Graduate Student Aid

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 (see description below), 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 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.

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

• The Student Accounts Office will bill your tuition after you enroll in classes any given term.  You can view current tuition rates at http://www.ben.edu/campus_resources/studentaccounts/tuition-and-fees.cfm.  To confirm your charges, check your account online through MyBenU.

Refunds

• If you would like to receive your refund via direct deposit, you can set up that process by following the instructions listed here: http://www.ben.edu/StudentAccounts/upload/Direct-Deposit-Self-Service-Instructions.pdf

Payment Options

• 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/campus_resources/studentaccounts/payment-options.cfm.

Financial Aid Award Letter Information

Award Adjustments

The Office of Financial Aid reserves the right to modify financial aid awards at any time.

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:

• Traditional Quarter Based Programs: 4 credit hours per quarter
• Traditional Semester Based Programs:3 credit hours per semester
• Online Quarter Based Programs: 4 credit hours per online session
• Online Semester Based Programs: 3 credit hours per online session
• Learning Team based programs are awarded based on the calendar of classes provided to the Financial Aid Office by the Academic Program Advisors.

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 visiting http://ben.edu/fa/upload/SAPPolicyRevised013.pdf.