Transcript Welcome to Benedictine University

Financial Aid Information
2014-2015 Award Year
Admitted Student Day
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How to apply – File the FAFSA
 The FAFSA (the Free Application for Federal
Student Aid) is the first step in the financial aid
process. Use it to apply for federal student aid,
such as grants, loans, and work-study.
 In addition, most states and schools use
information from the FAFSA to award students
non-federal aid.
 The FAFSA is used to calculate the Expected
Family Contribution (EFC). An EFC is used to
determine need based aid such as grants and
subsidized loans.
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New applicants complete 2014-15
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Financial Aid Application Process
 Step 1: Students and Parents apply for PIN at
www.pin.ed.gov
The PIN Application Process consists of 3 steps:
1: Enter Personal Information
Name, SSN, address, email, etc.
2: Submit Your PIN Application
1 to 3 days processing time
3: Receive Your PIN
It will be sent to your provided e-mail
Never share your PIN with anyone!
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Financial Aid Application Process
Step 2: Complete 2014-2015 FAFSA online at:
www.fafsa.gov
Select 2014-2015 FAFSA
Begin entering the student’s information…
Things you will need:
• Student & Parent 2013 Taxes &W2’s
• Assets and bank information
• About 30 minutes
• Estimated data can be used
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IRS Information Retrieval
 You can download your filed 2013 Tax information
directly from the IRS.
 Enter your PIN and Link To IRS.
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IRS Information Retrieval
 Once transferred, questions with tax information will be
marked with “Transferred from the IRS”.
 Do not adjust the transferred data.
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What to expect next…
 Verification - Should the student be selected for verification
additional documents will be requested by the Office of Financial Aid.
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Typically this could include:
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IRS Tax Return Transcripts - www.irs.gov/transcript
W-2’s for the student and parent if applicable
A signed verification worksheet
Other documents may be requested by the Office of Financial Aid
on an individual basis
 Students will receive a letter letting them know what
they will need to submit.
 Submit the documents as soon as you can!
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Federal Loans
 Subsidized Stafford Loan
– Maximum award amount $3,500
– Award based on NEED
– Fixed interest rate of 3.86%*
– 6 month grace period before repayment
– No interest accumulates during enrollment
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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Federal Loans (cont.)
 Unsubsidized Stafford Loan
– Maximum for dependent students $5,500
– Fixed interest rate at 3.86%*
– 6 month grace period before repayment
– Interest will accumulate
* 10-year Treasury note yield + 2.05% (Capped at 8.5%)
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How to Apply - Student
 Step 1: Federal Loan Entrance Counseling.
– Read the content and answer the questions
– Read the Borrower's Rights and Responsibilities
 Step 2: Federal Loan Master Promissory Note (MPN).
– You will be required to enter:
• Your personal information
• Two references for the loan
• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed
MPN and counseling and set up dates for the transmission
of loan funds.
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Federal Loans (cont.)
 Parent PLUS Loan
– Amount ranges $1000 up to COA
– Fixed interest rate of 6.41%*
– Parents can request to have to loan deferred
until the student has graduated
– Credit checks information – not score
– Processing fee
* 10-year Treasury note yield + 4.6% (Capped at 7.9%)
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How to Apply - Parent
 Step 1: Request a PLUS Loan.
– Credit Check application
– Requested Loan amount
 Step 2: Federal Loan Master Promissory Note (MPN).
– You will be required to enter:
• Your personal information
• Your students information
• Federal PIN to sign the MPN
– Keep going until you receive a confirmation
The Office of Financial Aid will access your completed
MPN and counseling and set up dates for the transmission
of loan funds.
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Federal Work Study
 Federal Work Study.
– Need based financial aid
– Not applied directly to tuition
– Earned financial aid
 Students can work in a variety
of jobs to earn FWS funds.
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Award Notification: The Award Letter
 If the student is accepting
all awards as offered, keep
award letter for your
records.
 If the student is declining
or adjusting awards, sign
and return award letter
reflecting adjustments.
 Students must indicate
any outside awards and
scholarships on the award
letter.
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Things to Remember!
 Applying for Financial Aid is a separate
process from Admissions and Housing.
 Students must complete the FAFSA application
every year to be eligible to receive Federal
Student Aid.
 Do not assume you are too poor to go to
college or too rich to receive aid. Always
apply to get your answer.
 Apply as early as possible! Some aid programs
run out of funding.
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Financial Aid Resources
from the Government
The US Department of Education
www.studentaid.gov
youtube.com/FederalStudentAid
Help line: 1-800-433-3243
Illinois Student Assistance Commission
www.isac.org
Federal Trade Commission
www.ftc.gov/scholarshipscams
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Surf the Net! – Scholarships
Schools will allow you to add outside scholarships to your existing financial
aid package. The only stipulation is that you do not exceed the cost of
attendance. Take some time and surf the Internet...it just might pay off!
The College Board
www.collegeboard.com
FinAid.Org
www.finaid.org
College.Net Mach25
www.collegenet.com/mach25
Free Scholarship Search
www.freschinfo.com
College Quest
www.collegequest.com
College Answer
www.collegeanswer.com
College Connection
www.collegescholarships.com
Scholarships.com
www.scholarships.com
Fast Web
www.fastweb.com
Cappex College Search
www.cappex.com/scholarships
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Contact Us
Office of Financial Aid
Lownik Hall, Main Floor
5700 College Road
Lisle, IL 60532
(630) 829-6100
[email protected]
www.ben.edu/fa
Monday – Friday: 8:30am – 5:00pm
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