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Disclosures

In compliance with policies established by the U.S. Department of Education, Biola University seeks to offer important disclosure information to our community. See the information below for more details, and contact the Office of Financial Aid if you have any questions.

 

Financial Aid Handbooks


Required Disclosures and Additional Information

 

Private Loan Notice

Biola highly encourages you to only borrow a private loan after all other federal student grant and loan options have been exhausted. You may obtain additional information concerning federal student financial assistance from Biola or at the website of the U.S. Department of Education.

 

Recommended Lender Notice

Biola annually completes a process called Request for Information, or RFI, where private lenders answer specific questions about their loan product, which enables Biola to rate each lender based on their answers, and update our Preferred Lender List for our students to consider and compare lenders.

To be included on our Preferred Lender List, lenders must offer specific benefits to borrowers, such as payment of origination fees on behalf of the student, highly competitive interest rates, excellent customer service to borrowers and/or additional benefits to the borrower. Each lender selected is based solely on the best interest of the borrower and terms/conditions or provisions favorable to the borrower, which are outlined on the "Details" tab of each loan product. Biola does not accept revenue-sharing, compensation agreements, gifts, or trips from any lending institution.

Students who are interested in pursuing a private loan are not required to choose a lender from our Preferred Lender List. Students have the right to choose any private lender they wish, and Biola will work with any lender a student chooses to process his or her student loan. Biola will not cause unnecessary delay in loan certification; however, non-electronic certifications take much longer as they are a manual process.

Most of the lenders on our Preferred Lender List are currently not affiliated with each other.

 

AB721 Disclosure

In the ever-changing world of higher education, it has become even more important to provide students, families and employees accurate and comprehensive information, so that all people seeking higher education can make wise and informed decisions. In an effort to provide transparent data, and to comply with federal regulations regarding the ease and accessibility of consumer information, Biola has computed some statistics regarding our undergraduate student loan debt. Below, you will see the total and average debt for students who graduated in the 2014–15 school year, and entered as first-time college students.

  • First-time Students: 60
  • Federal Loans
    • Total Principal Borrowed: $12,132,674.00
    • Number of Borrowers: 609
    • Average Debt per Borrower: $19,922.29
  • All Loans
    • Total Principal Borrowed: $16,877,732.00
    • Number of Borrowers: 609
    • Average Debt per Borrower: $27,713.85