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 educational endeavors affordable. Our office helps you bridge the gap between the cost of attendance and the ability to afford the expense. Our staff can help you obtain federal and state grants, Federal Direct Student Loans, work-study opportunities and BenU’s scholarships.
Financial Aid Offer Guidelines
Applying For Federal Aid as a Graduate Student
At Benedictine University, the Office of Financial Aid understands that sometimes applying for federal assistance can be daunting. To assist students in navigating the process, we have provided a list of steps to guide our students through applying for financial assistance.
Review federal requirements for federal student aid eligibility
To receive federal financial aid you must:
- Be a U.S. citizen or eligible noncitizen, and registered with Selective Service (if required).
- Be enrolled at least half-time in a degree-seeking program (audited, repeated and other noncredit classes do not apply).
- Make satisfactory academic progress.
- Demonstrate financial need.
- Not be in default on any loan or owe a refund on any grant made under Title IV of the Higher Education Act of 1965, as amended, at any institution.
Create a Federal Student Aid (FSA) ID
The FSA ID is the username and password that you will use on all federal student aid websites such as fafsa.gov, StudentAid.gov and on the myStudentAid mobile app. You will need this FSA ID to complete your FAFSA each year. Make sure it’s something you will remember. If you are a dependent student, your parent will also need to create an FSA ID. Create your FSA ID here.
Complete your Free Application for Federal Student Aid (FAFSA)
Students should complete their FAFSA as soon as possible each year, starting on October 1st. This free application serves as a gateway for all federal, state, and Benedictine University need-based financial assistance. Keep in mind, some funding is awarded on a first-come, first-served basis.
Be sure to follow the instructions, answer all questions accurately, and to use the IRS’s Data Retrieval Tool to import your income information if it is available to you. If it is not available, you will need your (and your parents if a dependent student) federal tax transcripts or tax returns to complete the application. Estimated data can be used and updated later.
Include Benedictine University’s federal school code: 001767 so that the results of your FAFSA application will be automatically sent to the BU’s Office of Financial Aid. Please be aware that it can take several business days for the Department of Education to process your application. Start your FAFSA here.
Review your student aid report
Once your FAFSA has been processed by the Department of Education, each student receives a summary of the FAFSA results in their email. This Student Aid Report (SAR) summarizes your eligibility, as well as any additional steps you will be required to complete in order to receive federal funding.
In order to ensure loan funds are credited in a timely manner, all students using federal student loans for the first time should complete a Master Promissory Note and Entrance Loan Counseling.
Approximately 1 out of every 3 FAFSAs is selected to complete a process called verification. If you are selected by the Department of Education to complete verification, you will need to submit additional documents in order to receive aid.
Click here for further information about verification.
Review your financial award notification
Once the Financial Aid Office receives your FAFSA results, we begin the process of awarding all accepted students based on their FAFSA. You will receive a financial aid award notification by mail after your awards have been posted to your account. You can also view your awards on your MyBenU account.
This award notification will encompass all federal, state, and institutional funding that a student is eligible to receive, including academic scholarships. These scholarships are based on each student’s academic record and are awarded at the time of a student’s acceptance.
Click here for more information about institutional scholarships.
Accept or adjust your offer aid
If you are accepting your awards as stated on the offer notification, there is no need to return the notification letter to the Office of Financial Aid.
However, if you wish to decline a financial aid offer or reduce the amount of the loan amount, you must sign and return the offer notification within fourteen (14) days of its receipt.
Complete the following steps on your offer notification.
- To DECLINE an offer, circle the “D” next to the offer amount(s).
- To REDUCE an offer, make a change next to the offer amount.
- Make sure to initial all changes.
Return the letter to our office
- via email: [email protected] (from your BenU email);
- fax: 630-829-6101;
- mail to: Office of Financial Aid, Goodwin Hall, 5700 College Road, Lisle, IL 60563.
If needed, apply for additional funding through local, regional and national outside scholarships
Check with your high school guidance office, parents’ employers and free scholarship websites such as BenU Outside Scholarships, fastweb scholarships, and U.S. Dept of Labor to locate potential scholarships. to locate potential scholarships you may qualify for.
At Benedictine, typically any outside scholarship goes 100% directly to the student’s account.
At Benedictine University, the Office of Financial Aid understands that sometimes applying for federal assistance can be daunting. To assist students in navigating the process, we have provided a list of steps to guide our students through applying for financial assistance.
Net Price Calculator
We are excited for you to discover the value and affordability a Benedictine University education provides. Our calculator is designed to give you an estimate of how much and what types of financial aid you might qualify for when attending Benedictine University full time.
FAQs
How many credit hours do I need to be enrolled in 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 program to receive federal student loans.
How much am I eligible for in federal unsubsidized loans?
By filing for 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.
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. After the Business Office reviews your loan disbursement, the Office of Financial Aid will release your refund, a process that takes 10 to 14 days. Refund questions can be answered by the Business Office at (630) 829-6503. For further information about refunds, please visit Frequently Asked Questions.
Resources
Information + Forms
Further detailed information regarding each subject and retrieval of PDF forms are available by clicking each titled box. Click here to get started.
Financial Literacy
Learn more about how to plan your investment in Benedictine University. Find tools for budgeting your education costs and using credit to pay for it. Parents will also find resources to help them manage their child’s tuition costs. Click here to learn more about financial literacy.
Loan Information
At BenU, students have a number of borrowing options available to them. We encourage students to borrow the least amount possible. Benedictine University’s Business Office’s Payment Options to avoid borrowing loans or to reduce their overall student debt. Students may track their borrowing history at NSLDS Student Access. Loan disclosure information is provided by the U.S. Department of Education when students sign the MPN. Students can explore repayment options at studentaid.gov. Click here to explore repayment options.
Scholarships
You should be focusing on your education, not how you’re going to pay for it. Scholarships are a great way to help pay for your education. Benedictine offers several scholarships to help meet the financial needs of our students.