Eligibility for a Federal Pell Grant is based on financial need. Funds are considered gift assistance and do not have to be repaid. Pell Grants are available only to undergraduate students who have not earned a bachelor’s or professional degree.
A Federal Supplemental Educational Opportunity Grant (SEOG) is for undergraduates with exceptional financial need. It is targeted for students with the lowest EFCs and gives priority to students who receive Federal Pell Grants. An FSEOG doesn't have to be repaid.
The Monetary Award Program (MAP) provides need-based grants to Illinois residents. In addition to MAP, the Illinois Student Assistance Commission (ISAC) administers seven specialized grant programs.
Institutional grants and scholarships are awarded during the initial process of admission to the University and are reserved for full-time traditional undergraduate Benedictine University students.
Currently enrolled traditional undergraduate students can apply for Endowed Scholarships. A number of endowed scholarship funds have been established through generous gifts to the University. Qualification criteria as well as award amounts vary as designated by the donor(s). Students awarded an endowed scholarship who have previously received an award letter without it may have other awards adjusted in part or in full.
Work-study allows students the opportunity to earn money to pay education related expenses. The amount you may earn depends on your financial need and availability of funds and employment at the University. The award is not disbursed to a student's account like other forms of aid. FWS is earned in the form of a paycheck which is given directly to the student.
A Federal Perkins Loan is a low-interest (5 % fixed rate) loan for both undergraduate and graduate students with financial need. Federal Perkins Loan funds must be repaid, usually after nine months after ceasing attendance at the University.
Direct Stafford Loans are either subsidized or unsubsidized.
A subsidized loan is awarded on the basis of financial need and the federal government “subsidizes” the interest during your enrollment period.
An unsubsidized loan is not awarded on the basis of need. The student is charged interest from the time the loan is disbursed until it’s repaid in full. If interest is allowed to accrue while the student is in school or during other periods of nonpayment, it will be "capitalized"—that is, the interest will be added to the principal amount of the loan, and additional interest changed will be based on that higher amount.
The Federal PLUS is a credit based loan available to the parent(s) of the dependent student. Repayment typically begins 60 days after the loan has been fully disbursed but can be deferred while the student is in school.