Financial Aid

Admissions

Financial Aid Procedures

  1. Complete FAFSA

    This is the starting point for determining all financial aid. The FAFSA is available in December of each year and should be submitted as early as possible after January 1. Completing the FAFSA does not obligate you to take out a loan. Priority deadline to file is March 1st.

  2. Send Biola a duplicated copy of your signed 1040 federal tax return if filed after FAFSA

    If you did not file, send a letter stating this.

  3. Check your mail and submit any additional & information the Financial Aid Office requests

    May take up to 4 weeks from the date FAFSA is received. Financial Aid will send you a confirmation letter. (May take up to 6 weeks)

  4. Submit your Rosemead application for admission as soon as possible.

    Acceptance into Biola University is essential when pursuing aid. Rosemead application (PDF).


Financial Aid Resources

Biola University is aware of the ever-increasing costs that affect individuals who continue their education at the graduate level. Financial aid is best understood as a package developed from a variety of resources. One resource alone is probably not enough to provide for your education. However, a number of resources can be combined into a package to meet your expenses.

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
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 $2,300 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:

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:
All Rosemead students
Amount:
Up to the cost of education.
Renewable:
Yearly. Must apply every year.
Deadline:
August 15
Application:
FAFSA (online)

If a student requires additional funding after the base Stafford Loan (subsidized or unsubsidized) and the $10,000 of Additional Unsubsidized Stafford Loan (automatically placed in all Rosemead students' packages), the student may request more additional unsubsidized funds.

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.

Rosemead Assistantships

Eligibility:
Rosemead student, second year and above. Further eligibility requirements and use of funds is established through Rosemead faculty committees.
students in library

Financial Aid Assistance

Additional information and counseling to assist you with your financial aid is available. Contact the Admissions Office.