Congratulations, and welcome to Benedictine University from the Office of Financial Aid! We know that obtaining your degree is an important investment in your future, and like all big investments, paying for it can leave you feeling overwhelmed.
The Office of Financial Aid is your resource for making your program more affordable through the use of Federal Direct Student Loans. Our staff can help you obtain federal student loans and answer all your financial aid questions throughout your program. 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.
All first time borrowers are required by the Department of Education to complete an online Federal Loan Entrance Counseling and Master Promissory Note. These two loan acceptance steps are designed to assist you in better understanding how student loans work and your rights and responsibilities as a student borrower.
Frequently Asked Questions
1. How do I get started with Financial Aid?
1. The FSA ID is the username and password that you will use on all federal student aid websites such as studentaid.ed.gov, www.studentloans.gov and on the myStudentAid mobile app. You will need this FSA ID to complete your Free Application for Federal Student Aid (FAFSA) each year. Make sure it’s something you will remember.
2. You need to file your FAFSA as soon as possible. Include Benedictine University's federal school code: 001767 so that the results of your FAFSA application will be automatically sent to the BenU’s Office of Financial Aid.
2. How many credit hours do I need to be enrolled to be eligible for Financial Aid?
Financial aid eligibility states the student must be enrolled at least half-time (3 semester hours or 4 quarter hours) in a degree-seeking degree to receive federal student loans.
3. How much am I eligible for in Federal Unsubsidized loans?
By filing a FAFSA, graduate students admitted and enrolled in a degree-seeking program are eligible for up to $20,500 per academic year.
Note: Your loan eligibility may be reduced based on your undergraduate student loan limits or if your student loans exceed a combined Total Federal Loan Aggregate limit of $138,500.
The Office of Financial Aid will contact you if you are not eligible for Federal Direct Unsubsidized Student Loans.
4. When will I get my refund?
If your loan disbursement is in excess of your charges, the Business Office will process your refund. All students must choose how they would like to receive their refund at Refund Selection. The refund process takes 10 to 14 days after your loan disbursement is reviewed and released by the Office of Financial Aid. Refund questions can be answered by the Business Office at 630-829-6503. For further information about refunds, please visit Frequently Asked Questions.
5. Are non-degree seeking or certificate classes covered by financial aid?
No. The federal government requires that you must be admitted and enrolled in a degree-seeking program to receive any federal financial aid. Students taking non-degree seeking or certificate classes can apply for private loans or make payment plan arrangements with the Business Office.