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Loans

The FAFSA helps determine your financial need, and part of your aid offer may include loans available to you based on your need. You can take on specific loans — which are financial awards that need to be repaid with interest — depending on your plans for financing your Biola education.

Direct Subsidized & Unsubsidized Loans

The Direct Loan is 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).

Amount and Interest
Grade Level Base Direct Loan Dependent Undergraduate Unsubsidized Independent Undergraduate Unsubsidized
Freshman
(0–26 credits)
$3,500 $2,000 $6,000
Sophomore
(27–56 credits)
$4,500 $2,000 $6,000
Junior
(57–87 credits)
$5,500 $2,000 $7,000
Senior
(88+ credits)
$5,500 $2,000 $7,000
Teaching Credential $5,500 Ineligible $7,000

For current Direct Loan interest rates and origination fee amounts, please visit the Federal Student Aid website.

Application

Students must complete the following applications:

  1. FAFSA (online form; with Biola listed)
  2. Direct Loan Master Promissory Note & Entrance Counseling (online form)
Deadline

April 15 — This is the recommended deadline 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.

Eligibility

Students must meet the following eligibility requirements:

  • Student must be enrolled at least half-time
  • Financial need, as determined by the FAFSA, will determine whether the student is eligible to receive subsidized or unsubsidized funding
Repayment

Loan repayment is deferred while a student is enrolled at least half-time in a degree program. Repayment typically begins six months after a student drops below half-time enrollment.

Renewable Status

Yes, this loan is renewable yearly (with the completion of a FAFSA). MPN is valid for up to 10 years.

Graduating/Departing Information

Students must complete exit counseling online in preparation for graduating/completing their program.

Direct Parent PLUS Loan

Credit-based loan for parents of dependent students who are enrolled at least half-time.

Amount and Interest

Up to cost of attendance minus financial aid.

For current loan interest rates and origination fee amounts, please visit the Federal Student Aid website.

Application

See the following required applications:

  1. Students must complete the FAFSA (online form; with Biola listed)
  2. Parents must complete the Direct Parent PLUS Loan Application, Master Promissory Note & Entrance Counseling (online form)
Deadline

June 1 — This is the recommended deadline 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.

Eligibility

Students and parents must meet the following eligibility requirements:

  • Student and parents must be either U.S. citizens, or eligible non-citizens with a U.S. address
  • The student must be enrolled at least half-time in an eligible degree program
Repayment

Loan repayment is deferred while a student is enrolled at least half-time in a degree program. Repayment typically begins six months after a student drops below half-time enrollment.

Renewable

No, this loan is not renewable. Parents must reapply each academic year.

Helen Grace Colbert Yates Loan

The Helen Grace Colbert Yates Loan is a Biola-funded loan awarded by the Department of Communication Science and Disorders and the Office of Financial Aid to undergraduate students pursuing a degree in Communication Science & Disorders.

Amount and Interest

Up to $2,500 per academic year. The Helen Gates Colbert Yates Loan does not accrue interest.

Application

Students must contact the Department of Communication Sciences and Disorders directly for the steps to apply for this loan.

Deadline

There is no deadline for this application, but priority is given to the earliest applicants with completed financial aid requirements.

Eligibility

Students must meet the following eligibility requirements:

  • Student must be pursuing a degree in communication sciences and disorders
  • Student must be at minimum half-time enrollment
  • Eligibility is based on financial need and availability of funds
Repayment

Repayment begins when one or more of the following student status changes occurs:

  • Student has graduated (repayment begins six months after graduating)
  • Student has dropped below half-time status
  • Student has withdrawn from Biola
Renewable Status

Students must contact the Department of Communication Sciences and Disorders to learn about directions on renewing the loan.

Federal Nursing Loan

The Federal Nursing Loan is a campus-based federal loan awarded by the Office of Financial Aid to undergraduate students enrolled in the nursing program (Level 1, 2 or 3).

Amount and Interest

Please see the following loan amounts, based on student level in the nursing program:

  • Up to $3,300 per academic year for Level 1 students in the nursing program
  • Up to $5,000 per academic year for Level 2 and 3 students in the nursing program

The Federal Nursing Loan is subsidized and has an interest rate of 5%, accruing annually.

Application

Students must complete the following application requirements:

  1. FAFSA (online form; with Biola listed)
  2. Once students complete the FAFSA and submit all other paperwork requested by the Office of Financial Aid, the Office Financial Aid will determine Nursing Loan eligibility. If eligible, the student will be notified by the Office of Financial Aid.
Deadline

There is no deadline for this application, but priority is given to the earliest applicants with completed financial aid requirements.

Eligibility

Eligibility for this loan is determined by the Office of Financial Aid (and is based on financial need and availability of funds).

Repayment

Repayment begins when one or more of the following student status changes occurs:

  • Student has graduated (repayment begins nine months after graduating)
  • Student has dropped below half-time status
Renewable Status

This loan may be renewable based on availability of funds and eligibility each year.

Private Student Loan

You may choose to borrow Private Student Loan funds from a private financial institution to help fund your education after all other resources have been exhausted:

  • Federal direct loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.
  • Federal direct loans are available to students regardless of income, whereas private student loans are dependent on student (and cosigner) credit. Private loans are not federally funded, and are dependent on student (and cosigner) credit. Private loans tend to have higher interest rates than federal direct loans, and in most cases, Parent PLUS loans.
Amount and Interest

Minimum loan amounts begin at $1,000 and may also be large enough to cover the remaining cost of attendance (varies by lender).

Maximum loan amounts are determined by subtracting all of a student's financial aid from their cost of attendance for the school year.

Interest rates vary by lender.

Application

Students can complete a loan application with their chosen lender, or may look for a lender on our Preferred Lender List. Please note the following additional details:

  1. Part of your loan application will include completing an Applicant Self-Certification Form. This includes calculating your estimated cost of attendance. Learn more about how to do that on our FAQ page.
Deadline

June 1 — This is the recommended deadline 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. Please allow 4–6 weeks for processing.

Eligibility

Generally, the borrower must be a U.S. citizen, eligible non-citizen with a U.S. address, or an international student with a U.S. citizen cosigner (varies per lender).

Cosigner Requirements

Criteria varies per lender. 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.

Renewable Status

No, these loans are not renewable. Students must apply yearly using the application resources linked above.