As funds are avai labl e, College Grants are made to needy students from the Co ll ege Grant fu nd. This fund is maintained by g ifts from friends of the Co ll ege. Students are not required to repay the Co llege , but it is hoped that rec ipients will co ntribute to the fund whe n they have comp leted schoo l in order to provide for ot hers who are in need.
Loans Biola Co ll ege has certain revo lving funds whi ch are used for short-term student loans. A student may borrow up to $500 per year (fo r emergency purposes); the loan is interest-free, the on ly charge be ing a nominal serv ice fee of $2 per$ 100 borrowed. In general, these are reserved for students whose needs are of a short durat ion as the entire amount must be repaid before each fall semester begins unless a renewal fo r one year has been granted. These loans are not avai lab le for non-educational expenses , such as purchase of cars, marri age expenses, etc. For those who need ass istance over a longer period of time , funds are ava il abl e through the Natio nal Direct Studen t Loan Program. These funds are ava il ab le to entering freshmen and transfer students as well as to those already enroll ed. 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 e nd of hi s fourth undergraduate year. Repayment of NDSL beg ins one year after graduation or withd rawa l from the Co ll ege. If the total amount is paid within nine months of graduati on, no interes t will be accrued . Payment may be extended over a ten-year period at three percent interest on the un pa id 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 (FlSL) are avai lab le through local banks, cred it unions , and savi ngs and loan associations, fo r cit izens and nationals of the United States, or those in the country for o ther than a temporary purpose. It is the lender's opti on to make or deny the loan. Banks usual ly require e ither the student or his parents to have had an account for at least s ix months and that a PCS or SFS be filed with Biola Co ll ege. The maximum amount of this type of loan is $2500 per year, with an aggregate limit of $7500 for undergrad uates. Applications for FISL may be obta ined from the Office of Student Financia l Services. The student may defer payment until the tenth month after grad uati on. Interest is charged at a rate of seven percent per year , and the student has up to ten years to repay the loan. Nurs ing Loans (up to $ I500 per year) are avai lab le to declared nursing majors. Interest rates and repayment are the same as for NDSL. Montgomery-Nissan Memorial Loan Fund is avail ab le to g irl s of Southern ancestry. Employment Limited work srudy emp loyment on campus is ava il able to students who can demonstrate financial need of over $300 , and whose parental income or indepe ndent student ' s income is less than $ I0 ,000. Und er this program federal funds pay 80% of a student ' s wages, while the Co llege pays the remaining 20%. Wages paid to students in the work study program vary accord ing to the student ' s qualificat ions and duties performed. A student may work up to forty hours per week under work study (limited to 15 hours a week when schoo l is in session) . The College maintains an emp loymen t office for the benefit of st udents needing part-time work to defray expenses. While thi s office does not guarantee employment, it does make an effort to place every studen t desiring work.
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