FINANCIAL INFORMATIDN
FINANCE CHARGES Afinan ce charge of 1.5% per mon th of the first $1,000 of unpaid balance and I% per month of unpaid balance over $1,000 is added at each billing to carry the account. Tran scripts (official and unofficial) are with hel d if a student has an outstanding obligation to the University or is in default on any government based loans. All payments to a student's account after enro llment should be addressed as fo llows: Accounting Department Biola Un iversity 13800 Biola Avenue La Mirada, CA 90639-0001 In addition , to insure timely processing, the student name and ID number must be clearly noted on all payments. A student is not registered and cannot attend classes until satisfacto1)' financial arrangements have been made with the Student Accoun ting Office. REFUNDS-WITHDRAWAL lnasmuch as facu lty engagements and other commitments are made by the University for the enti re year in advance, the following refund schedule has been established in order that the University and the student may share the loss equitably when it is necessary fo r a student to withdraw from school : Fall and Spring Semester Refund Policy Withdrawal within the first two weeks of classes: I. Tuition - full amount, less enrollment deposit (stu dents with six or fewer uni ts, $25; auditors, $20). 2. Room - end of the month in whi ch the student offi ciallychecks out of the residence hall. Withdrawal after the second week and before the end of the eighth week of classes (except for special programs) : 1. Tuition - pro-rated as of end of week in whi ch stu
■ In a two weekcourse - no refund the second week. ■ In a three or four week class, 30% refunded dur ing the second week, none thereafter. ■ In five week classes, 58% the second week, 30% the third week, none thereafter. Tuition refunds for class changes (where appli cable) wi ll be made in the same manner as refunds for withdrawals (i. e., full refund withi n first two weeks of classes and pro-rated refund after second week until end of eighth week). All refunds must be requested by properly completi ng and submitting a departure card or class drop form, the offi cial withdrawa l date determining the amount of refund. Class, laboratory, health , insurance , parking, act ivity and other fees are refundable only if withdrawal is on or before the final date of late registration. Music fees are for private music lessons and are refund able in the same manner as tuition, except no refund after the sixth week. OUTSTANDING BALANCES As Biola is an educational institution, any balance owing on a student's account is an extension of credit by the Univer sity and is considered an educational loan within the mean ing of section 523 (a) (8) of the U.S. Bankruptcy Code. If a loan becomes in default, Biola maydisclose the default, along with other relevant in formation, to credit bureau organi zations and turn the educational loan over to a collection agency for coll ection. Should th is action be instituted by the Uni versity, there will be additi onal charges for reasonable collection of the balance due. Al l transcripts and diplomas shall be with held until the outstand ing amoun t is paid in fu ll. REFUNDS- OVERPAYMENT Payments to student accounts wh ich result in a credit bal ance will be refunded upon request, or in accordance with cash management regulations as required by federal regula tions for students lm~ng federal aid. Requests for adjustments to charges must be made within 4months from the date of the student's statement on wh ich the charge first appears. FINANCIAL AID INFORMATION It is the desire of Biola Uni versity, within the limi ts of its resources, to provide fin anc ial assistance to students with demonsu-ated need, especially those who, without such aid, would not be able to attend Biola. The Financial Aid Office provides counseling and assis tance to students and their fam ilies in structuring the most appropriate package of financial aid . The University is commit ted to locating sufficient financial aid to permit enrollment of every student wishing to attend. This commitment is based on a partnership wh ich includes student and fam ily support; fed eral and state grants and loans; and financial aid from Biola. Biola University does not di scriminate on the basis of sex, race, color or national and ethnic origin in administration of its scholarship and loan programs.
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dent withdraws. WeekJ-80% Week6-60%
Week 5-67%
Week 4- 74% Week 7-54%
Week 8-47% Week 9- (first-tiine students receivingfederal aid) - 40% 2. Room - end of the month in which the student offi- cially checks out of the residence hall. Withd rawals after eighth week of classes: I. Tuition - no refund. 2. Room - end of the month in which the student offi cially checks out the residence hall. First-time students receiving Federal Student Financial Assistance are subject to the Statutory Pro Rata Refund as prescribed by federal law. lnterterm and summer session refund policy 1. Room and Board is pro-rated to the end of the week of official withdrawal. 2. $25 of the tu ition charge is considered a registration fee and is non-refundable. 3. Pre/ unit refunds are subject to the following schedule: ■ First week - comp lete refund, except $25 registration fee.
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