Columbia University Student Financial Services

Eligibility

• Be a graduate or professional student
• Meet full federal eligibility
• Complete a FAFSA
• Complete a loan application with your lender of choice
• First borrow the full amount for which you are eligible under the Federal Stafford Loan
• Pass a credit review and must not have adverse credit, defined as:
• A current 90-day delinquency
• Debt discharged in bankruptcy during the past five year
• Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV debt during the past five years

If you do not meet the credit criteria, you can apply with an endorser who must meet the credit criteria. The endorser promises to repay the loan if the borrower fails to do so as agreed. PLUS Loan credit decisions are valid for 180 days.

Application

You must complete a promissory note directly with your lender of choice. Check with your School’s financial aid office for specific information about deadlines and requirements of providing a copy of the application.

Borrowing Limits

The student budget or cost of attendance represents the maximum aid you can be awarded through any combination of scholarships, fellowships, federal and private loans certified through Columbia University for the academic year. To determine the maximum amount you can borrow in alternative loans, take the student budget and subtract any other financial aid awards, and the balance is the amount you can borrow in an alternative loan. If you applying for a PLUS loan, you can apply for 3% more to cover the loan origination fees.

Interest Rate

As of July 1, 2006, this rate is fixed at 8.5%. Interest accrues from the date of disbursement. Interest can be paid while enrolled or deferred and capitalized at the time of repayment. Many lenders offer borrower benefits to reduce this interest rate at graduation.

Mandatory Fees

The federal government assesses a mandatory Origination Fee of 3% of principal borrowed, which is deducted from each disbursement of the loan. Separately, the guarantee agency assesses a Federal Default Fee of up to 1% of principal borrowed, but all of Columbia University’s suggested lenders pay this default fee on the borrower’s behalf. The origination fee of 3% cannot be avoided.

Graduate PLUS Loan vs. Private Loan

Disbursement

Loan funds are usually sent electronically to Columbia University and disbursed to the student account. Paper checks must be endorsed at the Cashiering office:

Morningside

Student Financial Services

210 Kent Hall

Medical Center

Student Administrative Services

1-127 Black Building

Suggested Lenders

Please see the Suggested Lenders section. 

Other Lenders

Loan Comparison Resource