undergraduate students. Must be eligible for Pell Grant. Based on availability of funds.
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 inter- est subsidy, by which the government pays the interest while the student is in school at least half-time. Application instructions for Federal Stafford Loans may be obtained on the Financial Aid website. The student may defer payment until six months after graduation. In terest 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 Independent students and dependent students whose parents are denied the PLUS loan may borrow either $4,000 or $5,000 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. Federal Parent Loan for Undergraduate Students (PLUS) Parents may borrow up to the cost of education minus financial aid at a variable interest rate up to 9%. Repayment begins immediately. STATE AID TO STUDENTS Cal Grants are California State Awards based on state residency, GPA and financial need. To qualify for Cal Grant, a FAFSA form and a GPA verification form must be filed by the March 2nd deadline (current Cal Grant recipients need not file the GPA verification form but must file the FAFSA form) Students attending Biola may qualify for the Cal Grant A or the Cal Grant B programs. Students attending Biola are not eligible for the Cal Grant C program. Graduate Financial Aid Before applying, applicants should make realistic assessment of their resources for financing graduate study in view of the graduate tuition and fee schedule and the cost of living in Southern California. The following federal aid programs are available to graduate stu dents. Please refer to the appropriate section above for additional information.
Federal Work 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 according to the student's qualifi cations and duties performed. The University cannot guarantee a job for every student. A limited number of community service job opportunities are available. Federal Perkins Loan The Perkins Loan is a need-based loan program offered to early financial aid applicants. $1,800 per year to new incoming students, $1,000 to transfer and continuing students, 5% interest rate. Based on availability of funds. 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 10-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. Bio/a Loan The Biola Loan is a need-based loan program offered to neediest early financial aid applicants. $1,800 per year to new incoming stu dents, $1,000 to transfer and continuing students, 5% interest rate. Repayment begins nine months after ceasing to be a regular student at Biola University. If the total amount is paid within nine months of graduation, interest will not accrue. Payments may be extended over a 10-year period at 5% interest of the unpaid balance. Nursing Loan The Nursing Loan is a need-based loan program offered to students accepted into the Nursing Program who are early financial aid appli cants. $2,500 per year to Level 1 students, $4,000 to Level 2 or above. 5% interest rate. Repayment begins nine months after ceasing to be a regular student at Biola University. If the total amount is paid within nine months of graduation, interest will not accrue. Payments may be extended over a 10-year period at 5% interest of the unpaid balance. Members of the armed forces on active duty, Peace Corps volunteers and stu dents who pursue further Nursing training may defer payment and interest and extend the repayment method. Federal Stafford Loans Available through local banks, credit unions and savings and loan associations. Please refer to the Financial Aid website fo r preferred lender list.
Federal Perkins Loan. Up to S1,000 per year. Limited availability.
Federal Stafford Loans. Up to maximum 58,500 per year.
Federal Unsubsidized Stafford Loans. Up to SI 0,000.
In addition, the following aid programs are available specifi cally for graduate study.
Church Matching Scholarship (Up to $500 from Bio/a) Biola will match one award per year up to $500 for a full-time student demonstrating need. The match is prorated for part-time and Doctor of Ministries students. Not available to School of Professional Studies
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General Information
2005- 2007 CATALOG
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