FINANCIAL INFORMATION
Federal Aid To Students Federal Pell Grant Program. A federal program designed to assist students with financial need. The maximum grant for 1993-94 was $2,300. Federal Supplementary Educational Opportunity Grant (SEOG) Program. Supported by the federal government, is for under graduate students and is based on financial need. Federal Wark Study. Under this program 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 ajob for every student. Federal Perkins Loan. Under the Perkins Loan, a student may borrow up to $4,500 in his first two years of study and $9,000 by the end of his first undergraduate degree. Avai labi li ty lim ited. Must demonstrate need. Repayment of Perkins Loan begins nine months after graduation or withdrawal from school. If the total amount is paid with in nine months of graduati on, interest will not accrue. Payments may be extended over a IO-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. Federal Stafford Loans (formerly CSL) . Avai lable through local banks, credit unions and savings and loan associations, for citizens and nationals of the United States, or those in the country for other than a temporary purpose. It is the lender's option to make or deny the loan. Banks may require a deposit relationship. The program all ows students to borrow up to $2,625 as freshmen , $3,500 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 whi le the student is in school. Applications for Staffords may be obtained from the Financial Aid Office. The student may defer payment until six months after graduation. Interest is variable up to 9% (based on the 9!-<lay T-Bill plus 3.10%). The student has up to 10 years to repay the loan. Federal Supplemental Loans for Students (SLS/PWS). Graduate students and independent students may borrow up to $4,000 annually at a variable interest rate, up to 11 %. Parents may borrow up to the cost of education minus financial aid at the va ri ab le interest rate, up to 10%. Repayment may be deferred while the student is enrolled in six or more uni ts. Interest continues to accrue during this time. State Aid To Students Cal Grant A's are made available to hundreds of Califor nia residents each year. Eligibility is based on G.P.A. and financial need. In addition, several students from low income fami lies receive funds through the Cal Grant BProgram. Students attending Biola are not eligible to receive funds through the Cal Grant C program. FAFSA form must be filed by March 2 deadline and new applicants must file a Cal Grant G.P.A. verification form by March 2.
Academic Sclwlarships. ($3,150-$5,250) Awarded to the top 15%of incoming freshmen and transfer students. Based on high school and college GPA and SAT/ ACT scores. Students are notified of award at time of acceptance. Renewable if GPA requirement is met. Rank# I - 3.5; rank #2- 3.4; rank #3- 3.3.) Leadmhip Awards. ($2,000) Awarded to freshmen and trans fer students who have demonstrated outstanding spiritual leadership in their community. Awarding by committee begins March 15th. Renewable with demonstrated leader ship involvement at Biola. Must file FAFSA, separate applica tion required. Dependent Sclwlarships. ($1 ,000) All dependents of pastors or mis sionaries (primary family income must be through a church or mission board) will be awarded a $1,000 scholarship each year of attendance. Dependents of pastors/ missionaries must file FAFSA and FAF and the appropriate application (available in the Finan cial Aid Office) to receive this scholarship. Church Matching Scholanhip. (Up to $500 from Biola) Biola will match one award per year up to $500 for a fu ll-time stu dent. The match is prorated for part-time and Doctor of Min istries students. BOLD students are not eligible. The Church 's award must be submitted in full within the first four weeks of the semester, and must be accompanied by the Church Matching Scholarship Application signed by the pas tor or Church Board Member. Fall semester deadline is Oct I. Spring semester deadline (for spring entrants on ly) is March I. President's Award. (80% tuition) Senior standing with inten tion to graduate at the end of the school year required, along with a minimum 3.60 GPA, attendance at Biola for at least two years as well as personal qualifications. One per year. Musi c Awards. Made by the music department to music majors with high-performance and scholastic capabili ties. The scholarsh ip must be used for the area in which the appli cant auditioned. Recipients may also be required to partici pate in an ensemble activity. · Two specially designated scholarships are open to organ and composition majors on an annual competition basis. These prestigious awards, equal to the highest scholarship granted, are The Rayner Brown Scholarship for Composi tion, and The Timothy Howard Scholarship for Organ. Athletic Scholarships. Offered to students who demonstrate out standing ability and achievement in a particular sport. Forensics Scholarships. Offered to participants on the school 's competitive speech team. Students awarded this scholarship are not necessarily communication majors. Biologi.cal Science Pre-med Scholarshif1s. (Up to $500 per semes ter) Available to upper division biological science majors. The scholarship is based on need and pre-med potential. Appli cation forms available from the pre-med advisory com mittee, department of biological science. In addition to those offered by the school, other scholar ships are provided through the generosity of donors. Questions concerning these awards should be referred to the Financial Aid Office.
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