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).

  • Amount:
    • Freshman (0-26 units)
      • Base Stafford: $3500
      • Dependent Undergrads Unsubsidized Stafford: $2000
      • Independent Undergrads Unsubsidized Stafford: $6000
    • Sophomore (27-56 units)
      • Base Stafford: $4500
      • Dependent Undergrads Unsubsidized Stafford: $2000
      • Independent Undergrads Unsubsidized Stafford: $6000
    • Junior (57-87 units)
      • Base Stafford: $5500
      • Dependent Undergrads Unsubsidized Stafford: $2000
      • Independent Undergrads Unsubsidized Stafford: $7000
    • Senior (88+ units)
      • Base Stafford: $5500
      • Dependent Undergrads Unsubsidized Stafford: $2000
      • Independent Undergrads Unsubsidized Stafford: $7000
  • Interest:
    • 3.86% for Undergraduate Subsidized an Unsubsidized Stafford loans with a first disbursement between July 1, 2013 and June 30, 2014.
    • 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 between July 1 and November 30, 2013 --- 1.051% of loan amount
      • For loans with a first disbursement on or after December 1, 2013 --- 1.072% of loan amount
  • Deadline:
    • For the upcoming academic year it is recommended for all items requested by the Financial Aid Office to be submitted by June 15th 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
    • Once you sign your Direct Loan Master Promissory Note (MPN) and receive your loan funds, your MPN will be valid for ten years
  • Notice:
    • Per federal regulations, as of July 1st, 2013, any first-time borrower, (which is defined as someone who has no outstanding federal Stafford 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.

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Federal Perkins Loan

The Federal Perkins Loan is a campus-based federal loan awarded by the Financial Aid Office to undergraduate students.

  • Amount:
    • Up to $2,000 per academic year for new students.
    • Up to $2,000 per academic year for continuing students.
  • Interest:
    • The Perkins Loan is subsidized and has an interest rate of 5%.
  • Repayment:
    • Begins 9 months after graduating or dropping below half time.
  • Deadline:
    • Priority given to earliest applicants with a completed FASFA.
  • Eligibility:
    • Eligibility is based on financial need and availability of funds.
  • Application:
    1. Complete 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 Perkins Loan eligibility.  If eligible, the student will be notified by the Financial Aid Office.
  • Renewal:
    • As funds are available.

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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).

  • Amount:
    • Up to $3,000 per academic year for Level 1 students in the Nursing Program.
    • Up to $4,000 per academic year for Level 2 and 3 students in the Nursing Program.
  • Interest:
    • The Nursing Loan is subsidized and has an interest rate of 5%.
  • Repayment:
    • Begins 9 months after graduating or dropping below half time.
  • Deadline:
    • Priority given to earliest applicants with completed financial aid requirements.
  • Eligibility:
    • Eligibility is based on financial need and availability of funds.
  • Application:
    1. Complete the 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.
  • Renewal:
    • No.  Must apply each academic year.

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Biola University Loan

Biola-funded loan awarded by the Financial Aid Department to undergraduate students. For more information please see the Undergraduate Handbook Biola University Loan

  • Amount:
    • Up to $2,000 per academic year for new students.
    • Up to $2,000 per academic year for continuing students.
  • Interest:
    • The loan is subsidized and has an interest rate of 5%.
  • Repayment:
    • Begins 9 months after dropping below half-time at Biola or leaving Biola.
  • Deadline:
    • Priority given to earliest applicants with a completed FASFA
  • Eligibility:
    • Based on financial need and availability of funds
    • Student must be enrolled at least half-time
  • Application:
    1. Complete FAFSA (online)
    2. Complete financial aid file with the Biola University Financial Aid Office
    3. Once students complete the FAFSA and submit all other paperwork requested, the Financial Aid Office will determine Biola loan eligibility. If eligible, the student will be notified by the Financial Aid Office. 
  • Renewal:
    • As funds are available

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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.

  • Amount:
    • Up to $2,500 per academic year
  • Interest:
    • The Helen Gates Colbert Yates Loan does not accrue interest.
  • Repayment:
    • Repayment begins six months after dropping below half-time at Biola or leaving Biola.
  • Deadline:
    • Contact the Communication Science & Disorders department.
  • Eligibility:
    • Eligibility is based on financial need and availability of funds.
    • Student MUST be enrolled at least half-time and pursing degree in Communication Science & Disorders to be eligible for this loan.
  • Application:
    • Contact the Communication Science & Disorders department. 
  • Renewal:
    • Contact the Communication Science & Disorders department.

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Freeman-Aitken-Somerville Loan

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

  • Amount:
    • Varies
  • 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.
  • 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.
  • Application:
    • Those who qualify will be contacted
  • Renewal:
    • No, must reapply if still eligible

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Direct Parent PLUS Loan

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

  • Amount:
    • Up to cost of education minus financial aid.
  • Interest:
    • The Parent PLUS Loan has a fixed interest rate of 6.41% for Parent Plus Loans with a first disbursement between July 1, 2013 and June 30, 2014.
    • The Parent PLUS Loan origination fee:
      • For loans with a first disbursement between July 1 and November 30, 2013 --- 4.204% of loan amount
      • For loans with a first disbursement on or after December 1, 2013 --- 4.288% of loan amount
  • 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.
  • Eligibility:
    • 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.
    • Student and parents must complete a current year fafsa application. FAFSA (online)(with Biola listed)
  • Renewal:
    • No
    • Must apply every year

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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. 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.

  • 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.
  • Forms:
  • 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 lenders, it is your responsibility to resolve any issues or problems that may arise by directly contacting your lender.

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