Loans

NEW FOR ALL FEDERAL STAFFORD AND PLUS LOANS

Effective July 1, 2010, all Stafford, Parent PLUS, and Graduate PLUS Loans will be funded directly by the U.S. Department of Education. If you have not yet done so, please follow the links below to complete your Master Promissory Notes, Entrance and Exit Counseling online with the Department of Education. PLEASE NOTE: if you have already applied for a Federal loan for the 2010-11 academic school year with a lender other than the U.S. Department of Education or completed your entrance counseling with USA Funds, you MUST reapply for a Direct Loan and complete any entrance counseling requirements through the Department of Education’s website (link available below).

Federal Direct Stafford 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:
Yes. MPNs are valid for up to ten years.
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.
Funding:
The Department of Education, US Government
Interest:
6.8% for Graduate Subsidized Loans and all Unsubsidized Loans, as well as loans first disbursed between July 1, 2006 and June 30, 2008
Application:
  1. FAFSA (online)
  2. Direct Stafford Loan Master Promissory Note & Entrance Counseling (online)
Forms:

Federal Grad Plus Loan

Eligibility:
Non-need based loan for graduate 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:
Fixed 7.9%
Repayment:
Begins Immediately after the loan is fully disbursed
Application:
  1. FAFSA (online)
  2. Grad Plus Loan Master Promissory Note, Entrance Counseling & Plus Loan Request (online)
Forms:

Federal Perkins Loan

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

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 do not complete Master Promissory Note or Online Entrance Counseling until instructed to do so by the Financial Aid Office.**

Loan Change Form (PDF)

(PDF)

(PDF)

Perkins Master Promissory Note (PDF)

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.
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.
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.
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:

1. 2011-12 Estimated Cost of Attendance (Full Year, Full Time Students) (PDF)

2. If you are a teaching credential student, click here .

3. If you are not a teaching credential student or a full year, full time graduate student, call the financial aid office at (562) 903-4742 to learn your cost of attendance.

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.)
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.