The student may defer payment until the tenth month after graduation. Interest is charged at a rate of seven percent per year, and the student has up to ten years to repay the loan. Nursing Loans (up to $ I 500 per year) are available to declared nursing majors. Interest rates and repayment are the same as for NDSL. Montgomery-Nissan Memorial Loan Fund is avai lab le to girls of Southern ancestry. Employment Limited work study employment on campus is available to students who can demonstrate financial need of over $300 , and whose parental income or independent student's income is less than $ l 0,000. Under this program federal funds pay 80% of a student's wages, while the College pays the remaining 20%. Wages paid to students in the work study program vary according to the student's qualifications and duties performed. A student may work up to forty hours per week under work study ( limited to l 5 hours a week when school is in session). The College maintains an employment office for the benefit of students needing part-time work to defray expenses. While this office does not guarantee employment, it does make an effort to place every student desiring work. Jobs are ava ilable , both on and off-campus, according to the student's ability, capacity to handle the added burden of employment, and financial need. Normally , a student can expect to earn $600 to $1200 per year part-time. The student who finds it necessary to work for the entire amount of his living expenses should plan to extend the time required for his course of study and to reduce hi s academic load . Other types of aid Biola College is authorized as an institution to grant benefits to veterans and dependents of veterans, social security benefits , and assistance from the California Rehabilitation Program. Students interested in this type of aid should contact the admissions office. If an applicant is a non-California resident , but a resident of the United States, he may obtain a loan through his state's Higher Education Loan Program, by contacting a participating bank in his home area. If his state participates in the FISL program, he may contact the bank in his community.
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