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Financial Aid
Loan Information
Federal Stafford Loans
To receive a Federal Stafford loan (subsidized and/or unsubsidized
funds), a Master Promissory Note (MPN) must be completed and submitted
to the Financial Aid Office for further processing. Federal regulations
require that first-time Stafford Loan borrowers complete an entrance
counseling session prior to receiving their first disbursement
of loan proceeds. Students can access the Illinois Student Assistance
Commission (ISAC) online entrance counseling session at:
www.mapping-your-future.org
Your Stafford Loan will be processed for the award amount on
your Financial Aid Award Notification Letter. To request a reduced
loan amount, indicate the amount you wish to borrow next to the
original figure on the award letter and initial the change. If
you fail to decline the loan or reduce the indicated award amount
and a MPN is on file, the loan will be processed at the maximum
amount listed on the Financial Aid Award Notification Letter.
Federal Perkins Loans
To qualify for a Federal Perkins loan, students must show exceptional
financial need. The institution has limited funds to award to
students. A Federal Perkins Loan Master Promissory Note (Perkins
MPN) and a Perkins entrance counseling session are required and
must be completed prior to disbursement. Students can access the
Illinois Student Assistance Commission (ISAC) online entrance
counseling session at:
www.mapping-your-future.org
If you fail to complete the requirements for the
Federal Perkins Loan, the loan will be cancelled and the funds
will be reallocated to other students.
Federal Parent Loans for Dependent Undergraduate
Students (PLUS)
The PLUS is available to parents or stepparents of dependent
undergraduate students. This loan is not based on financial need,
so these loans are made regardless of income level; however, a
good credit history is required. This loan, in combination with
other financial aid cannot exceed educational costs. To receive
a Federal PLUS loan, a Federal PLUS Loan application and Master
Promissory Note (Plus MPN) and a PLUS Loan Request form must be
completed and submitted to the Financial Aid Office. Parents may
borrow up to the PLUS amount stated on the student's Financial
Aid Award Notification Letter.
Federal Graduate PLUS loan
The 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, complete Graduate PLUS Entrance Counseling and
submit a Graduate PLUS Request form. Federal regulations require
that Graduate PLUS Loan borrowers complete an entrance counseling
session prior to receiving their first disbursement of loan proceeds.
Students can access the Illinois Student Assistance Commission
(ISAC) online entrance counseling session at:
www.mapping-your-future.org
Alternative Loans
Alternative loans are available for creditworthy students if
additional funding is needed for school. Students may be required
to apply with a co-borrower. Students who do not apply for the
Free Application for Federal Student Aid (FAFSA) may be eligible
for an alternative loan. These loans usually have a higher interest
rate than the Federal Stafford Loan program. Each lender has its
own criteria for eligibility and loan approval.
Student Loan Information and Requirements
Students might borrow from more than one loan program during
their undergraduate or graduate years at Benedictine University.
Guided by the availability of funds, you will be offered the most
advantageous loan program for which you qualify. The Financial
Aid Office will determine your eligibility to borrow, and you
should be prepared to complete additional requirements necessary
to request or certify student loans and disburse funds. Once you
have met the requirements for each loan program and the Financial
Aid Office has certified the loans, the proceeds from the loan
programs will be credited directly to your student account.
Last updated
January 25, 2008 9:51 AM
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