FINANCIAL INFORMATION
Federal Aid To Students Federal Pell Grant Program. A federal program designed to assist students with financial need. The maximum grant for 1994-95 was $2,300. Federal Supplementary Educational opportunity Grant (FSEOG) Program. Supported by the federal government, is for under- graduate students and is based on financial need. Federal Wom Study. Under this progran1 federal funds pay 75% of a student's wages, while the University pays the remaining 25%. Wages paid to students in the work study prograni 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 the first two years of study and $9,000 by th e end of the student 's first undergraduate degree . Avai lability limited. Must demonstrate need. 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 wi ll not accrue. Payments may be extended over a 10-year period at 5% interest on the unpaid balance. Members of the armed forces on active duty and students who transfer to othe r 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. 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 may . qualify for an interest subsidy, by which the government pays the interest whi le the student is in school. Applications for Federal Stafford Loans may be obtained from the Financial Aid Office. The student may defer payment until six months after graduation. Interest is variable up to 8.25% (based on the 91-<lay T-Bill plus 3.10%). The student has up to 10 years to repay the loan. Federal Unsubsidized Stafford Loans. Graduate students and independent students may borrow from $4,000 to $10,000 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. State Aid To Students Cal Grant A's are made avai lable to hundreds of Califor- nia residents each year. Eligibility is based on G.P.A. and financial need. In addition, many students from low income families receive funds through the Cal Grant BProgram. Students attending Biola are not eligible to receive funds through the Cal Grant C program. Federal Parent Loan for Undergraduate Students (PLUS) . Parents may borrow up to the cost of education minus financial aid at a va1iable inter- est rate up to 9%. Repayment begins immediately. 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.
(including family contribution, state aid, federal aid, Univer- sity awards, employment expectation and federal loans.) Must file FAFSA and University Aid Application forms. Academic ScJwlarships. ($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#1- 3.5; rank #2 - 3.4; rank #3 - 3.3.) Leadership Awards. ($2,100-$2,500) Awarded to freshmen and transfer students who have demonstrated outstanding spiritual leadership in their community. Awarding by committee begins March 15th. Renewable with demonstrated leadership involve- ment at Biola. Must file FAFSA and a separate application. All first year leadership and award recipients are required to regis- ter for both semesters of leadership internship. Dependent Scholarships. ($1,000) All dependent children of pastors, missionaries or Christian workers (primary fami ly income must be through a church, mission board or Christ- ian non0profit agency other than Biola) will be awarded a $1,000 scholarship each year of attendance. Dependent chil- dren of pastors/ missionaries/Christian workers must file FAFSA and the appropriate application (available in the Financial Aid Office) to receive this scholarship. Church Matching Scholarship. (Up to $500 from Biola) Biola will match one award per year up to $500 for a full-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 1. Spring semester deadline (for spring entrants only) is March 1. 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 award per year. Music Awards. Made by the music department to music majors with high-performance and scholastic capabi liti es. The scholarship must be used for the area in which the appli- cant auditioned. Recipients may also be required to partic- ipate 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 Timothy Howard Scholarship for Organ. Athletic Schow.rships. Offered to students who demonstrate out- standing abi lity and achievement in a particular sport. Awarded by the Athletic Department Forensics Scholarships. Offered to participants on the school 's competitive speech team. Students awarded this scholarship are not necessarily communication majors.
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