Federally Insured Loans These loans are arranged through local banks. A student may borrow up to $1,000 per year and repayment at 7% interest does not begin until one year after sehool, but there is no teacher cancellation. The main requirement of the banks is that either the student or his parents have had a checking or savings fM!Count for at least six months. Loans will not be made to families whose income is in excess of $15,000 or to students who are over twenty-five. School Loans Biola has certain funds that may be used for short term loans. A student may borrow up to $500 per year with no interest. These loans must be paid back before the next fall semester.
STUDENT EMPLOYMENT Work Study
This government sponsored program pays the school 80% of a student's wages while working on campus. A variety of jobs are available to students from low income families, however, a student may only work fifteen hours per week. The PCS (or SFS) and our application are required for all the above mentioned financial aids, except for the State Scholarships and Federally Insured Student Loans. These forms must be on file in the Financial Aid Office by April 1st. If you have further questions or desire forms , please write to the Director of Financial Aids, Biola College. Employment The College maintains an Employment Office for the benefit of students needing part-time work to defray expenses. While this office does not guarantee employ ment, it does make an effort to place every student desiring work. Jobs are available, 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 $1,000 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 his academic load.
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