Biola University

Loans

Direct Stafford Loan

Eligibility:
  1. Minimum half-time enrollment
  2. Subsidized: financial need
Deadline:
June 15th for the upcoming academic year is recommended for all items requested by the Financial Aid Office (including but not limited to the Stafford Application) to be submitted in order to be processed in time for the beginning of the school year. All loan requests must be received no later than the last day of the semester in which the funds are being requested in order to be processed.
Application:
  1. Direct Stafford Loan Master Promissory Note & Entrance Counseling (online)
Amount:
Stafford Loan Level Limits
Grade Level Base Stafford Dependent Undergrads Unsubsidized Stafford Independent Undergrads and Grads Unsubsidized Stafford
Freshman (0-26 units) $3500 $2000 $6000
Sophomore (27-56 units) $4500 $2000 $6000
Junior (57-87 units) $5500 $2000 $7000
Senior (88+ units) $5500 $2000 $7000
Teaching Credential $5500 $2000 $7000
Graduates $8500 $12000
Rosemead $8500   $12000 - $12500
Renewable:
Yes, once you sign your Direct Loan Master Promissory Note (MPN) and receive your loan funds, your MPN will be valid for ten years.
Funding:
U.S. Department of Education
Interest:
  1. 3.4% for Undergraduate Subsidized Stafford loans with a first disbursement on or after July 1, 2011
  2. 6.8% for all other Stafford Loans: all Unsubsidized Loans and Graduate Subsidized Loans, as well as loans first disbursed between July 1, 2006 and June 30, 2008)
  3. Interest on unsubsidized loans begins to accrue as of the date funds are disbursed
Graduating/Departing:
  1. Exit Counseling (online)
Forms:

Interest on unsubsidized loans begins to accrue as of the date funds are disbursed.

Once students complete FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine whether student is eligible to receive subsidized or unsubsidized funding. The Financial Aid Office will contact the student regarding loan eligibility.

Direct Parent PLUS Loan

Eligibility:
Non-need based loan for parents of dependent students who are enrolled at least half-time. Based on credit.
Deadline:
June 15th for the upcoming academic year is recommended in order to be processed in time for the beginning of the school year. All loan requests must be received no later than the last day of the semester in which the funds are being requested in order to be processed.
Application:
  1. FAFSA (online)
  2. Direct Parent PLUS Loan Master Promissory Note, Entrance Counseling & Plus Loan Request (online)
Amount:
Up to cost of education minus financial aid
Renewable:
No, students must re-apply each academic year.
Qualification:
Student and parents must be either U.S. Citizens, or eligible non-citizens with a U.S. address and the student must be enrolled at least half-time in an eligible degree program.
Interest:
7.9%

Biola University Loan

Eligibility:
Financial Need, minimum half-time enrollment.
Deadline:
Priority given to earliest applicants with completed financial aid requirements.
Application:
  1. FAFSA (online)
  2. Complete financial aid file with Biola University Financial Aid Office
Amount:
  1. Up to $2,000 per academic year
Renewable:
No. Must apply each academic year.
Funding:
Biola University
Interest:
5% subsidized
Repayment:
Begins 9 months after graduating, dropping below half time, or withdrawing from Biola.

Once students complete the FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Biola University Loan eligibility. If eligible, the Financial Aid Office will contact the student.

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office.

  1. Review Biola Loan Application and Solicitation Disclosure (PDF - Coming Soon) and Biola University Loan Application Instructions (PDF)
  2. Complete Biola Loan Master Promissory Note (PDF - Coming Soon), Online Entrance Interview (online) and Self-Certification Form (PDF - Coming Soon)

Helen Grace Colbert Yates Loan

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office

  1. Review Helen Grace Colbert Yates Loan Online Entrance Interview Instructions (PDF)
  2. Complete Online Entrance Interview (online)

Federal Nursing Loan

Eligibility:
Financial need, minimum half-time enrollment in nursing program.
Deadline:
Priority given to earliest applicants with completed financial aid requirements
Application:
  1. FAFSA (online)
  2. Complete financial aid file with Biola University Financial Aid Office
Amount:
Up to $3,000 per academic year for LEvel 1 students
Up to $4,000 per academic year for Level 2 and 3 students
Renewable:
No. Must apply each academic year.
Funding:
Federal government
Repayment:
Begins 9 months after graduating or dropping below half time.
Interest:
The Nursing Loan is subsidized and has an interest rate of 5%.
 

Once students complete the FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Federal Nursing Loan eligibility. If eligible, the Financial Aid Office will contact the student.

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office.

  1. Review Nursing Student Loan Application and Solicitation Disclosure (PDF - Coming Soon) and Federal Nursing Loan Applicaton Instructions (PDF)
  2. Complete Nursing Loan Master Promissory Note (PDF - Coming Soon), Online Entrance Interview (online) and Self-Certification Form (PDF - Coming Soon)

Federal Perkins Loan

Eligibility:
Financial need, minimum half-time enrollment.
Deadline:
Given to earliest filers.
Application:
  1. FAFSA (online)
  2. Complete financial aid file with Biola University Financial Aid Office.
Amount:
  1. Up to $2,000 per academic year
Renewable:
No. Must apply each academic year.
Funding:
Federal Government
Interest:
5% subsidized.
Repayment:
Begins 9 months after graduating, dropping below half-time status.

Once students complete the FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Perkins Loan eligibility. If eligible, the Financial Aid Office will contact the student.

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office.

  1. Review Federal Perkins Loan Application Instructions (PDF)
  2. Complete Perkins Master Promissory Note (PDF - Coming Soon) and Online Entrance Interview (online)

Freeman Aitken Somerville Loan

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office

  1. Review Freeman Aitken Somerville Loan Online Entrance Interview Instructions (PDF)
  2. Complete Online Entrance Interview (online)

Private Student Loan

 

Eligibility:
Borrower must be a US Citizen, eligible non-citizen, or an international student with a U.S. Citizen Cosigner. Both eligible non-citizens and international students need to have a current address in the United States.
Deadline:
Private loans are certified starting on June 15th and throughout the school year. It is recommended that you submit your loan application to your lender no later than a month before the last day of the semester for which you are requesting funds.
Application:
  1. Choose Your Lender and Complete Your Application (online)
  2. Fill out an Applicant Self-Certification Form and Submit it to your Lender (If your lender did not provide this form to you, we have added a link to it below.)
Amount:
Minimum loan amounts range from $1,000 to $2,000 depending on the lender. Maximum loan amounts are a student's cost of attendance minus all other financial aid.
Renewable:
No, Must apply yearly.
Qualification:
Student and parents must be either U.S. Citizens, or eligible non-citizens with a U.S. address and the student must be enrolled at least half-time in an eligible degree program.
Interest:
Varies according to lender.
Cosigner:
Varies. However, unless you are steadily employed, earn at least $12,000 a year, and have a stable credit history with a good FICO score (over 700), you will more than likely need a cosigner in order to be approved for a private student loan.
Self-Certification:

As of February 14, 2010, borrowers are required to complete a Private Education Loan Applicant Self-Certification form and submit it to their lender with their Private Student Loan application. In order to complete this form you will need to know the following:

Full cost of attendance at your school for the loan period you are requesting

Estimated financial assistance you will receive (grants, loans, work study, etc)

To determine your cost of attendance, select the appropriate link below:

2011-2012

  1. 2011-12 Estimated Cost of Attendance (Full Year Students) (PDF)
  2. 2011-12 Estimated Cost of Attendance (Semester Students and Full Year Students taking different unit loads each semester) (PDF)

 

2012-2013

  1. 2012-13 Estimated Cost of Attendance (Full Year, Full Time Students) (PDF)
  2. 2012-13 Estimated Cost of Attendance (Semester Students) (PDF)
Forms:

Recommended Lender Notice: We recommend lenders based on the quality of the products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best lenders possible. However, if you wish to use another lender that is not on our Preferred Lender list, you have the right to do so. Please be informed that should you choose to borrow from a lender not on our list of recommended lenders, it is your responsibility to resolve any issues or problems that may arise by directly contacting your lender.

Biola University
13800 Biola Ave. La Mirada, CA 90639
1-562-903-6000
© 2012 Biola University, Inc. All Rights Reserved.