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 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. 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 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, 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. 3.4% for Undergraduate Subsidized Stafford loans with a first disbursement between July 1, 2011 and June 30, 2013
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:

• 2012-2013 Undergraduate Loan Change Form

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 in an eligible degree program. Based on credit. 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 Student Loans website.

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:

Interest on this loan is fixed at 7.9%. There is also a Federal Parent Plus Loan origination flat fee: 4% of loan amount.

Biola University Loan

Eligibility:

Based on financial need and availability of funds, 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 (Biola Loan application will be invalid if financial aid is not confirmed).

Amount:

1. Up to $1,500 per academic year for new students.
2. Up to $1,000 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.

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. Biola Loan Master Promissory Note, Disclosures and Self-Certification Form (online) http://www.acs-education.com/bac/perkinsesign/home.html
2. Online Entrance Interview Online (online). Please read these instructions before completing the interview: Biola Loan OEI Instructions.

Helen Grace Colbert Yates Loan

Eligibility:

Eligibility ased on financial need and availability of funds, minimum half-time enrollment.

Deadline:

Priority given to earliest applicants with completed financial aid requirements.

Application:

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

1. Yates Loan Master Promissory Note, Disclosures and Self-Certification Form (online) http://www.acs-education.com/bac/perkinsesign/home.html
2.  Online Entrance Interview  (online). Please read these instructions before completing the interview:  HGCY Loan OEI Instructions .

Amount:

1. Up to $2,500 per academic year.

Renewable:

Contact Department of Communications Disorders for directions on renewing. 

Funding:

Biola Funded loan awarded by the Communications Disorders Department and the Financial Aid Office to undergrad students pursuing a degree in Communications 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.

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.

Federal Nursing Loan

Eligibility:

Based on financial need and availability of funds. Students must have 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
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%.

 

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. Nursing Loan Master Promissory Note, Disclosure and Self-Certification Form (online) http://www.acs-education.com/bac/perkinsesign/home.html
2. Online Entrance Interview (online). Please read these instructions before completing the interview: Nursing Loan OEI Instructions.

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 $1,500 per academic year for new students.
2. Up to $1,500 per academic year for new students.

Renewable:

As funds are available.

Funding:

Federal Government

Interest:

The Perkins Loan is subsidized and has an interest rate of 5%.

Repayment:

Begins nine months after graduating or dropping below half-time status.

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

1. Perkins Loan Master Promissory Note (online)
2. Online Entrance Interview (online). Please read these instructions before completing the interview: Federal Perkins Loan OEI Instructions.

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.

Deadline:

Priority given to earliest applicants with completed financial aid requirements.

Application:

1. Those who qualify will be contacted by the Financial Aid Department. 

Amount:

1. Varies

Renewable:

No, students must reapply is 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 nine months after graduating or dropping below half-time status.

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 a student's cost of attendance minus all other financial aid.

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:

2012-2013

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

Forms:

• 12-13 Private Loan Fact Sheet (PDF)
•  Title IV Loan Code of Conduct (PDF) 
• Self Certification Form (PDF)

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.