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.
Funding:
Lending Agencies
Interest:
6% for Undergraduate Subsidized Stafford loans with a first disbursement on or after July 1, 2008
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)
Interest on unsubsidized loans accrues from the start of the loan.
Once students complete FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine whether student receives subsidized or unsubsidized funding. The Financial Aid Office will contact the student regarding loan eligibility.
Recommended Lender Notice: By law, you are free to choose any lender you prefer. However, please keep in mind that choosing a lender who is not on our Lender List may delay the processing and/or the receipt of funds. The lenders on our list have aligned themselves with our internal processes, enabling us to better serve our parents and students. We cannot guarantee that we have a working relationship, or the ability to communicate with certain lenders not on our list. Therefore, by choosing a lender not on our list, it is the borrower's responsibility to resolve any issues/problems that may arise directly with the lender.
Federal Grad Plus Loan
Eligibility:
Non-need based loan for parents of dependent students who are enrolled at least half-time. Based on credit.
Amount:
Up to cost of education minus financial aid
Renewable:
No, Must apply yearly
Deadline:
None
Interest:
Variable, capped at 9%
Repayment:
Begins Immediately after the loan is fully disbursed
Notice: By law, you are free to choose any lender you prefer. However, please keep in mind that choosing a lender who is not on our Lender List may delay the processing and/or the receipt of funds. The lenders on our list have aligned themselves with our internal processes, enabling us to better serve our parents and students. We cannot guarantee that we have a working relationship, or the ability to communicate with certain lenders not on our list. Therefore, by choosing a lender not on our list, it is the borrower's responsibility to resolve any issues/problems that may arise directly with the lender.
Federal Perkins Loan
Eligibility:
Financial need, minimum half-time enrollment and availability of funds.
Amount:
Renewable:
Yearly. Based on need and availability of funds.
Deadline:
Given to earliest filers.
Funding:
Federal government
Interest:
5% federally subsidized
Repayment:
Deferred while enrolled at least half-time; begins 9 months after graduating, or dropping below half-time enrollment
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.
Cost of Attendance minus financial aid. See Private Student Loan Resource List for aggregate amounts.
Renewable:
No, Must apply yearly
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.
Recommended Lender Notice: By law you may choose any lender you would like. However, we highly encourage you to choose a lender on our recommended lender list, as these lenders have aligned themselves to Biola's internal process, enabling us to better serve our parents and students. We cannot guarantee that we have a working relationship or the ability to communicate with lenders not on our list. Therefore, please understand that choosing a lender not on our list will result in a manual paper process (including paper certification, lender mailing the check to Biola, and borrower endorsement of check), as opposed to electronic transfer of documents and funds. It is the borrower's responsibility to resolve any issues or problems that may arise directly with the lender.
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