically provided quality products and services for our students and families. Keep in mind that you may use any lender that participates in private student lending. This list is available through our Loan Comparison Tool.
When selecting a student loan provider, students and parents have a wide range of choices. Colleges and universities frequently develop a list of preferred lenders based on a careful evaluation of offerings, quality, price and service. A school's lender list can be a great starting point when looking for education funding options. It is always recommended that students and parents also do their own research regarding student loan lenders. The choice of lender is always up to you. Listed below are some of the criteria that you can use to select the lender that best meets your unique needs.
Does the lender offer to pay fees on the student’s behalf?
Does the lender offer competitive rates and pricing?
Does the lender offer interest rate reductions and rebates?
How easy is it for students to earn and keep rate reductions and rebates?
Does the lender have a minimum income requirement?
Does the lender require repayment while in school?
Does the lender recommend that students maximize their use of free aid and Federal loans before taking a private loan?
Can students and parents apply for loans online?
Does the lender offer life of loan servicing?
How convenient are the lender’s call center hours?
Does the lender offer Spanish-language support?
Can students access and manage their account online, 24/7?
Does the lender provide combined billing for both federal and private loans?
Does the lender provide counseling on deferment and forbearance options?
Are repayment calculators and other online tools available?
Does the lender provide a variety of federal and private loan repayment solutions?
Does the lender offer loan consolidation options?
Does the lender educate borrowers about effective debt management?
Is the lender a well-known, reputable company?
What is the lender’s track record in the industry?
Is the company’s focus on student loans?
How many customers have loans with this lender?
Is the lender financially sound and strong?
Many lenders offer benefits programs to their student loan borrowers as an incentive to maintain a good payment history. Because each program may be just a bit different, it's sometimes difficult to determine the best option. Use the information here to help ensure you're asking the right questions when deciding which Borrower Benefits Program is right for you.
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