Loans

Direct Stafford Loan

Eligibility:
  1. Minimum half-time enrollment
Deadline:
For the upcoming academic year it is recommended for all items requested by the Financial Aid Office to be submitted by June 15 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 (with Biola listed)
  2. Direct Stafford Loan Master Promissory Note & Entrance Counseling (online)
Amount:
Stafford Loan Level Limits
Grade Level Base
Stafford
Dependent Undergrads 
Unsubsidized Stafford
Independent Undergrads 
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
Renewable:
Yes, with a yearly completion of the FAFSA. Once you sign your Direct Loan Master Promissory Note (MPN) and receive your loan funds, your MPN will be valid for ten years.
Funding:
A loan funded by the U.S. Department of Education that must be repaid with interest. Amount determined by the Free Application for Federal Student Aid (FAFSA).
Interest:
  1. 3.86% for Undergraduate Subsidized and Unsubsidized Stafford loans with a first disbursement between July 1, 2013 and June 30, 2014.
  2. Interest on unsubsidized loans begins to accrue as of the date funds are disbursed.
  3. Federal Stafford Loan origination fee: For loans with a first disbursement between July 1 and November 30, 2013 - 1.051% of loan amount. For loans with a first disbursement on or after December 1, 2013 - 1.072% of loan amount.
Graduating/Departing:
  1. Exit Counseling (online)
Forms:

Once students complete the FAFSA and submit all other requested paperwork, 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.

Curious about federal loans? Here are some suggested steps for aquiring federal loans.

Direct Parent PLUS Loan

Eligibility:
Credit-based, non-need loan for parents of dependent students who are enrolled at least half-time in an eligible degree program. The student and parents must be either U.S. Citizens, or eligible non-citizens with a U.S. address. Student and parents must complete a current year FAFSA (with Biola listed) application.
Deadline:
For the upcoming academic year, it is recommended for all items requested by the Financial Aid Office to be submitted by May 31st 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. Apply via the StudentLoans.gov website.
Amount:
Up to cost of education minus financial aid.
Renewable:
No, students must re-apply each academic year.
Forms:
2013-2014 Parent PLUS Loan Change Form - If you would like to increase or decrease your loan amounts.
Interest:
  1. The Parent PLUS Loan has a fixed interest rate of 6.41% for Parent PLUS Loans with a first disbusement between July 1, 2013 and June 30, 2014.
  2. The Parent PLUS Loan origination fee: For loans with a first disbursement between July 1 and November 30, 2013 - 4.204% of loan amount. For loans with a first disbursement on or after December 1, 2013 - 4.288% of loan amount.
Renewable:
No, students must re-apply each academic year.

Curious about federal loans? Here are some suggested steps for aquiring federal loans.

Biola University Loan

Eligibility:
Based on financial need and availability of funds, minimum half-time enrollment.
Deadline:
Priority given to earliest applicants who have completed the financial aid requirements.
Application:
  1. FAFSA (online)
  2. Complete financial aid file with Biola University Financial Aid Office (Biola Loan application will be invalid if financial aid is not confirmed).
  3. 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.
Amount:
  1. Up to $2,000 per academic year for new students.
  2. Up to $2,000 per academic year for continuing students.
Renewable:
Students must apply each academic year, and is contingent on available funds.
Funding:
Biola University Financial Aid Department.
Interest:
The loan is subsidized and has an interest rate of 5%.
Repayment:
Begins nine months after graduating, dropping below half-time status, or withdrawing from Biola.

Helen Grace Colbert Yates Loan

Eligibility:
Student must be pursuing degree in Communcation Sciences and  Disorders. Eligibility based on financial need and availability of funds, and minimum half-time enrollment.
Deadline:
Priority given to earliest applicants with completed financial aid requirements.
Application:
  1. Please contact the Communication Sciences and Disorders department directly for the steps to apply for this loan.
  2. 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.
Amount:
  1. Up to $2,500 per academic year.
Renewable:
Contact department of Communication Sciences and Disorders for directions on renewing. 
Funding:
Biola Funded loan awarded by the Communication Sciences and Disorders Department and the Financial Aid Office to undergrad students pursuing a degree in Communication Sciences and Disorders.
Interest:
The Helen Gates Colbert Yates Loan does not accrue interest.
Repayment:
Begins six months after graduating, dropping below half time status, or withdrawing from Biola.

Federal Nursing Loan

Eligibility:
Based on financial need and availability of funds.
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
  3. Once students complete the FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Nursing Loan eligibility. If eligible, the student will be notified by the Financial Aid Office.
Amount:
Up to $3,000 per academic year for Level 1 students in the Nursing Program.
Up to $4,000 per academic year for Level 2 and 3 students in the Nursing Program.
Renewable:
No. Must apply each academic year.
Funding:
The Federal Nursing Loan is a campus-based federal loan awarded by the Financial Aid Department to undergraduate students enrolled in the Nursing Program (Level 1, 2 or 3).
Repayment:
Begins nine months after graduating or dropping below half time.
Interest:
The Nursing Loan is subsidized and has an interest rate of 5%.

Curious about federal loans? Here are some suggested steps for aquiring federal loans.

Federal Perkins Loan

Eligibility:
Based on financial need and availability of funds.
Deadline:
Priority given to earliest applicants with a completed FAFSA.
Application:
  1. FAFSA (online)
  2. Complete financial aid file with Biola University Financial Aid Office.
  3. Once students complete the FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office and will determine Perkins Loan eligibility. If eligible, the student will be notified by the Financial Aid Office. 
Amount:
  1. Up to $2,000 per academic year for new students.
  2. Up to $2,000 per academic year for new students.
Renewable:
As funds are available.
Funding:
The Federal Perkins Loan is a campus-based federal loan awarded by the Financial Aid Office to undergraduate students.
Interest:
The Federal Perkins Loan is subsidized and has an interest rate of 5%.
Repayment:
Begins nine months after graduating or dropping below half-time status.

Curious about federal loans? Here are some suggested steps for aquiring federal loans.

Freeman-Aitken-Somerville Loan

Eligibility:
The loan is awarded based on financial need and availability of funds. Student must be enrolled at least half-time and intended to enter the field of education.
Application:
  1. Those who qualify will be contacted by the Financial Aid Department. 
Amount:
  1. Varies
Renewable:
No, students must reapply if they are still eligible.
Funding:
Biola funded loan awarded by the Financial Aid Office to undergraduate and graduate students interested in teaching.
Interest:
The loan is subsidized and has an interest rate of 5%.
Repayment:
Begins six months after dropping below half-time enrollment at Biola or leaving Biola.

Private Student Loan

Eligibility:
Borrower must be a US Citizen, eligible non-citizen, or an international student with a U.S. Citizen Cosigner (varies per lender). 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. Please allow 4-6 weeks for processing.
Application:
  1. Choose Your Lender and Complete Your Application (online)
  2. Fill out an Applicant Self-Certification Form and Submit it to your Lender.
Amount:
Minimum loan amounts range from $1,000, and vary per lender. Maximum loan amounts are determined by subtracting all of a student's financial aid from their cost of attendance for the school year.
Renewable:
No, Must apply yearly.
Interest:
Varies according to lender.
Cosigner:
Criteria for approved varies per lender. 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:

2013-2014

  1. 2013-14 Estimated Cost of Attendance (Full Year, Full Time Students) (PDF)
  2. 2013-14 Estimated Cost of Attendance (Semester Undergraduate Students)
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.

 

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    October 25, 2014

    Do you want to visit Biola, but live out-of-state or in zip codes 94000-96199? Biola Bound may be the perfect visit opportunity for you! Come for a great weekend, explore what Biola has to offer, and have some fun in Southern California.

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    Are you a sophomore, junior or senior in high school or transfer student who plans to major in Music? Well you are in luck because the Conservatory of Music has dedicated a day just for you! Our music visit day has exclusive opportunities for you to audition, visit classes, tour the campus, and enjoy a delicious meal in our cafeteria.

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Biola University
13800 Biola Ave. La Mirada, CA 90639
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