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. The maximum amount of this type of loan is $25 00 per year, with an aggregate limit of $75 00 for undergraduates. Graduate students may borrow up to $ 10 ,000 . Applications for FISL may be obtained from the Financial Aid Office. 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 nursirig majors. Interest rates and repayment are the same as for NDSL. 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 $ 10 ,000. Under th.is 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. Minimum wage is $ 1.65 per hour. A student may work up to forty hours per week under work study (15-20 hours is the average work load). 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 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 $1000 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 hi s course of study and to reduce his 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 assist ance 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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