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Financial Aid
Frequently Asked Questions
Application Information
When should I
apply for financial aid?
How do I qualify
for financial aid?
What types of financial aid are available
at Benedictine University?
How do I apply
for Benedictine University's merit scholarships?
If I receive
a merit scholarship, how does that affect my financial aid package?
What is a SAR?
How is Federal
Pell Grant eligibility determined?
How is State MAP
Grant eligibility determined?
What forms do
I need to complete or provide to Benedictine University to receive
Financial Aid? How do I qualify for financial aid?
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Packaging Information
How does
the Federal Work-Study (FWS) program work at Benedictine University?
If I am
not awarded Federal Work-Study (FWS) as part of my financial aid
package, can I still work on campus?
I have been
selected for verification, what does that mean?
If I receive
a scholarship from my high school or some other local organization,
how will it affect my other financial aid awards?
What are the
components of a Benedictine University financial aid package?
Can I expect the
same financial aid package for all four years at Benedictine University?
What happens if
I drop a class or take a break in the program?
How can I be
an independent student?
My parents
are divorced or separated. How do you treat this situation?
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Cost Information
How much will
it cost to attend Benedictine University?
How can I pay for
the part of my tuition that is not covered by financial aid and
loans?
What
is the income cut-off for financial aid?
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Loan Information
When will I
receive my Federal Stafford Loan funds?
Can I defer
repayment on my prior student loans?
What kinds
of loan programs are available?
How much can
an independent undergraduate student borrow through the Federal
Stafford Loan program?
What is the
difference between a subsidized and an unsubsidized Loan?
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Q: When should I apply
for financial aid?
A:
You should apply as soon as you are accepted into a program at
Benedictine University. We also recommend that students reapply
each academic year at the same time they file their income tax
returns.
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Q: How do I qualify
for financial aid?
A:
Eligibility for federal, state and need based institutional financial
aid is determined by a student's annual filing of the Free
Application for Federal Student Aid (FAFSA). It should be
completed as soon as possible after January 1st.
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Q:
What types of Financial Aid are available at Benedictine University?
A:
Federal Pell Grant, Federal SEOG, Federal ACG, Federal SMART,
State MAP Grant, Federal Stafford Subsidized Loan, Federal Stafford
Unsubsidized Loan, Federal Parent PLUS Loan, and Federal Graduate
PLUS Loan.
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Q: How do I apply for
Benedictine University's merit scholarships?
A:
When you submit your application to Benedictine University, you
are automatically considered for all institutional merit scholarships.
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Q: If I receive a
merit scholarship, how does that affect my financial aid package?
A:
Merit award decisions are made independently from the need-based
financial aid awards. However, because of federal guidelines,
merit awards must be included as a source of financial aid and
will be listed on your financial aid award letter.
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Q: What is a SAR?
A:
A Student Aid Report (SAR) is sent to you after the Federal
Government's Central Processing Center has processed your FAFSA.
If you do not receive a SAR within 6-8 weeks of submitting your
FAFSA, contact the Department of Education at 800-4-FED-AID
(800-433-3243).
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Q: How is Federal Pell
Grant eligibility determined?
A:
Eligibility for the Federal Pell Grant is based on the student's
expected family contribution as calculated by the FAFSA application.
This grant is designed to assist the exceptional needy student.
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Q: How is State MAP
Grant eligibility determined?
A:
Eligibility for the Monetary Award Program (MAP) is based on
your Expected Family Contribution (EFC) and receipt date for
the FAFSA. This program is reserved for high need students.
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Q: What forms do I
need to complete or provide to Benedictine University to receive
Financial Aid? How do I qualify for financial aid?
A:
To apply for financial aid you will need to complete the Free
Application for Federal Student Aid (FAFSA). If you are
selected for verification you will need to provide copies of
your Federal Tax returns and complete the Verification Worksheet.
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Q: How does the
Federal Work-Study (FWS) program work at Benedictine University?
A:
Students are awarded Federal Work-Study as part of their financial
aid package. Federal Work-Study awards are based on need and
fund availability. 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.
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Q: If I am not
awarded Federal Work-Study as part of my financial aid package,
can I still work on campus?
A:
Students who wish to work on campus but who were not awarded
Federal Work-Study as part of their financial aid package should
stop in the Employee
Services Office to inquire about potential student employment
positions.
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Q: I have been selected
for verification, what does that mean?
A:
The Federal Government selects 30% of the student population
for a process called verification.
If a student is selected for verification, the University is
responsible for verifying the information provided on the student's
FAFSA. At a minimum, the student will be required to submit
copies of the family's U.S. tax return and a verification worksheet.
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Q: If I receive
a scholarship from my high school or some other local organization,
how will it affect my other financial aid?
A:
Benedictine University students, who receive financial aid,
including merit scholarship recipients, are required to report
any outside awards to the Financial Aid Office. The total amount
of financial aid awarded, including outside awards and merit
scholarships, can never exceed the students cost of attendance.
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Q: What are the
components of a Benedictine University financial aid package?
A:
The typical financial aid package for a Benedictine University
student will usually consist of one or more of the following
awards:
- Benedictine Scholarships
and Grants
These funds from Benedictine University
do not need to be repaid.
- Federal/State
Grant Funds:
These awards are considered gift
assistance and do not need to be repaid
- Student Employment:
These funds are earned by the student
working on or off campus.
- Loans:
These funds are borrowed from a lender
and are repaid after the student graduates or leaves school.
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Q: Can I expect the
same financial aid package for all four years at Benedictine
University?
A:
A student's need-based financial aid awards are renewed each
year provided the student continues to demonstrate need and
meets application filing deadlines. If financial need decreases
due to a change in family circumstances (i.e., the number of
your family members decrease, the number in college decreases,
your family's income or assets change), or you are having difficulty
with your academic performance, your need-based financial aid
award maybe affected.
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Q: What happens if
I drop a class or take a break in the program?
A:
Dropping a class or taking a break might affect your financial
aid. Consult a financial aid counselor to determine if your
financial aid package will be affected before you make a decision.
In the event you have already dropped a class, contact a financial
aid counselor immediately.
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Q: How can I be an
independent student?
A:
In order to be considered independent by federal and state financial
aid criteria, you must meet one of the following conditions
for the 2008-2009 academic year:
- Be
24 years old by January 1st of the year you apply for aid
- Be
a veteran of the US Armed Forces
- Be
married
- Be
an orphan or ward of the court
- Have
legal dependents other than a spouse
- On military active duty
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Q: My parents
are divorced or separated. How do you treat this situation?
A:
The federal government and Benedictine University require that
the custodial parent (or the parent with whom the student lives
with for 50% or more of the year) complete the FAFSA. If this
parent has remarried, the step-parent's financial aid information
is required.
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Q: How much will
it cost to attend Benedictine University?
A:
Visit Financing
Your Education for tuition and fees.
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Q: How can I pay for
the part of my tuition that is not covered by financial aid
and loans?
A:
Student Accounts is available to assist students in making payment
plan arrangements to pay any remaining balance not covered by
financial aid. Student Accounts can be contacted at (630) 829-6503
or sar@ben.edu.
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Q: What is the income
cut-off for financial aid?
A: There
is no minimum income level for financial aid. The amount of
financial aid you will receive is determined by your family's
financial need as calculated by your annual filing of the FAFSA.
The FAFSA calculation considers parents' and student's income
and assets, as well as, the size of the family, the number of
family members in college, and the age of the oldest parent.
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Q: When will I receive
my Federal Stafford Loan funds?
A:
Federal Stafford Loans are disbursed two times during each academic
year. Benedictine University receives all student loan proceeds
by Electronic Funds Transfer (EFT). Your student account will
be credited in the amount of the disbursement.
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Q: Can I defer
repayment on my prior student loans?
A:
A student can defer payment on educational loans provided they
are enrolled at least half-time in a degree-seeking program.
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Q: What kinds of
loan programs are available?
A:
There are several loan options available to students and their
parents:
- Federal Subsidized
Stafford Loan: This is a
need-based loan that is in the student's name. Interest
is subsidized by the federal government and there
are no payments required as long as the student is enrolled
at least half-time.
- Federal Unsubsidized
Stafford Loan: This is also
a loan that is in the student's name but is designated for
students who do not qualify for the maximum subsidized loan
for their grade level.
- Federal
Perkins Loan: This
is a need-based loan that is also in the student's name.
Interest is subsidized by the federal government and there
are no payments required as long as the student is enrolled
at least half-time. The interest rate is fixed at 5%.
- Federal PLUS
Loan: This is a loan that
the parent of the dependent student may borrow. The maximum
amount that may be borrowed equals the Cost of Attendance
less any financial aid funds awarded. Repayment begins after
the loan is fully disbursed to the student's account.
- Alternative Educational
Loans: These loans are credit
based and are in the student’s name. Most students are required
to provide a co-signer for the loan. The maximum loan amount
is equal to the Cost of Attendance less any financial aid.
- Federal Graduate PLUS Loan:
is available for students in a graduate program. Students
may borrow up to the cost of attendance minus financial
aid. In order to be eligible for Graduate PLUS funds, students
must borrow their full eligibility of Federal Stafford loans
and submit the Graduate PLUS Master Promissory Note and
Graduate PLUS Request form.
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Q: How much can an
independent undergraduate student borrow through the Federal
Stafford Loan program?
A:
Beginning July 1, 2007 an independent undergraduate student
may borrow between $3,500 and $5,500 in subsidized Federal Stafford
loan and between $4,000 to $5,000 in unsubsidized Stafford loan
funds per academic year.
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Q: What is the
difference between a subsidized and an unsubsidized loan?
A:
The subsidized loan does not accrue interest on the principal
of the loan until the loan is in repayment. An unsubsidized
loan does accrue interest on the principal of the loan as soon
as the loan has been fully disbursed. On a quarterly basis,
the interest on the unsubsidized loan can be paid or allowed
to capitalize into the amount of the loan.
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Last updated
January 25, 2008 10:51 AM
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