Financial Aid
Frequently Asked Questions
Application Information
When should I apply for financial aid?
How do I qualify for financial aid?
What types of financial aid are available at Benedictine University?
How is Federal Pell Grant eligibility determined?
How is State MAP Grant eligibility determined?
Packaging Information
How does the Federal Work-Study (FWS) program work at Springfield College?
I have been selected for verification, what does that mean?
What are the components of a Benedictine University financial aid package?
Can I expect the same financial aid package for each year I attend?
What happens if I drop a class or take a break in the program?
How can I be an independent student?
My parents are divorced or separated. How do you treat this situation?
Cost Information
How much will it cost to attend Benedictine University?
How can I pay for the part of my tuition that is not covered by financial aid and loans?
What are my options if I don't qualify for Federal aid or my awards do not cover all of my expenses?
What is the income cut-off for financial aid?
Loan Information
When will I receive my Federal Stafford Loan funds?
Can I defer repayment on my prior student loans?
What kinds of loan programs are available?
How much can an independent undergraduate student borrow through the Federal Stafford Loan program?
Can I apply for a Federal PLUS Loan?
Q: When should I apply for financial aid?
A: You should apply as soon as you are accepted into a program at Benedictine University. We also recommend that students reapply each academic year at the same time they file their income tax returns.
Q: How do I qualify for financial aid?
A: Eligibility for federal, state and institutional financial aid is determined by a student's annual filing of the Free Application for Federal Student Aid (FAFSA) and Benedictine University Financial Aid Application. The deadline for renewing your financial aid is April 15.
Q: What types of Financial Aid are available at Benedictine University?
A: Federal Pell Grant, Federal SEOG, Federal ACG, Federal SMART, State MAP Grant, Federal Stafford Subsidized Loan, Federal Stafford Unsubsidized Loan, Federal Parent PLUS Loan, and Federal Graduate PLUS Loan.
Q: What is a SAR?
A: A Student Aid Report (SAR) is sent to you after the Federal Government's Central Processing Center has processed your FAFSA. If you do not receive a SAR within 6-8 weeks of submitting your FAFSA, contact the Department of Education at 800-4-FED-AID (800-433-3243).
Q: How is Federal Pell Grant eligibility determined?
A: Eligibility for the Federal Pell Grant is based on the student's expected family contribution as calculated by the FAFSA application. This grant is designed to assist the exceptional needy student.
Q: How is State MAP Grant eligibility determined?
A: Eligibility for the Monetary Award Program (MAP) is based on your Expected Family Contribution (EFC) and receipt date for the FAFSA. This program is reserved for high need students.
Q: What forms do I need to complete or provide to Benedictine University to receive Financial Aid? How do I qualify for financial aid?
A: To apply for financial aid you will need to complete the Free Application for Federal Student Aid (FAFSA) and the Benedictine University Financial Aid Application. If you are selected for verification you will need to provide copies of your Federal Tax returns and complete the Verification Worksheet.
Q: How does the Federal Work-Study (FWS) program work at Springfield College?
A: Students are awarded Federal Work-Study as part of their financial aid package. Federal Work-Study awards are based on need and fund availability. Students can find out about current jobs available by checking the bulletin board outside the Employee Services Office. Students are responsible for contacting the hiring supervisor and obtaining their own job. FWS students employed receive a bi-weekly paycheck.
Q: If I am not awarded Federal Work-Study as part of my financial aid package, can I still work on campus?
A: Students who wish to work on campus but who were not awarded Federal Work-Study as part of their financial aid package should stop in the Employee Services Office to inquire about potential student employment positions.
Q: I have been selected for verification, what does that mean?
A: The Federal Government selects 30% of the student population for a process called verification. If a student is selected for verification, the University is responsible for verifying the information provided on the student's FAFSA. At a minimum, the student will be required to submit copies of the family's U.S. tax return and a verification worksheet.
Q: If I receive a scholarship from my high school or some other local organization, how will it affect my other financial aid?
A: Benedictine University students, who receive financial aid, including merit scholarship recipients, are required to report any outside awards to the Financial Aid Office. The total amount of financial aid awarded, including outside awards and merit scholarships, can never exceed the students cost of attendance.
Q: What are the components of a Benedictine University financial aid package?
A: The typical financial aid package for a Benedictine University student will usually consist of one or more of the following awards:
- Benedictine Scholarships and Grants
These funds from Benedictine University do not need to be repaid. - Federal/State Grant Funds:
These awards are considered gift assistance and do not need to be repaid - Student Employment:
These funds are earned by the student working on or off campus. - Loans:
These funds are borrowed from a lender and are repaid after the student graduates or leaves school.
Q: Can I expect the same financial aid package for each year I attend?
A: A student's need-based financial aid awards are renewed each year provided the student continues to demonstrate need and meets application filing deadlines. If financial need decreases due to a change in family circumstances (i.e., the number of your family members decrease, the number in college decreases, your family's income or assets change), or you are having difficulty with your academic performance, your need-based financial aid award maybe affected.
Q: What happens if I drop a class or take a break in the program?
A: Dropping a class or taking a break might affect your financial aid. Consult a financial aid counselor to determine if your financial aid package will be affected before you make a decision. In the event you have already dropped a class, contact a financial aid counselor immediately.
Q: How can I be an independent student?
A: In order to be considered independent by federal and state financial aid criteria, you must meet one of the following conditions for the 2007-2008 academic year:
- Be born before January 1, 1984
- Be a veteran of the US Armed Forces
- Be married
- Be an orphan or ward of the court
- Have legal dependents other than a spouse
- On military active duty
Q: My parents are divorced or separated. How do you treat this situation?
A: The federal government and Benedictine University require that the custodial parent (or the parent with whom the student lives with for 50% or more of the year) complete the FAFSA. If this parent has remarried, the step-parent's financial aid information is required.
Q: How much will it cost to attend Benedictine University?
A: Visit Financing Your Education for tuition and fees.
Q: How can I pay for the part of my tuition that is not covered by financial aid and loans?
A: Student Accounts is available to assist students in making payment plan arrangements to pay any remaining balance not covered by financial aid. Student Accounts can be contacted at (630) 829-6503 or sar@ben.edu.
Q: What are my options if I don't qualify for Federal aid or my awards do not cover all of my expenses?
A: Educational loans are available to students through alternative sources. The terms and interest rates vary depending on the lending institution. Inquire about alternative loans with any of our preferred lenders.
Q: What is the income cut-off for financial aid?
A: There is no minimum income level for financial aid. The amount of financial aid you will receive is determined by your family's financial need as calculated by your annual filing of the FAFSA. The FAFSA calculation considers parents' and student's income and assets, as well as, the size of the family, the number of family members in college, and the age of the oldest parent.
Q: When will I receive my Federal Stafford Loan funds?
A: Federal Stafford Loans are disbursed two times during each academic year. Benedictine University receives all student loan proceeds by Electronic Funds Transfer (EFT). Your student account will be credited in the amount of the disbursement.
Q: Can I defer repayment on my prior student loans?
A: A student can defer payment on educational loans provided they are enrolled at least half-time in a degree-seeking program.
Q: What kinds of loan programs are available?
A: There are several loan options available to students and their parents:
- Federal Subsidized Stafford Loan: This is a need-based loan that is in the student's name. Interest is subsidized by the federal government and there are no payments required while the student is enrolled in school on at least a half-time (6 hours) status.
- Federal Unsubsidized Stafford Loan: This is also a loan that is in the student's name but is designated for students who do not qualify for the maximum subsidized loan for their grade level.
- Federal Perkins Loan: This is a need-based loan that is also in the student's name. Interest is subsidized by the federal government and there are no payments required as long as the student is enrolled at least half-time. The interest rate is fixed at 5%.
- Federal PLUS Loan: This is a loan that the parent of the dependent student may borrow. The maximum amount that may be borrowed equals the Cost of Attendance less any financial aid funds awarded. Repayment begins after the loan is fully disbursed to the student's account.
- Alternative Educational Loans: These loans are credit based and are in the student’s name. Most students are required to provide a co-signer for the loan. The maximum loan amount is equal to the Cost of Attendance less any financial aid.
- Federal Graduate PLUS Loan: is available for students in a graduate program. Students may borrow up to the cost of attendance minus financial aid. In order to be eligible for Graduate PLUS funds, students must borrow their full eligibility of Federal Stafford loans and submit the Graduate PLUS Master Promissory Note and Graduate PLUS Request form.
Q: How much can an independent undergraduate student borrow through the Federal Stafford Loan program?
A: Beginning July 1, 2007 an independent undergraduate student may borrow between $3,500 and $5,500 in subsidized Federal Stafford loan and between $4,000 to $5,000 in unsubsidized Stafford loan funds per academic year.
Q: What is the difference between a Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan?
A: The Subsidized Stafford Loan does not accrue interest on the principal of the loan until the loan is in repayment. The Federal Unsubsidized Stafford Loan does accrue interest on the principal of the loan as soon as the loan has been fully disbursed. On a quarterly basis, the interest on the unsubsidized loan can be paid or allowed to capitalize into the amount of the loan.
Q: Can I apply for a Federal PLUS Loan?
A: No, independent students cannot apply for a Federal PLUS loan for their own education. These loans are reserved for parents supporting dependent undergraduate students.
Forms and Documents
2008-2009 Forms
Dependent Verification
Dependent ABC Worksheet
Dependent Itemized Expense Form
Independent Verification
Independent ABC Worksheet
Independent Itemized Expense Form
Benedictine Univ. Consortium Form
Miscellaneous Forms
Leave of Absence
Non-Traditional BU Students
Leave of Absence Form
Non-Traditional BU Students
Bachelor Non-Traditional Program
Hand Calc Request
Master Non-Traditional Program
Hand Calc Request
Springfield College in Illinois has selected the two lenders listed above based on their outstanding customer service. However, student and parent borrowers may choose any participating lender for their Federal Family Education Loan.