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Loans

Direct Stafford Loan

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).

Eligibility

Minimum half-time enrollment.

Deadline

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.

Amount

Stafford Loan Level Limits

Grade Level

Base

Stafford

Dependent Undergrads

Unsubsidized Stafford

Independent Undergrads

Unsubsidized Stafford

Freshman (0-26 credits)

$3500

$2000

$6000

Sophomore (27-56 credits)

$4500

$2000

$6000

Junior (57-87 credits)

$5500

$2000

$7000

Senior (88+ credits)

$5500

$2000

$7000

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

  • 4.29% for Undergraduate Subsidized and Unsubsidized Direct loans. For further information regarding Stafford Loans please go to the studentloans.gov website.
  • Interest on unsubsidized loans begins to accrue as of the date funds are disbursed.
  • Federal Stafford Loan origination fee:
    • For loans with a first disbursement on or after 10/1/2014 and before 10/1/2015 - 1.073% of loan amount.
    • For loans with a first disbursement on or after 10/1/2015 and before 10/1/2016 - 1.068% of loan amount.

Graduating / Departing

Forms

2014-2015 Undergraduate Loan Change Form - If you would like to increase or decrease your loan amounts.

Once students complete the FAFSA and submit all other requested paperwork, 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.

Notice

Per federal regulations, as of July 1st, 2013, any first-time borrower, (which is defined as someone who has no outstanding federal Direct loan balance when receiving a federal Direct loan on or after July 1, 2013), will only be able to obtain federal Direct Subsidized loans for a maximum of 150% of the published program length in which they are enrolled. From that point forward, these subsidized loans will become unsubsidized loans.

Click here to download more information

Curious about federal loans?

Here are some suggested steps for acquiring federal loans.

Direct Parent PLUS Loan

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

Eligibility

Students 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. Student and parents must complete a current year FAFSA application (with Biola listed).

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.

Amount

Up to cost of education minus financial aid.

Application

Apply via the StudentLoans.gov website.
You can download instructions for completing the application.

Renewable

No, students must re-apply each academic year.

Forms

2014-2015 Parent PLUS Loan Change Form - If you would like to increase or decrease your loan amounts.
Download instructions for how to apply for a parent plus loan

Interest

  1. The Parent PLUS Loan has a fixed interest rate of 6.84%. This is for Parent PLUS Loans with a first disbursement between July 1, 2015 and June 30, 2016.
  2. The Parent PLUS Loan origination fee:
    • For loans with a first disbursement date on or after October 1, 2014 and before October 1, 2015, the Loan Origination Fee is 4.292%.
    • For loans with a first disbursement date on or after October 1, 2015 and before October 1, 2016, the Loan Origination Fee is 4.272%.

Curious about federal loans?

Here are some suggested steps for acquiring federal loans.

Helen Grace Colbert Yates Loan

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

Eligibility

Student must be pursuing degree in Communication Sciences and Disorders. Eligibility based on financial need and availability of funds, and minimum half-time enrollment.

Deadline

Priority given to earliest applicants with completed financial aid requirements.

Amount

Up to $2,500 per academic year.

Application

Please contact the Communication Sciences and Disorders department directly for the steps to apply for this loan.

Renewable

Contact department of Communication Sciences and Disorders for directions on renewing.

Funding

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

Federal Nursing Loan

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).

Eligibility

Based on financial need and availability of funds.

Deadline

Priority given to earliest applicants with completed financial aid requirements

Amount

  1. Up to $3,000 per academic year for Level 1 students in the Nursing Program.
  2. Up to $4,000 per academic year for Level 2 and 3 students in the Nursing Program.

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.

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%.

Curious about federal loans?

Here are some suggested steps for acquiring federal loans.

Freeman-Aitken-Somerville Loan

Biola-funded loan awarded by the Financial Aid Office to undergraduate and graduate students interested in teaching.

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.

Amount

Varies

Application

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

Renewable

No, students must reapply if they are still eligible.

Funding

Biola University.

Interest

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

Repayment

Begins six months after dropping below half-time enrollment at Biola or leaving Biola.

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. These loans are not federally funded, and are dependent on student (and cosigner) credit. Private loans tend to have higher interest rates than Direct Stafford Loans and, in most cases, Parent PLUS Loans.

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).

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.

Amount

Minimum loan amounts range from $1,000, and vary per lender. Maximum loan amounts are determined by subtracting all of a student's financial aid from their cost of attendance for the school year.

Application

  1. Choose Your Lender and Complete Your Application (online)
  2. Fill out an Applicant Self-Certification Form and Submit it to your Lender.

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:

  1. Full cost of attendance at your school for the loan period you are requesting.
  2. Estimated financial assistance you will receive (grants, loans, work study, etc).
  3. To determine your cost of attendance, select the appropriate link below:

2014-2015

  1. 2014-15 Estimated Cost of Attendance (Full Year, Full Time Students) (PDF)
  2. 2013-14 Estimated Cost of Attendance (Semester Undergraduate Students)

Forms:

  1. Title IV Loan Code of Conduct (PDF)
  2. 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.