The Supplementary Educational Opportunity Grant (SEOG) Program supported by the federal goverment, is designed to help needy students. A student's financial need must exceed half the cost of his education to qualify. These grants range from $200 to $1500 per year, but the amount cannot exceed one-half the total aid given to a student. (For example, if he receives $700 SEOG, he must also receive a $700 loan, scholarship, or combination of both.) The amount a parent can contribute to the student's expenses is also used in computing his SEOG eligibility. As funds are available, College Grants are made to needy students from the College Grant fund. This fund is maintained by gifts from friends of the college. Students are not required to repay the college, but it is hoped that recipients will contribute to the fund when they have completed school in order to provide for others who are
For those who need assistance over a longer period of time, funds are available through the National Direct Student Loan Program. These funds are available to entering freshmen and transfer students as well as to those already enrolled. A student may borrow up to $2500 per year. However, he may not borrow more than a total of $3000 before the end of his first two years of study, or more than a total of $6000 before the end of his fourth undergraduate year. Repayment of NDSL begins nine months after graduation or withdrawal from College. If the total amount is paid within six months of graduation, no interest will be accrued. Payments may be extended over a ten-year period at four percent interest on the unpaid balance. Members of the armed forces on active combat duty and students who transfer to other schools to complete undergraduate or graduate work, may defer payment and interest and extend the repayment period. Guaranteed Student Loans (GSL) are available through local banks, credit unions, and savings and loan associations, for citizens and nationals of the United States, or those in the country for other than a temporary purpose. It is the lender's option to make or deny the loan. Banks may require a deposit relationship. The program allows students to borrow up to $2500/year as undergraduates, but some lenders may have lower limits. Applications for GSL may be obtained from the Office of Student Financial Services. The student may defer payment until the sixth month after graduation. Interest
in need. Loans
Biola College has certain revolving funds which are used for short-term student loans. A student may borrow up to $500 per year (for emergency purposes); the loan is interest-free, the only charge being a nominal service fee of $2 per $100 borrowed. In general, these are reserved for students whose needs are of a short duration as the entire amount must be repaid before each fall semester begins unless a renewal for one year has been granted. These loans are not available for non-educational expenses, such as purchase of cars, marriage expenses, etc.
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