scholarship, or combination of both.) The amount a parent can contribute to the student's expenses is also used in computing his SEOG eligibility. 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 required to repay the college, but 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 $100 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 unless a renewal for one year has been granted. 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 available 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 college. If the total amount is paid within nine months of graduation, no interest will be accrued. Payments 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 may require a deposit relationship or a need analysis (FAF). The program allows students to borrow up to $2500/ year as undergraduates, but some lenders may have lower limits. Applications for FISL may be obtained from the Office of Student Financial Services. 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 $1500 per year) are available to declared nursing majors. Interest rates and repayment are the same as for NDSL.
Meritorious Service Award: $200 to $600 2.50 minimum G.P.A. required. This award is reserved for students whose G.P.A. is not outstanding, but who excel in a particular field. President's Award: Full Tuition Senior standing with intention to graduate at the end of the school year required, along with a minimum 3.60 G.P.A., attendance at Biola for at least two years, as well as personal qualifications. Music Awards, ranging from $300 to $1,400, are made by the Music Department to music majors with high-performance and scholastic capabilities. The scholarship must be used for the area in which the applicant auditioned. Recipients may also be required to participate in an ensemble activity. Two specially designated scholarships are open to organ and composition majors on an annual competition basis. These prestigious awards, equal to the highest scholarship granted, are The Rayner Brown Scholarship for Composition, and The Timothy Howard Scholarship for Organ . Athletic Scholarships are offered to students who demonstrate outstanding ability and achievement in a particular sport. Forensics Scholarships are offered to participants on the school's competitive speech team. Students awarded this scholarship are not necessarily communication majors. Art Scholarships are awarded to students who demonstrate significant potential in the field of art. Nursing Scholarships are available to declared nursing majors only. The scholarship is based on need, rather than academic achievement. Qualified nursing students may receive up to $1 ,500 per year. Nursing loans are also available. Cal Grant A's are made available to hundreds of California residents each year. Eligibility is based on G.P.A. and financial need. In addition, several students from low income families receive funds through the Cal Grant B Program. In addition to those offered by the College, other scholarships are provided through the generosity of donors. Questions concerning these awards should be referred to the Director of Student Financial Services. Grants Grants are financial awards that do not have to be repaid, but the amount a student receives is based solely on his financial need as determined by standard financial aid policies. The Basic Educational Opportunity Grant (BEOG) Program is a Federal Program which is designed to assist students with financial need. The Supplementary Educational Opportunity Grant (SEOG) Program supported by the federal govermen~ is designed to help needy students. A student's financial need must exceed half the cost of his education to qualify. These grants range from $200 to $1500 per year, but the amount cannot exceed one-half the total aid given to a student. (For example, if he receives $700 SEOG, he must also receive a $700 loan,
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