Financial Aid Information
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 either $4,000 (Freshmen/Sophomores) or $5,000 (Juniors/ Seniors/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 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, or $24,500 for Rosemead students. 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.
Church Matching Scholarship (Up to $500 from Biola) Biola will match one award per year up to $500 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 & Religion, Talbot Doctor of Philosophy, or other special programs. FAFSA required except for international applicants. ELI students are eligible for one award in their first two semesters. 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. International student enrolled on an F-1 visa are exempt from the FAFSA requirement. Department Scholarships Determined by each school. For scholarship opportunities, contact the school of attendance. General Financial Aid Information The following apply to both undergraduate and graduate Biola University is authorized as an institution to grant benefits to veterans and dependents, social security benefits and assistance from the California Rehabilitation Program. Students interested in this type of aid should contact the Office of the Registrar. Student Loans Biola will notify all new students of their Federal Stafford Loan eligibility on their “Estimated Award Letter.” Continuing students will be notified of their Federal Stafford Loan eligibility on my.Biola, once all required paperwork is completed. PLUS loans and private loans require separate applications, and the student must initiate to process. See the Financial Aid website for more details. International Students International applicants who hold an F-1 visa must establish the degree of their ability to meet the costs of an education at Biola University. Each international applicant must submit a signed statement of financial responsibility as well as signed statements from any agencies or individuals who have taken the aid applicants. Entitlement Aid responsibility of underwriting the student’s expenses. These statements must include the exact amount of the commitment. All financial aid for international students are awarded and administered through the Undergraduate and Graduate Admissions Offices. Student Employment The University maintains an employment office for the benefit of students needing part-time work. 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 student’s ability, capacity to handle the added burden of employment and financial need. Student worker positions range from 10-20 hours per week.
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