National SMART Grant. ($4,000) A federal program for U.S. citizens for third and fourth year stu- dents in math and science majors. Must be a Pell Grant recipient to receive grant.
Nursing Loan The Nursing Loan is a need-based loan program offered to stu- dents accepted into the Nursing Program who are early financial aid applicants. $2,500 per year to Level 1 students, $4,000 to Level 2 or above. 5% interest rate. Repayment begins nine months after ceasing to be a regular student at Biola University. If the total amount is paid within nine months of graduation, interest will not accrue. Payments may be extended over a 10-year period at 5% interest of the unpaid balance. Members of the armed forces on active duty, Peace Corps volunteers and students who pursue further Nursing training may defer payment and interest and extend the repayment method. Federal Stafford Loans Available through local banks, credit unions and savings and loan associations. Please refer to the Financial Aid website for preferred lender list. The program allows students to borrow up to $3,500 as freshmen, $4,500 as sophomores and up to $5,500 as juniors and seniors. Students demonstrating financial need may qualify for an interest subsidy, by which the government pays the interest while the student is in school at least half-time. Application instructions for Federal Stafford Loans may be obtained on the Financial Aid website. The student may defer payment until six months after graduation. Interest is fixed at 6.8%. The student has up to 10 years to repay the loan. Federal Unsubsidized Stafford Loans Independent students and dependent students whose parents are denied the PLUS loan may borrow either $4,000 or $5,000 annually at a fixed interest rate of 6.8%. Students in the teaching credential program may borrow up to $7,000. Repayment for all students may be deferred while the student is enrolled in six or more units. Interest continues to accrue during this time. Federal Parent Loan for Undergraduate Students (PLUS) Parents may borrow up to the cost of education minus financial aid at a fixed interest rate of 8.5%. Repayment begins immediately. State Aid to Students Cal Grants are California State Awards based on state residency, GPA and financial need. To qualify for Cal Grant, a FAFSA form and a GPA verification form must be filed by the March 2nd deadline (current Cal Grant recipients need not file the GPA verification form but must file the FAFSA form). Students attending Biola may qualify for the Cal Grant A or the Cal Grant B programs. Students attending Biola are not eligible for the Cal Grant C program.
Academic Competitiveness Grant. (Freshmen - $750; Sophomore - $1,300)
A federal program for U.S. citizens who took a rigorous high school academic program. Must be a Pell Grant recipient to receive grant. FSEOG Program The Federal Supplementary Educational Grant (FSEOG) program is a campus–based federal aid and is designed to assist the neediest undergraduate students. Must be eligible for Pell Grant. Based on availability of funds. Federal Work Study Under this program federal funds pay 75% of a student’s wages, while the University pays the remaining 25%. Wages paid to stu- dents in the work study program vary according to the student’s qualifications and duties performed. The University cannot guar- antee a job for every student. A limited number of community service job opportunities are available. Federal Perkins Loan The Perkins Loan is a need-based loan program offered to early fi- nancial aid applicants. $1,800 per year to new incoming students, $1,000 to transfer and continuing students, 5% interest rate. Based on availability of funds. Repayment of Perkins Loan begins nine months after graduation or withdrawal from school. If the total amount is paid within nine months of graduation, interest will not accrue. Payments may be extended over a 10-year period at 5% interest on the unpaid bal- ance. Members of the armed forces on active duty and students who transfer to other schools to complete undergraduate or graduate work, may defer payment and interest and extend the repayment period. Biola Loan The Biola Loan is a need-based loan program offered to neediest early financial aid applicants. $1,800 per year to new incoming students, $1,000 to transfer and continuing students, 5% interest rate. Repayment begins nine months after ceasing to be a regular student at Biola University. If the total amount is paid within nine months of graduation, interest will not accrue. Payments may be extended over a 10-year period at 5% interest of the unpaid balance.
16
General Information
Biola University
Made with FlippingBook flipbook maker