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Biola University
Entrance Counseling, as well as the Agreement to Serve on the following website: teach-ats.ed.gov/ats/index.action (https://teach-ats.ed.gov/ats/ index.action). FSEOG Program The Federal Supplementary Educational Opportunity Grant (FSEOG) program is a campus-based federal aid program, and is designed to assist the neediest undergraduate students. Must be eligible for Pell Grant. Based on availability of funds. Up to $2,000. Federal Work Study This program allows students, who obtain certain on-campus jobs and exhibit need, to have their income "protected" from the subsequent year's FAFSA calculation. Federal funds pay 75% of a student's wages, while the University pays the remaining 25%. Wages paid to students in the work study program vary according to the student's qualifications and duties performed. The University cannot guarantee a job for every student. A limited number of community service job opportunities are also available. Federal Perkins Loan The Perkins Loan is a need-based loan program offered to early financial aid applicants. The loan is subsidized (interest-free while enrolled), and has a 5% fixed interest rate once in repayment. Based on availability of funds, and only available for prior recipients who remain in the same academic program (major). 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 balance. 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 early financial aid applicants. The loan is subsidized (interest-free while student is enrolled), and has a 5% fixed 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. Federal Nursing Loan The Nursing Loan is a need-based loan program offered to students accepted into the Clinical portion of the Nursing Program who are early financial aid applicants. Nursing students in the 2016–17 year will be eligible for $4,000 in Federal Nursing Loans, regardless of whether they are Level I, II, or III. 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
aid office (including the Entrance Counseling and Master Promissory Note required for the loan). The program allows students to borrow up to $7,500 as freshmen, $8,500 as sophomores and up to $12,500 as juniors and seniors, depending on borrower’s dependency status. Portions of these amounts may be subsidized (interest paid by the government while student is enrolled at least half time) based on the student's "financial need" as demonstrated on the FAFSA. Post baccalaureate Teaching Credential students are eligible for up to $12,500, and may qualify to have $5,500 of the amount subsidized. Funds are disbursed directly from the government to the student's Biola account. The student may defer repayment until six months after graduation. See the financial aid website for current interest rates. Standard repayment period is 10 years. Federal Direct Parent Loan for Undergraduate Students (PLUS) Parents may borrow up to the cost of education minus other financial aid. See Financial Aid website for current interest rates. State Aid to Students Cal Grants Cal Grants are awarded by the State of California to students who meet state residency, GPA and financial need requirements. To be considered for the Cal Grant, first time applicants must file a FAFSA form and a GPA verification form to the California Student Aid Commission (CSAC) by the March 2nd deadline. Current Cal Grant recipients applying to renew their Cal Grant do not need to file the GPA Verification Form, but do need to complete a FAFSA. Students who are eligible for consideration under AB540 legislation should file a California Dream Act application at csac.ca.gov (http:// www.csac.ca.gov), rather than a FAFSA, by the March 2 nd deadline. Such students should follow the same guidelines listed above for GPA verification. Students attending Biola can qualify for either the Cal Grant A awarded to students from low or middle-income households) or the Cal Grant B (awarded only to students from low income households). Students attending Biola are not eligible for the Cal Grant C program (awarded to students enrolled in a recognizing career or technical program only). Graduate Financial Aid The following aid programs are available to graduate students. Federal Aid Federal Direct Unsubsidized Loans. Maximum $20,500 per year ($33,000 for Rosemead students) Federal Direct Student Loans are awarded to students after they have filed their FAFSA and submitted all requested paperwork to the financial aid office (including the Entrance Counseling and Master Promissory Note required for the loan). See financial aid website for current interest rates. Standard repayment period is 10 years. Federal Direct Graduate Plus Loan Graduate students may borrow up to the cost of education minus other financial aid, including any Direct Unsubsidized Loans for which a student may be eligible. See the Financial Aid website for current interest rates.
extend the repayment method. Federal Direct Student Loans
Federal Direct Student Loans are awarded to students after they have filed their FAFSA and submitted all requested paperwork to the financial
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