10 FINANCIAL INFORMATION
ship must be used for the area in which the applicant 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 'Ibe Rayner Brown Scholarship for Composi tion, and The Timothy Howard Scholarship for Organ. ArnLETIC SCHOLARSHIPS are offered to students who demonstrate outstanding ability and achievement in a particular sport. FORENSICS ScHOIARSHIPS are offered to participants on the school's competitive speech team. Students awarded this scholarship are not necessarily communication majors. B10LOc1cAL ScmNcE pre-med scholarships up to $500 per semester are available to upper division biological science majors. The scholarship is based on need and pre-med potential. Application forms available from the pre-med advisory committee, department of biological science. In addition to those offered by the school , other schol arships are provided through the generosity of donors. Questions concerning these awards should be referred to the Financial Aid Office. Federal Aid The PELL GRANT program is a federal program which is designed to assist students with financial need. The maximum grant for 1990-91 was $2,300. The SUPPLEMENTARYEDUCATIONAL OPPORTUNl'IY GRANT (SEOG) program, supported by the federal government, is designed to help needy students. WoRK SruDY employment on campus is available to students who can demonstrate financial need. Under this program federal funds pay 70% of a student's wages, while the University pays the remaining 30%. Wages paid to students in the work study program vary accord ing to the student's qualifications and duties performed. Under the PERKINS LoAN (FORMERLY NDSL) , 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. Availability limited. Repayment of Perkins Loan begins nine months after graduation or withdrawal from school. If the total amount is paid within nine months of graduation, inter est will not accrue. Payments may be extended over a ten-year period at five percent interest on the unpaid balance. Members of the armed forces on active combat duty and students who transfer to other schools to complete undergraduate or graduate work, may defer payment and interest and extend the repayment period. STAFFORD LoANs (FORMERLY GSL) are available through local banks, credit unions and savings and loan associa tions, 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 allows students to borrow up to $2,625 as freshmen and sophomores and up to $4,000 as juniors and seniors. Applications for Staffords may be obtained from the Financial Aid Office. The student may defer
payment until the sixth month after graduation. Interest is charged at a rate of eight% per year and the student has up to ten years to repay the loan . SUPPLEMENTAL LoANs FOR STUDENTs-SLS/PLUS. Graduate students, independent students and parents may borrow up to $4,000 annually at a variable interest rate. Repayment may be deferred while the student is enrolled in six or more units. Interest continues to accrue during this time. State Aid CAL GRANT Ns are made available to hundreds of California residents each year. Eligibility is based on G.P.A. and financial need. In addition , several students from low income families receive funds through the Cal Grant B Program. Students attending Biola are not eligible to receive funds through the Cal Grant C program. 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. PERKINSLoAN. (Up to $1000 per year) STAFFORD LoANs (formerly GSL) - up to maximum $7,500 per year. In addition, the following aid programs are available specifically for graduate study. CALIFORNIA SrATE GRADUATE FELLOWSHIPS are available to state residents who are planning to teach at the college level; requires a financial statement, eligibility application and GRE or other appropriate test scores. CHURCH MATCHING ScHoLARSHIP (Up to $500 from Biola). Open to all Biola students. Biola matches up to $500 of support given by churches to individuals each year of attendance. Checks should come in a lump sum (rather than in monthly installments) within the first month of the semester and be made out to Biola University. Churches are required to send a letter with their check to the Financial Aid Office in writing requesting Biola's match. Biola's portion will be pro-rated if student is less than full-time. RSP (GRADUATE) ASSISTANTSHIPS are available to selected second year students and above; eligibility require ments and use of funds is established through Rosemead faculty committees. M1NoRrrY FELLOWSHIPS are available to qualified Rosemead students on the basis of need. Requires a Financial Statement (FAF/SMC). GRADUATE GRANTS are available in limited amounts to students who demonstrate a financial need. Requires an FAF/SMC in the Financial Aid Office by registration. NANCY MEYERS NAUMAN SCHOLARSHIP FUND assistance is available to students enrolled and pursuing a degree in a graduate seminary program.
Fi11a11cial Aid Office Extension 4742
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