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Loans

The FAFSA helps determine your financial need, and part of your aid offer may include loans available to you based on your need. You can take on specific loans — which are financial awards that need to be repaid with interest — depending on your plans for financing your Biola education.

Direct Subsidized & Unsubsidized Loans

The Direct Loan is 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 and Interest
Grade Level Base Direct Loan Dependent Undergraduate Unsubsidized Independent Undergraduate Unsubsidized
Freshman
(0–26 credits)		 $3,500 $2,000 $6,000
Sophomore
(27–56 credits)		 $4,500 $2,000 $6,000
Junior
(57–87 credits)		 $5,500 $2,000 $7,000
Senior
(88+ credits)		 $5,500 $2,000 $7,000
Teaching Credential $5,500 Ineligible $7,000

For current Direct Loan interest rates and origination fee amounts, please visit the .

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Application

Students must complete the following applications:

  1. (online form; with Biola listed)
  2. (online form)
Deadline

April 15 — This is the recommended deadline 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

Students must meet the following eligibility requirements:

  • Student must be enrolled at least half-time
  • Financial need, as determined by the FAFSA, will determine whether the student is eligible to receive subsidized or unsubsidized funding
Repayment

Loan repayment is deferred while a student is enrolled at least half-time in a degree program. Repayment typically begins six months after a student drops below half-time enrollment.

Renewable Status

Yes, this loan is renewable yearly (with the completion of a FAFSA). MPN is valid for up to 10 years.