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:
To accept the Federal Direct Unsubsidized Loan (see description below), complete:
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 principle 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 other financial aid resources. 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.
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
Student refunds are processed by BankMobile Disbursements. If a credit balance appears on your account as a result of a loan disbursement or other Title IV funds, the Student Accounts Office will process a refund within 10 to 14 days. Students will receive a green envelope in the mail from BankMobile Disbursements. Inside the green envelope will be a Refund Selection Kit and personal code. Look for this kit to be delivered to your home address on file with the University. Selecting a refund preference (electronic transfer to your bank account, paper check sent via mail or debit card through BankMobile) ensures you will receive your refunds in a timely manner. BankMobile Disbursements attempts to contact students via email to students' ben.edu email address and by phone to assist students in making their refund preference. If you have any further questions regarding billing and refunds, please contact the Student Account Office at 630-829-6503.
The Student Accounts Office offers various payment options if you choose not to use financial aid or if you charges exceed your financial aid eligibility. You can review these options on their website at http://www.ben.edu/student-accounts/payment-options.cfm.
Financial Aid Award Letter Information
If you receive additional financial assistance from an external source (e.g. employer reimbursement, chamber of commerce discount, private scholarships, etc.) after accepting Benedictine's financial aid award, a review of aid eligibility will be calculated using the additional assistance as a financial resource.
You are awarded based on a set number of credit hours per term depending on your program. Credit hours per program are as follows:
If you plan on enrolling in more than the anticipated hours, you can contact the Office of Financial Aid to request a review of additional eligibility.
If you withdraw from a course, a portion of your financial aid may be returned to the Department of Education. If you received a refund prior to withdrawing you may have a balance due which may prevent you from registering for your next class. Your future aid may also be affected.
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 by clicking HERE.