Financial Aid

Online Graduate Students

This information is provided to assist you in understanding the financial aid program at Benedictine University. Please read carefully and contact the Office of Financial Aid if you have any questions.

To Apply for Financial Aid:

  • Complete the Free Application for Federal Student Aid (FAFSA) is available online at: www.fafsa.gov.
  • Include Benedictine's school code 001767 to release your FAFSA results to the Office of Financial Aid.
  • Obtain a Personal Identification Number (PIN) to electronically sign the FAFSA.  Request a PIN at www.pin.ed.gov

To Accept the Federal Direct Unsubsidized Loan:

  • Complete a Master Promissory Note (MPN) – The MPN is a legal document required for the Federal Direct Loan Programs. Complete the MPN online at www.studentloans.gov
  • A first-time borrower of Federal Direct Loans is required to complete a Loan Entrance Counseling session. Complete entrance counseling online at www.studentloans.gov

Financial Aid Programs

The Federal Direct Unsubsidized Loan is a low interest loan that has a fixed interest rate for the life of the loan. You must be a degree seeking student and maintain at least half time enrollment in a graduate program.

Interest accrues from the date the loan is disbursed; however you may choose to defer principal and interest payments while you are in school.  Repayment begins six months after the student completes the program, ceases enrollment or drops below half-time enrollment.

The Federal Direct Graduate PLUS Loan Program is an additional loan available for graduate students. Graduate students may borrow up to the cost of education less financial aid. The interest rate is fixed at 7.9%. It is recommended that students first borrow their full eligibility of the Federal Direct Unsubsidized Loan before applying for the Federal Direct Graduate PLUS loan.

Enrollment Requirements

Quarter Based Programs

  • You must maintain continuous enrollment in your program.  Students in quarter based programs must earn at least 24 credit hours and complete at least 30 weeks of instructional time in one academic year for loan eligibility.

Semester Based Programs

  • You awards are based on full time enrollment which requires taking 6 credit hours each semester (3 credits per online session).

Your aid is based on the anticipation that you will be enrolled in each of the online sessions. Should you take a session off, your financial aid is subject to adjustment or cancellation.  When you re-enroll it is your responsibility to contact the Office of Financial Aid to have your aid reinstated.

Disbursement of Student Funds

All loan proceeds are distributed differently according to your program. Typically funds will be disbursed evenly over your sessions of enrollment during the academic year.

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.

Refund Process

The Student Accounts Office evaluates students' accounts weekly for credit balances.  If your loan disbursement is in excess to your charges for that term, the Student Accounts Office will process the credit and mail a refund check to you. This process typically takes 14 days after your loan disbursement is reviewed and released by the Office of Financial Aid.

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 here.

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

Refunds

Payment Options