Online Undergraduate Student Aid

Financial Aid Programs

Federal Pell Grant is based on financial need and is awarded to undergraduate students who have not earned a bachelor's degree.

Illinois State Monetary Award Program (MAP) is a grant available from the State of Illinois for Illinois residents who are undergraduates.  By applying for financial aid, you agree to share your information with the Illinois Monetary Award Program.  If it is determined you meet eligibility criteria for the MAP Grant, the award will be included on your Financial Aid Award Letter.  The award is an estimate made by the Office of Financial Aid and is identified as "State of IL MAP Grant (Est)".  MAP Grants are limited based on the number of applicants and funding levels appropriated by the Illinois General Assembly.  Please be aware that in light of state funding constraints, reductions to estimated or actual MAP Grants are possible.

Federal Direct Loan Program is a federal program in which low-interest loans are made to you during the time you are enrolled at least half-time in a degree-seeking program.

  • Subsidized Loans are based on financial need.  The federal government "subsidizes" the loan by paying any accrued interest while you are enrolled at least half-time.
  • Unsubsidized Loans are low interest loans NOT based on financial need.  You are responsible for paying the interest from the date the loan is disbursed; however you may choose to defer these payments while you are in school.

Federal Direct Loan Steps for Borrowers

  • Complete the Master Promissory Note (MPN) All borrowers must complete a MPN, a legal document required for the Federal Direct Loan and/or Federal Direct PLUS Loan Programs.  You can complete the MPN online at www.studentloans.gov.
  • Complete an Entrance Counseling session – A first-time borrowers of Federal Direct Loans at Benedictine University is required by federal law to complete Federal Loan Entrance Counseling.  You can complete loan counseling online at www.studentloans.gov.

Award Acceptance

You are only required to sign and return your award letter if you are making adjustments to awarded aid.

Adjustments include:

  • Reducing an Award – If you choose to reduce award amount(s), make changes next to the award amount(s) on your Financial Aid Award Letter.
  • Declining an Award - If you choose to decline an award, circle the "D" next to the award amount(s) on your Financial Aid Award Letter.
  • Listing Outside Aid - Please list all outside aid on the space provided on your award letter (i.e. employer reimbursements, etc.)

If you make adjustments please sign, date and return your award letter within 14 days.

Disbursement of Student Funds

All loan proceeds are disbursed in equal disbursements over the number of sessions for which you are awarded.

Your student loan proceeds are sent to Benedictine University via Electronic Fund Transfer (EFT) and you will be notified of this transaction by email to your BenU student email address.  Please note: All Federal Direct loans are subject to an origination fee.  The fee will be deducted from the amount you are borrowing before each disbursement is credited to your account.

All terms contain two online sessions, as noted below.  Funds are typically disbursed a week after the second session of each term starts.

Example of Loan Disbursements for Independent Sophomore Level

The following example is based on a student attending one 3 credit hour class each session starting in the Summer Term.

Financial Aid Award

Summer Term

Session 5Session 6

Fall Term

Session 1Session 2

Spring Term

Session 3Session 4

Total

Federal Direct Subsidized Loan

$1,500

$1,500

$1,500

$4,500

Federal Direct Unsubsidized Loan

$2,000

$2,000

$2,000

$6,000



*If your enrollment varies, or your start term is other than Summer Session 5, your awarding will look different than presented above.

Refund Process

If a credit balance appears on your account as a result of a loan disbursement or other Title IV funds, the Student Accounts Office will process a refund within 10 to 14 days. For example, if the aid posts to your student account on Tuesday, September 6th, your refund would be available on or around Friday, September 16th (depending on your refund preference).

In order to select your refund preference, you will receive a green envelope in the mail from BankMobile Disbusements. Inside the green envelope will be a Refund Selection Kit and personal code. Look for this kit to be delivered to your home address on file with the University. 

Please make your refund selection as soon as you receive the envelope. Even if you are not currently expecting a refund from Benedictine, there may be a refund for your in the future as a result of a dropped class or you may receive financial aid that you were not anticipating. Selecting a refund preference ensures you will receive your refunds in a timely manner. BankMobile Disbursements attempts to contact students via email to students' ben.edu email address and by phone to assist students in making their refund preference.  Select your refund preference by going online to www.RefundSelection.com and login using the personal code (ex. ABCD-1234-5678) enclosed with the envelope.  If you have any further questions regarding billing and refunds, please contact the Student Account Office at 630-829-6503.


Enrollment Requirements

You must maintain at least half-time enrollment in an eligible degree program.  For financial aid purposes, half-time is defined as six (6) semester hours.

If you drop below half-time, withdraw from class, or have no enrollment, the loan funds will be returned to the federal government, and all subsequent disbursements cancelled.If you received a refund check prior to withdrawing from class an adjustment may be made to your loan.  This may result in balance to your student account, preventing you from registering for your next class.

Award Adjustments

The Office of Financial Aid reserves the right to modify financial aid awards at any time.

If you receive additional financial assistance from an external source (e.g. employer reimbursement, chamber of commerce discount, private scholarships, etc.) after accepting Benedictine's financial aid award, a review of aid eligibility will be calculated using the additional assistance as a financial resource.

You are awarded based on a set number of credit hours per term depending on your program.  Credit hours per program are as follows:

  • Adult Mod Based Programs:3 credit hours per mod session
  • Online Semester Based Programs: 3 credit hours per online session
  • Learning Team based programs are awarded based on the calendar of classes provided to the Financial Aid Office by the Academic Program Advisors.

If you plan on enrolling in more than the anticipated hours, you can contact the Office of Financial Aid to request a review of additional eligibility.

If you withdraw from a course, a portion of your financial aid may be returned to the Department of Education.  If you received a refund prior to withdrawing you may have a balance due which may prevent you from registering for your next class.  Your future aid may also be affected.

Satisfactory Academic Progress

The Office of Financial Aid will review your progress at the end of fall and spring terms to determine if you are meeting the academic progress standards for continued financial aid eligibility.  You may review the Satisfactory Academic Progress policy by visiting http://benweb01.ben.pri/fa/upload/2014-Revised-SAP-Policy-with-Updated-Acad-Plan-Form-6.pdf.

Loan Deferment

If you have previous student loans and are currently enrolled in an eligible degree seeking program, you may be eligible for a deferment.  A deferment allows you to temporarily postpone your student loan payments for a certain period of time.  Your deferment eligibility depends on the date your student loan was first disbursed.  The Enrollment Services Department updates student enrollment with the National Student Loan Clearinghouse after the start of each term.  You can check to see if your loans have been deferred at www.nslds.ed.gov.  Continue to make student loan payments until your loans are listed as deferred.

Student Accounts Information

Charges


Payment Options

Office of Financial Aid
BENEDICTINE UNIVERSITY
Lownik Hall - Main Floor
Monday - Friday
8:30 a.m. - 5:00 p.m.
Email: financialaid@ben.edu
Phone: (630) 829-6100
Fax: (630) 829-6101