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At BenU, students have a number of borrowing options available to them. Please review the information below so that you can decide what options are best for you.
Student Loan Acceptance Instructions
All first time borrowers are required by the Department of Education to complete an online Federal Loan Entrance Counseling and Master Promissory Note. These two loan acceptance steps are designed to assist you in better understanding how student loans work and your rights and responsibilities as a student borrower.
Federal Direct Loans
Federal Direct Loans are low-interest loans for students and parents to help finance the cost of education at the post-secondary institution. Under the Federal Direct Loan Student Program, students work with the Office of Financial Aid in conjunction with the U.S. Department of Education to obtain these loans.
Benedictine University is a Title IV funded institution and a participant in the Federal Direct Student Loan Program. Federal financial aid is available to those who apply and qualify via the Free Application for Federal Student Aid (FAFSA).
The Federal Direct Loan Program is a program in which low-interest loans are made during the time a student is enrolled at least half-time in a degree-seeking program. Borrowers of Federal Direct loans benefit from a stable source of funding as loans are disbursed directly from the U.S. Department of Education and later managed by a loan servicer.
As part of your offer notification, Benedictine University will notify you of your student loan eligibility according to the results of your FAFSA.
Both subsidized and unsubsidized loans are eligible for payment deferment while the student is enrolled at least half-time. For further information on Federal Direct Loans, including origination fees and interest rates, click here: Federal Student Loan Programs.
STEPS TO BORROW
After completing the FAFSA, if you are a first-time Federal Direct Loan borrower, you must complete the following in order for federal funding to be disbursed:
For further information on federal student loans, visit Federal student loans.
Federal Direct PLUS Loans for Parents
The Department of Education offers PLUS loans to eligible parents of dependent U.S. students. Only biological parents, stepparents, or adoptive parents of dependent, undergraduate students are eligible to participate in the program. Parents are able to borrow up to the cost of attendance (calculated by the school) minus any other financial aid received.
NOTE: The parent is the borrower of the Parent PLUS loan. Unlike federal direct subsidized loans, these loans are credit-based rather than need-based, and loans are subject to credit approval.
Students and parents must complete the FAFSA in order to receive a Federal Direct PLUS Loan. Before Direct PLUS Loan can be disbursed, the below steps must be completed.
For further information on Federal PLUS Loans, visit Federal Direct PLUS Loan Application
Federal Direct PLUS Loans for Graduate Students
The U.S. Department of Education offers PLUS loans to eligible graduate students. Students are able to borrow up to the cost of attendance (calculated by the school) minus any other financial aid received.
Students must complete the FAFSA in order to receive a Federal Direct PLUS Loan. Before a Direct PLUS Loan can be disbursed, the following steps must be completed.
STEPS TO BORROW
For further information on federal student loans, visit Federal student loans.
Private Loans
Private loans, also called alternative or third-party loans, are credit-based loans offered by private lenders such as banks and other financial institutions. Eligibility for most of these loan programs is based on the creditworthiness of the borrower and may require the assistance of a parent or another credit-worthy co-signer.
Private loan programs can assist with bridging the gap between the cost of attendance (COA) and the financial aid awarded. These loans are allowed to cover the cost of tuition and other school-related expenses, up to the federal COA allowance for the academic year. Benedictine University does not keep a preferred lender list as interest rates and loan terms change frequently.
For more information, see our Private loan comparison tool.
Managing Your Borrowing
We encourage students to borrow the least amount possible and to use 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.