Biola University 2014–15 Catalog
Federal Aid to Students Federal Pell Grant Program A federal program designed to assist students with high financial need. The maximum grant is $5,730. Federal TEACH Grant ($4,000) A federal program for eligible financial aid recipients. Applicants must fulfill 4 years of teaching in a specific program emphasis at an eligible Title 1 school within 8 years of program completion. Failure to fulfill these requirements will result in the grant converting into an unsubsidized Stafford Loan. To apply, students must complete online Entrance Counseling, as well as the Agreement to Serve on the following website: 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 $1,500. 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. 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. 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 Federal Stafford 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). The program allows students to borrow up to $5,500 as freshmen, $6,500 as sophomores and up to $7,500 as juniors and seniors. Portions of these amounts may be subsidized (interest paid by the government while student is enrolled at least half time) depending on the student’s “financial need” as demonstrated on the FAFSA. At least
$2,000 of the above mentioned amounts will be unsubsidized. Post baccalaureate Teaching Credential students are eligible for up to $5,500, and may qualify to have the entire amount subsidized. Funds are disbursed directly from the government to Student Biola Accounts. 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 Additional Unsubsidized Stafford Loans Independent students and dependent students whose parents are denied the PLUS loan may increase their Unsubsidized Stafford Loan (see above) by $4,000 (Freshmen/Sophomores), $5,000 (Juniors/ Seniors), or $7,000 (Teaching Credential students). Repayment for all students may be deferred while the student is enrolled in six or more credits. 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. 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 attending Biola can qualify for either the Cal Grant A awarded to students from low or middle-income families) or the Cal Grant B (awarded to students from low income families). 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 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 Direct Unsubsidized Stafford Loans. Maximum $20,500 per year. The Financial aid office will offer up to a student’s Full Time, Full Year tuition amount, but students may receive an increase to their loan upon request. See financial aid website for current interest rates. Additional Federal Direct Unsubsidized Stafford Loans. Up to $12,500 for Rosemead students only. Available upon request. See financial aid website for current interest rates. In addition, the following aid programs are available specifically for 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. Church Matching Scholarship (Up to $750 from Biola) graduate study: Graduate Grant Biola will match one award per year up to $750 for a full-time student demonstrating need. The match is prorated for a part-time student. Not available to Doctor of Ministry who entered after Fall 2006, nor to students in these programs: Master of Arts in Organizational Leadership, Master of Arts in Christian Apologetics, Master of Arts in Science and Religion, Talbot Doctor of Philosophy, or other special programs. ELSP students are eligible for two semester awards while enrolled in the ELSP program. The church’s check must be accompanied by the Church Matching Scholarship Application signed by the pastor or church official. Fall semester deadline is October 1. Spring semester deadline (for Spring
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