FINANCIAL INFORMATIDN
UNDERGRADUATE FINANCIAL AID
Music AUKmis. Made by the music department to music majors with high-performance and scholastic capabilities. The scholar ship must be used for the area in which the applicant auditioned. Recipients may also be required to participate in an ensemble. Two specially designated scholarships are open to organ and composition majors on an annual competition basis. These prestigious awards, equal to the highest music scholar ship granted, are The Rayner Brown Scholarship for Compo sition, and The TimothyHoward Scholarship for Organ. Athletic Scholarships. Offered to students who demonstrate out standing ability and achievement in a particular sport. Awarded by the Athletic Department Furtruics Scholarships. Offered to participants on the school's competitive speech team. Students awarded this scholarship are not necessarily communication majors. Federal Aid to Students Federal Pell Gram Program. Afederal program designed to assist students with financial need. The maximum grant is $2,700. Federal Supplementary Educational opportunity Grant (FSEOG) Program. Campus-based federal aid, is for neediest under graduate students. Must be eligible for Pell Grant Federol Worli 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 accord ing to the student 's qualifications and duties performed. The University cannot guarantee a job for every student A limited amount of communi ty service job opportunities are available. Federol Perkins Loan. The Perkins Loan is offered to neediest early financial aid applicants. $1 ,000 per year to Biola, 5% interest rate. 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 I0-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. Fednal St.afford Loans. Available through local banks, credit unions and savings and loan associations. Preferred lender list available. The program allows 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 mayqualify for an interest subsidy, bywhich the government pays the inter est while the student is in school. Applications for Federal Stafford Loans may be obtained from the Financial Aid Office. The student maydefer payment until six months after gradua tion. Interest is variable up to 8.25% (based on the 91-<layT-Bill plus 3. 10%). The student has up to 10 years to repaythe loan. Federal Unsubsidized Staffurd Loans. Graduate students and independent students may borrow from $4,000 to $I0,000 annually at a variable interest rate, up to 8.25%. Repayment may be deferred while the student is enrolled in six or more units. Interest continues to accrue during this time.
Institutional Aid All students receiving merit awards and/ or need-based aid are required to file a FAFSA, or select self disqualification for need-based aid by submitting page one of the 1996 1040 tax form showing an adjusted gross income in excess of $75,000. (Students receiving need-based aid must submit entire 1040 including schedules.) Bio/a Need Grant ur University Award. The University will pro vide a Biola Need Grant or University Award up to $4,800 to students with exceptional need and limited resources. Uni versity Award is based partially on GPA. Must file FAFSA and University Aid Application forms. Ac.ademic Sdwlarships. ($3,150-$5,600) 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 as outlined in scholarship policy. SUR.GE Award. ($2,400-$2,500) Awarded to underrepresented students not eligible for academic scholarships. Must have 3.0 GPA. Requires participation in Cultural Encounters program. Awarding bycommittee begins March 15. Community Service Scholarship. ($2,100-$2,500) Awarded to freshmen and transfer students who have demonstrated out standing spiritual leadership and services in their community. Awarding by committee begins March 15th. Renewable with demonstrated leadership involvemen I and services at Biola. Must file FAFSA and a separate application. All first year lead ership and award recipients are required to register for both semesters of GNST 105 Leadership Mentorship Program. DependenJ Sdwlarships. ($1 ,000-$1,200) All dependent children of pastors, missionaries or Oiristian workers (primary family income must be through a church, mis.5ion board or Oiristian non-profit agency) will be awarded a scholarship each year of attendance. Dependent children of pastors/ missionaries/ Oiristian workers must file FAFSA and the appropriate application (available in the Financial Aid Office) to receive this scholarship. Biola employee dependent scholarship recipients are not eligible. Oiurch Matching Scholarship. (Up to $500 from Biola) Biola will match one award per year up to $500 for a full-time stu dent demonstrating need. The match is prorated for part time and Doctor of Ministries students. BOLD and ELI stu dents 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 Oiurch Matching Scholarship Application signed by the pas tor or Church Board Member. Fall semester deadline is Oct 1. Spring semester deadline (for spring entrants only) is March 1. FAFSA must be filed. fusident's Award. (80% tuition) Senior standing at Biola with intention 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 award per year.
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