Loans
A loan is a financial aid award that must be repaid with interest. Loans are a form of need-based aid, meaning they are offered based on financial need as determined by the Free Application for Federal Student Aid (FAFSA). Below is a list of the loans available at Biola University.
Federal Stafford Loan
- Eligibility:
-
- Minimum half-time enrollment
- Subsidized: financial need
- Amount:
-
Stafford Loan Level Limits:
Grade Level Base Stafford Dependent Undergrads Unsubsidized Stafford Independent Undergrads Unsubsidized Stafford Sophmore
(27-56 units)$4500 $2000 $6000 Junior
(57-87 units)$5500 $2000 $7000 Senior
(88+ units)$5500 $2000 $7000 - Renewable:
- Yearly. Must apply every year.
- Deadline:
- At least two weeks before registration 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)
- Application:
- Forms:
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 Parent 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
- Qualificaiton:
- Student and parents must be wither U.S. Citizens, or eligible non-citizens with a U.S. address and the student must be enrolled at least half-time in an eligible degree program.
- Deadline:
- At least two weeks before registration 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.
- Interest:
- 8.5% fixed for Plus Loans first disbursed beginning July 1, 2006
- Repayment:
- Begins Immediately after the loan is fully disbursed
- Application:
- Forms:
NOTE: For the 2009-2010 academic year the Federal Government will be holding a Parent Plus Loan auction. Please do not apply for your Parent Plus Loan for the 2009-2010 school year at this point as the auction results will affect choice of lenders for new borrowers. The lenders listed on the Plus Loan Lender List are for the 2008-2009 academic year and will also be able to be used for previous Parent Plus Loan borrowers. Grad Plus Loans will not be affected by the Federal Plus Loan auction. We will post new information as it becomes known to us.
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.
Private Student Loan
- Eligibility:
- Varies. See Private Student Loan Resource List.
- Amount:
- Cost of Attendance minus financial aid. See Private Student Loan Resource List for aggregate amounts.
- Renewable:
- No, Must apply yearly
- Qualificaiton:
- Student and parents must be wither U.S. Citizens, or eligible non-citizens with a U.S. address and the student must be enrolled at least half-time in an eligible degree program.
- Deadline:
- At least two weeks before registration 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.
- Interest:
- Varies. See Private Student Loan Resource List
- Application:
- Forms:
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.