Loans

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 2014-2015 school year, and entered as first-time college students.

  • Notice:
    • First Time Students: 610
    • Federal Loans
      • Total Principal Borrowed: $12,132,674.00
      • Number of Borrowers: 609
      • Average Debt per Borrower: $19,922.29
    • All Loan
      • Total Principal Borrowed: $16,877,732.00
      • Number of Borrowers: 609
      • Average Debt per Borrower: $27,713.85

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Direct 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).

  • Amount:
    • Up to $20,500.
  • Deadline:
    • June 15th (This 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.
  • Eligibility:
    • Minimum half-time enrollment
  • Renewal:
    • Yes, yearly with the completion of a FAFSA
    • MPN are valid for up to 10 years

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Direct Grad Plus Loan

A loan funded by the U.S. Department of Education that must be repaid with interest.

  • Amount:
    • Up to cost of education minus financial aid
  • Interest:
    • 6.31% fixed interest rate
    • The Parent PLUS Loan origination fee:
      • 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%.
      • For loans with a first disbursement date on or after October 1, 2016 and before October 1, 2017, the Loan Origination Fee is 4.276%.
  • Repayment:
    • Repayment begins immediately after the loan is fully disbursed
    • Students can defer repayment while enrolled at least half-time
  • Deadline:
    • None
  • Eligibility:
    • Non-need based loan for graduate students who are enrolled at least half-time.
    • Based on credit.
  • Renewal:
    • No
    • Must apply yearly

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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. However, please keep in mind the following differences between federal loans (listed above), and private student loans. Federal student 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 tend to have higher interest rates than Federal Direct Student Loans, and in most cases, Parent PLUS loans.

  • Amount:
    • Minimum loan amounts begin at $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. 
  • Interest:
    • Rates vary by lender. 
  • Deadline:
    • Private loans are certified starting on May 31st 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.
  • 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).
  • Renewal:
    • No, Must apply yearly.
  • Cosigner:
    • Criteria 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:
      • Estimated financial assistance you will receive (grants, loans, work study, etc.)
      • Full cost of attendance at your school for the loan period you are requesting.
      • To determine your cost of attendance, select the appropriate link below:
        1. If you are a teaching credential student, click here.
        2. If you are a graduate student, call the financial aid office at (562) 903-4742 for assistance.
  • Private Loan Notice:

    Biola highly encourages you to help fund your education by qualifying for Federal student financial assistance in lieu of a private loan and only choose to borrow a private loan after all other federal student 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.
     
    Biola currently does not have any lenders on our Preferred Lender List who are affiliated with each other.

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Biola University
13800 Biola Ave. La Mirada, CA 90639
1-562-903-6000