Benedictine University’s Office of Financial Aid is dedicated to helping students achieve an affordable online education. A number of financial aid options are available to students who need assistance. Regardless of income, almost all students can qualify for some form of financial aid.
Complete the FAFSA application that is available online at www.fafsa.gov. Include Benedictine's school code 001767 to release your FAFSA results to the Office of Financial Aid.
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 principal 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 percent. 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.
You may qualify for one or more scholarships to help finance your education. Talk to a program manager to identify scholarship opportunities, or use these resources:
- How to apply for a scholarship
- Where to find college scholarships
- Benedictine University Online Scholarships
Frequently Asked Questions
When is my tuition billed?
The Office of Student Accounts will send you a bill each term after classes start. You can view current tuition rates on the Tuition page.
What tuition payment options are there in addition to financial aid?
The Office of Student Accounts offers various payment options if you choose not to use financial aid or if your charges exceed your financial aid eligibility. You can review these options on the Office of Student Accounts website.
What is an award adjustment?
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.
What is the quarter to semester credit-hour conversion?
Some schools use semester credit hours, but most Benedictine programs use quarter credit hours. You are awarded credit hours based on the classes you take every term. Credit hours per program are as follows:
- Online quarter-based programs: four credit hours per online session.
- Online semester-based programs: three credit hours per online session.
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.
What if I withdraw from a course?
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 could prevent you from registering for your next class. Your future aid eligibility may also be affected.
What is Satisfactory Academic Progress?
Federal regulations require that Benedictine establishes standards of Satisfactory Academic Progress (SAP) for students to receive federal financial aid funds. Minimum standards of academic progress are established to encourage students to successfully complete coursework for which financial aid is received and to make progress toward a degree.
In order to maintain Satisfactory Academic Progress, students must comply with the following requirements:
- Remain in good academic standing or on academic probation. The minimum CGPA for an undergraduate is 2.0 and the minimum CGPA for a graduate student is 3.0 (as defined in the University catalog).
- Maintain a completion rate of coursework equal to at least 67 percent of the total number of credit hours attempted. This quantitative requirement ensures the student is steadily progressing toward their degree by completing at least two-thirds of all attempted credit hours. For example, a student who has attempted a cumulative total of 12 credit hours must complete at least 8 credit hours to meet the requirement (12 hours x .67 = 8 credit hours).
- Fulfill their degree requirements within 150 percent of the required hours to complete their degree. For example, a student enrolled in a traditional undergraduate bachelor’s degree program that requires a total of 120 credit hours would have a maximum limit of 180 hours.
What is loan deferment?
If you have previous student loans and are currently enrolled in an eligible degree 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 eligibility for deferment 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 the National Student Loan Data System site. Continue to make student loan payments until your loans are listed as deferred.