Types of Financial Aid

Church Matching Scholarship

Eligibility:

Demonstrated need based on FAFSA information.

Amount:

Up to $500

Renewable:

Yearly

Deadline:

1. October 1 (Full-year students)
2. March 2 (Spring-only students)

Application:

FAFSA (online) (with Biola listed) and Church Matching Scholarship Application (PDF) with church check attached and made out to Biola Church Matching Scholarship Application (DMIN program) (PDF) with church check attached and made out to Biola

Funding:

Biola Scholarship

Biola will match up to $500 from one church (not multiple churches) every year to both full-year and Spring-only students. Biola will only match the first check received by the deadline of the application. Full-year students will receive the scholarship in the Fall. Spring-only students will receive the scholarship for the spring of that school year.

Graduate Grant

Eligibility:

Determined by financial need. Biola grant calculated on cost of tuition, room and board against other resources available to student; prorated per enrollment.

Amount:

Up to $2,000 per year

Renewable:

Yes, yearly according to need

Deadline:

Priority given to earliest applicants with completed financial aid requirements

Application:

FAFSA (online) (with Biola listed) - Students are encouraged to apply as soon as possible for a FAFSA.

Once students complete FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Graduate Grant eligibility. If eligible, the Financial Aid Office will contact the student.

Federal Stafford Loan

Eligibility:

1. Minimum half-time enrollment
2. Subsidized: financial need

Amount:

1. Subsidized Teaching Credential - $5,500
2. Graduates & Rosemead - $8,500
3. Unsubsidized Teaching Credential - $7,000
4. Graduates - $12,000
5. Rosemead - $12,000 - $12,500

Renewable:

Yearly. Must apply every year.

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. 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.

Application:

FAFSA (online) (with Biola listed), Stafford Loan Application (online), and when you graduate or depart from Biola you need to complete the Stafford Loan Exit Counseling (online)

Interest:

1. 6% for Undergraduate Subsidized Stafford loans with a first disbursement on or after July 1, 2008
2. 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)

Funding:

Lending Agencies

Forms:

• Stafford Guide (PDF)
• (PDF)
• (PDF)
• (PDF)

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.

Additional Unsubsidized Stafford Loan

Eligibility:

Minimum half-time enrollment

Amount:

Up to the cost of education.

Renewable:

Yearly. Must apply every year.

Deadline:

August 15

Application:

FAFSA (online)

Once students complete FAFSA and submit all other paperwork requested by the Financial Aid Office, the Financial Aid Office will determine Stafford Loan eligibility.

Federal Perkins Loan

Eligibility:

Financial need, minimum half-time enrollment and availability of funds.

Amount:

Renewable:

Yearly. Based on need and availability of funds.

Deadline:

Given to earliest filers.

Interest:

5% federally subsidized

Funding:

Federal government

Repayment:

Deferred while enrolled at least half-time; begins 9 months after graduating, or dropping below half-time enrollment

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 Financial Aid Office will contact the student.

Please complete the following two steps ONLY if you have been instructed to do so by the Financial Aid Office.

1. Online Perkins Loan Entrance Interview (online)

2. Perkins Loan Master Promissory Note (PDF)

Workstudy

Work Study is a form of "campus based" financial aid. The Federal Government provides funds to enable students to work and earn money for college expenses. Any student demonstrating financial need as defined by the government's formula of "Federal Methodology" is eligible for Work Study funds. Need is determined through the FAFSA, and the Financial Aid Office can tell you if you are eligible. To apply, submit the Workstudy Application (PDF). Your application will be reviewed by the Financial Aid Office and processed on a first come, first served basis. The date the form is received in our office will determine your chances of being approved.

Student Employment

Jobs are available both on and off campus, according to the student's ability, capacity to handle the added burden of employment, and financial need. Normally, a student can expect to work 15-20 hours per week when carrying a full class schedule. Previous work experience and hours available for employment will result in better rates of pay than the minimum wage.

Spouse Tuition Reduction

A two-thirds tuition reduction to spouse of a fulltime (9 units) Talbot student.

Student Ministries, Inc.

Eligibility:

Talbot student, in an approved ministry

Provides a means for family and friends to make tax-exempt contributions to a student while in seminary, if student is engaged in 8 or more hours of weekly ministry. S.M.I may be contacted at 300 W. David, Suite 530, Conroe, Texas, 77301 or by phone at (866) 653-8802. You can also visit www.studentministriesinc.org.

Talbot Dean's Scholarship

Eligibility:

Talbot student, based on need

Amount:

Varies

Available to Talbot student's on basis of need. Awarded by Talbot School of Theology.

Scholarship For Under-Represented Students (SURS)

This scholarship opportunity is for students whose ethnicity is considered to be Hispanic/Latino, African or Native American who are significantly involved in an African American or Hispanic American Church. The scholarship is a cooperative partnership between Talbot, the student's home church, and the student, in which each provides one third of the tuition. An application packet may be obtained from Talbot School of Theology.