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Financial Aid
A college education is one of the largest financial investments
a family will make. We believe that an education from Benedictine
University will provide valuable returns throughout a student's
lifetime. Our Financial Aid Office is dedicated to helping students
and their families make a Benedictine University education affordable.
We view the process of financing an education as a partnership.
Although the student and his/her family have primary responsibility
for meeting college costs, Benedictine University, as well as
the federal and state governments have a variety of financial
aid programs available to students who need financial assistance.
We hope this Web site will help families understand the financial
aid process. If you don't find the information you're looking
for, please feel free to contact one of our staff. Financial aid
counselors are available by telephone, e-mail or in person (no
appointment necessary).
Types of Financial Aid Available
Benedictine University's Financial Aid Office administers a variety
of federal, state and institutional programs of student financial
assistance. Each of these programs carries specific student eligibility
requirements. In general, students must be formally admitted as
degree-seeking and enrolled for a minimum number of credit hours.
All financial aid recipients must maintain satisfactory
academic progress in accordance with the published, "Satisfactory
Academic Progress Policy for Financial Aid Recipients."
After completing the financial aid application process, the student
will receive a financial aid award notification letter. The award
letter will include the program(s) that the student is eligible
to receive and the award amount(s).
Grants/Scholarships - Grants and scholarships are considered
to be gift assistance. This means the awards do not have to be
repaid.
Loans - Loans are considered to be a form of self-help
assistance. Loan programs provide funds for educational purposes
and are paid back with interest.
Employment - Part-time jobs on campus are available to
students through the University and Federal Work-Study program.
Students working on campus receive a bi-weekly paycheck.
Applying for Financial Aid
All students applying for financial aid are asked to complete
the Free Application for Federal Student Aid (FAFSA).
Free Application
for Federal Student Aid (FAFSA)
FAFSA Tips:
The FAFSA is required for all federal, state (Illinois residents)
and Benedictine University need-based assistance. It should be
completed as soon as possible after January 1st.
Applying online with FAFSA on the Web at www.fafsa.ed.gov
is faster and easier than using a paper FAFSA. The paper FAFSA
form is available from Benedictine University by request.
Have your completed U.S. Federal Income Tax returns readily available
when completing the FAFSA.
Include Benedictine University's school code: 001767 so the results
of your FAFSA application will automatically be sent to our financial
aid office.
Sign you FAFSA with a Federal Student Aid PIN. Apply for a PIN
at www.pin.ed.gov.
If you are providing parent information, one parent must also
sign you FAFSA. To sign electronically, your parent should also
apply for a PIN.
Some FAFSA forms are selected to complete a process called Verification.
Students selected for verification are required to submit certain
documents, including signed copies of federal fax returns before
financial aid can be finalized.
Reapplying for Financial Aid
Students must reapply for financial aid each award year. Priority
is given to students who meet the financial aid priority deadline
date, April 15 of each year.
Notification of Financial Aid Eligibility
All students who apply for financial aid will receive a financial
aid notification letter. The letter will include the types of
assistance and award amounts the student is eligible to receive.
With the exception of student employment earnings, funds awarded
will be credited to the student's tuition account at the beginning
of each term. In order to ensure loan funds are credited in a
timely manner, students should ensure a Promissory Note has been
submitted to the financial aid office and Entrance
Loan Counseling has been confirmed.
Students, who wish to decline a financial aid award or reduce
the mount of the award, must sign and return their award letter
within fourteen (14) days of receipt.
Award Revisions
The Financial Aid Office reserves the right to modify financial
aid awards at any time based on the availability of federal, state
and institutional funds or if changes occur in the student's financial
need analysis, enrollment or academic status.
If financial assistance is received form an outside source after
the financial aid award notification letter has been issued, a
recalculation of aid eligibility will be completed using the additional
financial assistance as a resource. Required financial aid adjustments
will be made in accordance with university policy and state and
federal regulations. All forms of outside assistance must be reported
to the Financial Aid Office.
Enrollment Requirements
Financial aid awards assume the student will enroll full-time
each term. Failure to enroll on a full-time basis may result in
a revision of financial aid awards. It is recommended that students
counsel with a financial aid counselor prior to altering their
pattern of enrollment or withdrawing from a class.
Last updated
February 22, 2008 3:56 PM
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