Federal Perkins Loa11. The Perkins Loan is offere d to needi est early financial aid applicants. $1,800 per yea r to Biola, 5% inte rest rate. Repayment of Perkins Loan heg in s nin e month s after grad uation or withdrawal from school. If the total amount is paid within nine months of gradu a tion , interes t ·will not accrue. Payments may he extended ove r a I0-year period at 5% interest on the unpaid balance. Memhers of the armed forces on active duty and students who transfer to other schools to complete undergraduate o r grad uate work, may defer payment and interest and extend the re payme nt period. Federal Stafford Loans. Avai lable throu gh loca l banks , credit unions and savings and loan assoc iat ions. Preferred lender list ava il able. The program all ows students to horrow up to $2,625 as freshmen , $3,500 as sophomores and up co $5,500 as juniors and seni o rs. Students demonstratin g finan c ial need may qualify fo r an inte rest subsidy, by which the gove rnment pays the interest while th e student is in school. App li ca tions fo r Federa l Stafford Loans may he obta ined from the F inancial Aid Office. The student may defer payment until s ix months after g rad uation. Inte res t is va riahl e up to 8.25% (hased on the 9 1-day T-Bill plu s 3. 10%). The stu dent has up to JO yea rs to repay th e loan. Federal U11s11hsidized Stafford Loans. Grad uate students and inde pe ndent students may borrow from $4,000 to $ 10.000 annuall y at a va ri able interest rate, up to 8.2S%. Repayment may be deferred while the student is enrolled in six or more units. Interest continues to accru e during this time. Federal Parent Loan.for U11drrgraduatr Studmts (PLUS) . Par ents may borrow up to th e cost of education minus finan cia l aid at a variable inte rest rate up to 9%. Repayme nt begins immed iate ly. State Aid to Students Ca l Grant A's are made available to hundreds of Ca lifor nia residents each year. E li g ibility is based on GPA and financial need. In add ition, many students from low income fam ili es recei ve funds through the Cal Grant B Program. Stude nt s atte ndin g Biola are not e ligihle co rece iv e funds through th e Cal Grant C program. FAFSA fo rm must he filed hy Ma rch 2 deadline and c urre nt non -rec ipi e nts must file a Ca l Gra nt GPA verification form hy Ma rch 2. GRADUATE FINANCIAL AID Before appl ying, applicants should make rea listi c assess ment of their resou rces for financing grad uate study in view of the graduate tuition and fee schedul e and th e cost of li v ing in Southern Ca liforni a. The fo ll owing federal aid programs are ava il abl e to grad uate students. P lease refer to the ap propriate section above fo r add itional information. Federal Perki11S Lo1111. Up to $1 ,()()() per yea r. Limited ava ilahility. Fedeml Stafford Loans. Up to maximum $8,500 pe r yea r. Federal U11s11/Jsidiz-ed Stafford Loa11s. Up co $ 10,000. In add ition, the fo ll ow in g aid programs a re avai labl e spec ifi call y for grad uate study.
Cali(om ia Stair Grad11atr Fellowships. Availahle to state resi dents wh o are pl a nnin g to teac h at th e co ll ege level ; requ ires a fin anci a l statement, e li g ibility application and GRE or other appropriate test scores. Church M11tchi11g Scholarship. Up to $500 from Biola. Biola will match one awa rd per year up to $500 for a full-time stu dent demonstrating need. The match is prorated for part time and Doctor of Miniseries students. Not ava il ah le to ELI students. FAFSA req uired . The C hurch's award must he submitted in full within the first fo ur weeks of the semeste r, and must be accompa nied by th e C hurc h Matching Scho larship Applic a ti o n signed hy the pastor or Church Board Memher. Fall semes ter deadline is Oct I. Spring semester deadline (for spring entrants onl y) is March I. Rosemead (Gmd11atr) Assistantships. Ava ilable to selected second yea r stud ents and above; eligibility requireme nts and use of funds is estab li shed through Rosemead fac ulty committees. Rosemead Faculty Discn1tio11at)' Scho/111:rhip . Ava il ab le to qualified Rosemead st ud e n ts o n th e has is of n eed. Requires FAFSA forms. Gmduatr Gm11t. Ava il ab le in limited amo unts to students who demonstrate financial need. Requires a FAFSA filed hy fall deadline. Student Ministrit1s Inc. Provides a means fo r family and friends to make tax-exempt contributions to a stude nt whil e in seminary, if student is engaged in e ight or more hours of weekl y mini stry. Ta/hot Dean 's Scholarship. Available to Talbot student's on basis of need. Awa rded by Talhot School of Theology. GENERAL FINANCIAL AID INFORMATION The following apply to hoth unde rgrad uate and grad u ate aid applicants. Entitlement Aid Biola Uni ve rsity is auth ori zed as an institution to grant benefits to ve terans and dependents, social security be ne fits and ass ista nce from the Ca li fo rnia Rehabilitation Pro gram. Students interested in chis type of a id should contact th e Office of the Registrar. Student Loans Biola will notify all aid applicants of their e li gibility to borrow th rough the Federal Famil y Ed uca ti onal Loan Pro g ra m, including th e Staffo rd Loan. Bi o la w ill se nd a Stafford App licati on to eve ry e li gi bl e appli cant and a list of recommended lenders. If an applicant choose rs a lender that is not listed on the lender list, he should contact ch at lender for an application. International Students International applicants must establish the degree of their ab ility to meet the costs of an education at Biola Un i vers ity. Each international applicant must submit a signed statement of financial responsibility as well as signed state ments from any agencies o r indiv iduals who have taken the
14 • Financial Information
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