12 FINANCIAL INFORMATION
percent per year and the student has up to ten years to repay the loan. NuRSlNG LoANs (up to $4,000 per year) are available to declared nursing majors. The interest on these loans is five percent Payment may be extended over a ten-year period. SUPPLEMENTAL LoANS FOR STUDENTS-SLS (formerly known as Cl.AS) is a new student loan program autho rized in 1984. Graduate students, independent students and parents may borrow up to $4,000 annually at a vari able 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 A's are made available to hundreds of California residents each year. Eligibility is based on G.PA. 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. STAFFORD LoAN (formerly GSL) - up to maximum $7,500 per year. In addition, the following aid programs are available specifically for graduate study. CALIFORNIA STATE GRADUATE FELLOWSHIP are available to state residents only; requires a financial statement, eligibil ity application and GRE or other appropriate test scores. CHURCH MATCHING ScHOIARSHIP (UP TO $500 FROM BIOIA). Open to all Biola students. Biola matches up to $500 of support given by churches to individuals each year of attendance. No separate application. Churches should notify the Office of Student Financial Services in writing. RSP (GRADUATE) ASSISTANTSHIPS are available to selected second year students and above; eligibility require ments and use of funds is established through Rosemead faculty commjttees. MINORJTY FELLOWSHIPS are available to qualified Rosemead students on the basis of need. Requires a Financial Statement (FAF). GRADUATE GRANTS are available in limited amounts to students who demonstrate a financial need. Requires FAF. NANCY MEYERSNAUMAN SCHOIARSHIP FuND assistance is available to students enrolled and pursuing a degree in a graduate seminary program. STUDENT M1N1STRJESINC. provides a means for family and friends to make tax-exempt contributions to a student while in seminary, if student is engaged in 8 or
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 Composition, and The Timothy Howard Scholarship for Organ. ATHLETIC SCHOJ.ARSHIPSare offered to students who demonstrate outstanding ability and achievement in a particular sport. FORENSICSScHOlARSHIPS are offered to participants on the school's competitive speech team. Students awarded this scholarship are not necessarily communication majors. B10LOGICAL SCIENCE 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 referred to the director of student financial services.
Financial Aid Office
(213) 903-4742
Federal Aid The PELL GRANT (FORMERLY BASIC EDUCATIONAL
OPPORTUN ITY GRANT) program is a federal program which is designed to assist students with financial need. The maximum grant for 1989-90 was $2,300. The SUPPLEMENTARY EDUCATIONAL OPPORTUNITY GRANT (SEOG) program, supported by the federal government, is designed to help needy students. WoRK STUDY employment on campus is available to students who can demonstrate financial need. Under this program federal funds pay 80% of a student's wages, while the University pays the remaining 20%. Wages paid to students in the work study program vary accord ing to the student's qualifications and duties performed. Under the PERKINS LoAN (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. 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 be accrued. 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 LoAN (GSL) are available 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 allows students to borrow up to $2,625 as freshmen and sophomores and up to $4,000 as juniors and seniors. Applications for GSL may be obtained from the office of student financial services. The student may defer payment until the sixth month after graduation. Interest is charged at a rate of eight
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