Understanding Financial Aid

Sometimes called “free money,” these funds do not need to be repaid.

Scholarships are generally based on academic merit or enrollment in a specific major. 

• Institutional scholarships are awarded through Dominican. You are automatically considered for most of these awards when you apply to Dominican.
• External scholarships outside of Dominican are another option for many students. These require a separate application process.

Grants are typically awarded on the basis of financial need. You are considered for the following most common types of grants when you fill out the FAFSA:

• Federal Pell Grant. This grant from the federal government is awarded only to students who demonstrate financial need. Award amounts are determined by the Expected Family Contribution (EFC) and enrollment status. Students continue to receive the Pell Grant as long as they still demonstrate financial need levels that make them eligible and do not reach their Pell lifetime limit award amount.
• Federal Supplemental Educational Opportunity Grant  (SEOG) Program. Awarded to undergraduate students who demonstrate the most significant financial need, typically students with a $0 EFC. Awards are subject to availability of funds and range from $300–$1,600 per year.
• MAP Grant. The state of Illinois’ Monetary Award Program (MAP) provides grants to Illinois residents attending colleges in the state.

Loans are an important part of financial aid packages. Students must be enrolled at least half time to be eligible for federal student loans. Half-time enrollment for undergraduate students is 6 credit hours in a term. Half-time enrollment for graduate students in the Master of Arts in Mediation and Conflict Resolution and Master of Arts in Trauma-informed Leadership is 3 credit hours in a term. For all other graduate programs half-time enrollment is 4.5 credit hours in a term. 

Yes, they must be repaid, but there are smart ways to borrow. For starters, the federal government student loans included in many aid package come with many benefits not typically offered with private bank loans:

• You don’t have to repay any of it until six months after you leave school.
• The interest rate is often lower. It’s also fixed; it will never rise.
• The government pays the interest for you on subsidized loans while you’re in school. (With unsubsidized loans, you may want to consider making interest payments while still in school). 

Take only what you need. You can cancel all or part of your loan if you don't need it. Review the many loan repayment plans available including income-based repayment. Also check out this sample loan repayment schedule.

Parents of dependent students can also borrow from the federal government’s Parent PLUS Loan program. 

The Parent PLUS Loan is a credit-based, federal loan program for parents of dependent undergraduate students. Parents may borrow up to the cost of attendance minus other financial aid received, including any other additional loans. 

How to request a Parent PLUS Loan 
To apply for a Federal Direct PLUS Loan, you and your parents must do the following:

• Complete the Free Application for Federal Student Aid (FAFSA) online. You will need Dominican University’s school code (001750) to have the results sent to Dominican University. The student must have a Free Application for Federal Student Aid (FAFSA) on file on order to receive PLUS loan funding. •
• Complete Dominican University’s Federal Direct Parent PLUS Loan Authorization Form and submit it to the Office of Financial Aid. 

The parent who is applying for the loan will need to complete a credit check and Master Promissory Note at the Direct Loans website, studentaid.gov. The parent borrower will need to complete the section “Request a PLUS Loan”, also found at the Direct Loans website. 

If a parent is denied credit approval for the PLUS Loan, there are a few options:

• The parent may appeal the credit decision to the Department of Education.
• The parent may add a credit-approved endorser in order to secure the requested PLUS loan amount, or
• The student may be eligible to borrow additional unsubsidized student loan funds.

PLUS loans are not automatically renewed each year. You and your parent must complete a FAFSA, Dominican University’s Federal Direct PLUS Loan Authorization Form and the “Request a PLUS Loan” section at the Direct Loans website each year. 

The interest rate on the Parent PLUS Loan is fixed. In addition, the borrower is charged an origination fee of the amount of the total loan. The origination fee is deducted from the loan before the student receives the loan funds. Information on interest rates and origination fees can be found at studentaid.gov.

Borrowing funds from private lenders can help with educational and living expenses not covered by other financial aid. Learn more about private loans.

Loan Disbursements 
Your Federal Direct PLUS Loan funds will be disbursed directly into your Dominican University student account. Funds are first used to pay tuition and other university expenses. Loans are disbursed in equal amounts for each term that your loan was approved for. If you are enrolled less than half time in any term, you cannot receive federal loan funds for that term. 

Financial Aid Disbursement 
For most aid programs, the amount awarded for a semester will be credited to students’ accounts after the start of the semester. The MAP funds are credited at the time Dominican receive payment from the state of Illinois, usually a few months after the term has begun. Federal Direct Stafford loan funds are credited directly to the student’s account. 

Repayment 
Repayment (principal and interest) on the Parent PLUS Loan begins after the loan is fully disbursed, but may be deferred while the student is enrolled at least half time. 

How to Avoid Default 
Default is the failure to repay a loan according to its terms. For most federal student loans, you will default if you fail to make a required payment for more than 270 days. You can lose eligibility for federal student aid and may face legal consequences. There are many repayment plans available including ones based on your income that can help you avoid defaulting on your student loans. Learn about steps to avoid default. 

Where to See Your Loan History
All federal loans are reported to the National Student Loan Data System (NSLDS) and this information can be accessed by loan servicers, schools and other authorized entities. Students can view their loan history at studentaid.gov. 

Loan Origination Fee
In addition to interest, there is a loan origination fee on each Federal Direct Loan that students receive. The U.S. Department of Education deducts this fee before you receive any loan money so that the loan amount you actually receive will be less than the amount you have to repay.

Work-Study 
Students who have Federal Work-Study (determined by financial need) or Dominican Employment included in their financial aid award letter are eligible to apply for student employment. Resident students are given priority. Funds are received in the form of a paycheck and not applied directly to tuition bills. Dominican employs hundreds of students, many of them in jobs that align with their major. Besides the paycheck, these positions offer valuable experience—and a great start to building a resume. 

Veterans Benefits 
The federal government offers educational benefits to current service members, veterans and their families. Dominican accepts all forms of GI Bill® and is an active participant in the Yellow Ribbon initiative through the Post 9/11 GI Bill®. Learn more. 

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at https://www.benefits.va.gov/gibill. 

AmeriCorps 
The Segal AmeriCorps Education Award is a post-service benefit received by participants who complete a term of national service in an approved AmeriCorps program.  Please visit  AmeriCorps  for more details on how to use an AmeriCorps award to help pay educational expenses.  

State of Illinois Teaching Scholarships 
The  Illinois Student Assistance Commission (ISAC) administers the Golden Apple Scholars of Illinois program and the Minority Teachers of Illinois (MTI) program, which provide financial resources for students studying to become teachers. commission's website.  

Loans for Study Abroad
Students or their parents may apply to borrow additional loan funds to cover the costs of their study abroad program.  Learn more. 

Tuition Exchange 
Dominican University participates in three tuition exchange programs based on a parent’s employment at participating institutions.

You need to fill out the Free Application for Federal Student Aid (FAFSA) every year to be considered for financial aid. Fill it out as soon as it becomes available to receive the best possible aid package. Dominican University's code is 001750.

Changes in status, like dropping below a full-time or part-time course load can affect financial aid packages. Talk to a financial aid counselor first.

Check your email! Before the start of each semester, the university publishes bills that itemize charges. Please contact Stars Connect at (708) 524-6809 if you have questions about your bill.

According to federal regulations, a financial aid package may need to be revised if additional aid is received. Changes in enrollment and/or housing may also result in a revision. Any changes must be reported to the Office of Financial Aid.

Funds remaining in student accounts after all charges have been paid will be refunded. Refunds will be processed by the Office of Student Accounts after the add/drop period, and are based upon funds actually received and credited to the student account.

The schedule for tuition refunds based on withdrawal from courses is published at dom.edu/MyDU.

Students who do not continue to make satisfactory academic progress toward their degree risk losing their financial aid. All students must comply with the federally mandated Satisfactory Academic Progress standards  to remain eligible for federal, state and institutional financial aid.