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Financial Aid
Financial Aid Package Components
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 has 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.
Cost of Attendance
These are costs related to a student's enrollment in a postsecondary
school for a defined academic period. Cost of Attendance components
include: tuition and fees, books and supplies, room and board,
personal and transportation expenses.
Student Expense Budget 2006-2007
| Expense |
Cost |
| Book and Supplies |
$ 988 |
| Room and Board |
$6,974 |
| Personal |
$1,792 |
| Transportation |
$1,050 |
| Tuition and Fees* |
Varies by program |
*Tuition and fees can be found http://www.ben.edu/resources/studentaccounts/tuition.asp
Expected Family Contribution (EFC)
The EFC is a measure of your family's financial strength and
is calculated from the information you report on the Free
Application for Federal Student Aid (FAFSA). The EFC is calculated
according to a formula established by law.
Federal Formula Need
The amount that remains after the expected family contribution
has been subtracted from the cost of attendance is considered
to be the student's federal formula need. A typical need-based
aid package will consist of aid from various sources, usually
a combination of educational loans, scholarship and grant assistance,
and federal work-study.
Federal Pell Grant
The Pell Grant is the largest of the federal grant programs,
and award amounts vary from one year to the next. Awards are determined
based on the financial information submitted on the FAFSA,
cost of attendance, whether the student will be full or part-time
during the academic year.
Federal Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant (SEOG)
is awarded to Federal Pell recipients who demonstrate high need.
SEOG awards varied based availability of funding.
State Grants
Illinois' Monetary Award Program (MAP) is one of the largest
state administered need-based grant programs. Illinois residents
enrolled at least half-time at an approved Illinois postsecondary
institution may be eligible to receive MAP funding if they complete
their FAFSA
in a timely manner, demonstrate financial need and meet certain
other criteria established by ISAC. Maximum award eligibility
is determined each year based upon the availability of MAP funds.
Institutional Grants
A complete listing of Benedictine University's Institutional Scholarships
can be found at here.
Federal 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.
Federal Work-Study
Students are awarded Federal Work-Study as part of their financial
aid package. The average Federal Work-Study (FWS) award is $3,000.
It has been our experience that by working 20 hours a week, the
students can earn the full $3,000 award. Students can find out
about current jobs available by checking the bulletin board outside
the Employee Services Office.
Students are responsible for contacting the hiring supervisor
and obtaining their own job. FWS students employed receive a bi-weekly
paycheck
Last updated
June 6, 2006 4:12 PM
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