Steps for Federal Loans

Next Steps in Acquiring Loans

This Financial Aid Loan guide is meant to help you and your family meet your educational goals. Before looking to any of the loans listed here to help fund your education, please make sure you have exhausted all your options in scholarship and grant money, which does not have to be repaid.

 

Step 1 (January-March) – Complete your 2013-2014 FAFSA.

• You can complete your FAFSA online at fafsa.gov.

• MAKE SURE TO USE THE IRS DATA RETRIEVAL TOOL TO IMPORT YOUR TAX INFORMATION.

• If you have not filed your taxes yet, you may log back into fafsa.gov after your taxes have been filed to perform the retrieval. Please allow 7-10 days after your taxes have been filed and accepted by the IRS before they are available for retrieval.

• Failure to use the Data Retrieval Tool will result in further delays in processing your aid and the possibility of needing to submit further paperwork.

 

Step 2 (March-May 31) – Complete and turn in all requested paperwork to the Financial Aid Office.

• If you are a First Year Student, you can find the requested paperwork on your Estimated Award Letter sent to you by the Financial Aid Office

• If you are a Continuing Student, you can find the requested paperwork on my.biola

 

Step 3 – (March-May 31) - Actively Accept or Decline your Stafford Loans on my.biola

• Stafford Loans are fixed rate, low interest Federal Loans awarded to each eligible student after their FAFSA has been received by the Financial Aid office. Undergraduate Students may receive both Subsidized and Unsubsidized Stafford Loans. Graduate Students will receive Unsubsidized Stafford Loans only. Click on Loans on the left hand side for more information on this loan.

• To Accept or Decline your Stafford Loans, visit http://my.biola.edu and Accept or Decline your Loans on the Accept Award Offer Tab

 

Step 4 (Month of June) – Complete all remaining requirements for your Stafford Loans listed on my.biola

• Entrance Counseling and Stafford Master Promissory Note can be completed at studentloans.gov

• Credit Basics Financial Literacy Module can be completed at the TG website.

 

Step 5 (Month of June) – (Optional) Apply for Parent PLUS (Parents) or Graduate PLUS (Graduate Students) Loan

• The Parent PLUS Loan is an unsubsidized, credit based federal loan that parents of dependent students can take out to help fund their student’s education. Click on Loans on the left hand side for more information on this loan.

• The Graduate PLUS Loan is an unsubsidized, credit based federal loan Graduate Students may take out to pay for education. Click on Loans on the left hand side for more information on this loan.

• Parent PLUS and Graduate PLUS Loan applications can be found and completed at studentloans.gov

• If approved for a PLUS loan, a PLUS Master Promissory Note must also be completed at studentloans.gov

• PLUS loans should be applied for in June

 

Step 6 (Month of June) – (Optional) Apply for Private Loan if necessary

• Make sure you exhaust all Federal Aid options (Grants, Stafford Loans) before applying for a Private Loan with a Lender

• Information on Preferred Private Lenders can be found at Lender List.

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