Grants Grants are fin ancia l awards that do not have to be repaid, but the amounts a student re ceives is based solely on his financial need as determined by standard financial aid policies. The Basic Educational Opportunity Grants (BEOG) Program is a Federa l Program which is designed to lay a basic educational grant foundation for students qualifying for it. It must be applied for on a special application availab le at the local Post Office or the Office of Student Financial Services . The Supplementary Educational Opportunity Grant (SEOG) Program supported by the federal government, is designed to assist students from low income families. The gross family income (or income of an independent student) must be less than $9000 to qualify. These grants range from $200 to$ 1000 per year, but the amount cannot exceed one-half the total aid given to a student. (For example, if he receives $700 EOG, he must also re ceive a $700 loan , scho larship , or combination of both.) The amount a parent can con tribute to the student's expenses is also used in comput ing his EOG eligibi lity. As funds are available, College Grants are made to needy students from the College Grant fund. This fund is maintained by gifts from friends of the College. Students are not re quired to repay the College, but it is hoped that recipients will contribute to the fund when they have completed school in order to provide for others who are in need. Loans Biola College has certain revolving funds which are used for short-term student loans. A student may borrow up to $500 per year (for emergency purposes); the loan is interest free, the only charge being a nominal service fee of $2 per $ I00 borrowed. In general , these are reserved for students whose needs are of a short duration as the entire amount must be repaid before each fall semester begins. These loans are not available for non educational expenses , such as purchase of cars, marriage expenses , etc. For those who need assistance over a longer period of time, funds are available through the National Direct Student Loan Program. These funds are availab le to entering freshmen and transfer students as well as to those already enrolled. A student may borrow up to $2500 per year. However , he may not borrow more than a total of $2500 before the end of his first two years of study , or more than a total of $5000 before the end of his fourth undergraduate year. Repayment of NDSL begins one year after graduation or withdrawal from the College. If the total amount is paid within nine months of graduation, no interest will be accrued. Payment may be extended over a ten-year period at three percent interest on the unpaid balance. Members of the armed forces on active combat duty and students who transfer to other schools to complete undergraduate or graduate work, may defer payment and interest and extend the repayment period. Federally Insured Student Loans (FISL) are available through local banks, credit unions , and savings and loan associations, for citizens and nationals of the United States , or those in the country for other than a temporary purpose. It is the lender's option to make or deny the loan. Banks usually require either the student or his parents to have had an account for at leas t six months and that a PCS or SFS be filed with Biola Col lege. The maximum amount of this type of loan is $2500 per year, with an aggregate limit of $7500 for undergraduates. Applications for FISL may be obtained from the Office of Student Financial Services.
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