Biola Loan The Biola Loan is a need–based loan program offered to early financial aid applicants. $1,500 per year to new freshmen incoming students, $1,000 to transfer and continuing students at a fixed 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. Nursing Loan The Nursing Loan is a need–based loan program offered to students 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 recommended 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. See financial aid website for current interest rates. The student has up to 10 years to repay the loan.
State Aid to Students
Cal Grants 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.
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Graduate Financial Aid
Before applying, applicants should make realistic assessment of their resources for financing graduate study in view of the graduate tuition and fee schedule and the cost of living in Southern California. The following federal aid programs are available to graduate students. Please refer to the appropriate section above for additional information.
Federal Perkins Loan. Up to $1,000 per year.
Limited availability.
Federal Stafford Loans. Up to maximum $8,500 per year.
See financial aid website for current interest rates.
Federal Unsubsidized Stafford Loans. Up to $12,000.
See financial aid website for current interest rates.
In addition, the following aid programs are available specifically for graduate study.
Graduate Grant This award is based on financial need as determined by the FAFSA. Up to $2,500 per year depending on graduate school of enrollment. Funds are limited to availability and are awarded on a first come, first served basis.
Federal Additional Unsubsidized Stafford Loans
Church Matching Scholarship (Up to $500 from Biola)
This program allows undergraduate students to borrow $2,000 annually. Independent students and dependent students whose parents are denied the PLUS loan may borrow either $4,000 or $5,000. 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. See financial aid website for current interest rates. 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%.
Biola will match one award per year up to $500 for a full– time student demonstrating need. The match is prorated for part–time student. Not available to Doctor of Ministry, who entered after Fall 2006 and School of Professional Studies students. FAFSA required. ELI students are eligible for one award in their first full year. The church’s check must be accompanied by the Church Matching Scholarship Application signed by the pastor or church official. Fall semester deadline is Oct. 1. Spring semester deadline (for spring entrants only) is March 1.
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