FINANCIAL INFORMATION
UNDERGRADUATE FINANCIAL AID Institutional Aid
Two specially designated scholarships are open to organ and composition majors on an annual competition basis. These pres tigious awards, equal to the highest music scholar ship granted, are The Rayner Brown Scholarship for Compo sition, and The TimothyHoward Scholarship fo r Organ. Athletic Sclwl.arships. Offered to students who demonstrate out standi ng ab ility and achi eveme nt in a par ti cu lar sport. Awarded by the AthleticDeparunent Forensics Sclwl.arships. Offered to participants on the school's competi tive speech team. Students awarded this scholarship are not necessari lycommun icati on majors. Federal Aid To Students Federal Pell Grant Program. A federal program designed to assist students with fi nancial need. The maximum grant for 1995-96 was $2,340. Federal Supplementary Educational Opportunity Grant (FSEOG) Program. Campus-based federal aid, is for needi est under graduate students. Must be eligible for Pell Gran t. Federal Work Study. Under this progmn 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 YaI)' accord ing to the student's qual ifications and duties performed. The University cannot guaran tee a job for eve1r sn1dent. A limited amount of communi ty service jobopportuni ties are available. 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 the end of the student's fi rst un de rgraduate deg ree. Availabili ty limi ted. Must demonstrate need. Repayment of Pe rkins Loan begins nine months after graduation or withdrawal from school. If the total amount is paid withi n nine months of graduat ion , in te res t will not accrue. Payments may be extended over a lG-year period at 5% interest on the unpaid balance. Members of the armed fo rces 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. Federal Stafford Loans (formerly CSL). Available 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 demonstra ting fi nancial need may quali fy for an interest subsidy, bywhich the government pays the interest while the student is in school. Appli cations for Federal Stafford Loans may be obtained from tl1e Financial Aid Office. The student may defer payment unti l six months after graduation. Interest is variable up to 8.25% (based on the 91-day 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 annuallyat a variable interest rate, up to 8.25%_. Repayment may be deferred while the student is enrolled in six or more un its. Interest continues to accrue during this time. Federal Parent Loan for Undergraduate Students (PLUS). Parents may borrow up to the cost of education minus financial aid at a va1iable interest rate up to 9%. Repayment begins immediately.
All students receiving merit awards and/ or need-based aid are required to fi le a FAFSA, or showpreference of non-consid eration of need-based aid by submitting page one of the 1995 1040 tax fo rm showing an adjusted gross income in excess of $75,000. (Students receiving need-based aid must submit entire 1040 including schedules.) Biol.a Need Grant or University Award. The University will pro vide a Biola Need Grant or University Award up to $4,500 to students with exceptional need and limited resources. Uni versity Award is based partiallyon GPA. Must fil e FAFSA and University Aid Application forms. Amdemic Sdwlarships. ($3,lSG-$5,300) Awarded to the top 15%of incoming freshmen and transfer students. Based on high school and college GPAand SAT/ ACT scores. Students are notified of award at time of acceptance. Renewable if GPA requirement is met as outlined in scholarship policy. SURGE Award. ($2,40G-$2,500) Awarded to underrepresented students not eligible fo r academic scholarships. Must have 3.0 GPA. Requires participation in Cultural Encounters program. Awarding bycommittee begins March 15. Community Seroice Schol.arship. ($2,IOG-$2,500) Awarded to fresh men and transfer students who have demonsut1ted outstanding spi ri tual leadership in tl1eir community. Awarding by commit tee begins March 15th. Renewable with demonsllt!ted leader ship involvement at Biola. Must fi le FAFSA and a separate appli cation. All first year leadership and award recipients are required to register for both semesters ofl eadership internship. Dependent Schol.arships. ($1,000) All dependent children of pas tors, missionaries or Christian workers (primary family income must be through a church, mission board or Christian non-profit agency) will be awarded a $1,000 scholarship each year of atten dance. Dependent children of pastors/ missionaries/ Christian workers must file FAFSAand tl1e approp1iate application (avail able in the Financial Aid Office) to receive this scholarshi p. Biola employee dependent scholarship reci pients are not eligi ble. Church Matching Schol.anhip. (Up to $500 from Biola) Biola will match one award per year up to $500 fo r a full-time stu dent. The match is prorated fo r part-time and Doctor of Min istries students. BOLD and ELI students are not eligible. The Church's award must be submi tted in full with in the fi rst 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 I. Spring semester deadline (for spring entrants only) is March I. FAFSA must be fi led. President's Award. (80% tui tion) 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 we ll as personal qualifications. One award per year. Music Awards. Made by the music department to music majors with high-pe1fonnance and scholastic capabilities. The scholar ship must be used for the area in which the applicant auditioned. Recipients mayalso be required to participate in an ensemble.
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