Columbia University Student Financial Services

Do I need to file the free Application for Student Aid (FAFSA) each year?

 

Yes. The federal government requires students to submit income, assets and household information each year. Continuing students should be receiving a Renewal FAFSA in the mail around November 1 of each year. An original FAFSA or the Renewal Application should be submitted after January 1, but prior to March 1^st each year.

 

 

 

Is the FAFSA the only document I need to file if I am interested in receiving a Federal Stafford Loan?

 

No.In addition to completing the FAFSA, you must submit a Federal Stafford Loan Request Form to Student Financial Planning if you are interested in receiving a Federal Stafford Loan.Finally, you must also complete a Master Promissory Note.This is usually mailed to you by the lender you have selected.However, you can also complete this form in the Student Financial Planning Office.

 

 

How long will it take for my FAFSA information to reach Columbia?

 

If you filed the FAFSA electronically at www.fafsa.ed.gov , then should take two to four weeks for Columbia to receive the information. If you file the FAFSA via the paper application, it could take up to 6 weeks for Columbia to receive the data.

 

 

Will I receive a confirmation that my FAFSA has been processed?

 

Yes. You will receive acknowledgement from the federal processor via email or regular mail.You will receive a form called the Student Aid Report (SAR).The SAR will inform you if additional information needs to be submitted to Columbia.

 

 

Does Columbia require other necessary documents in order to receive financial assistance?

 

Some schools at Columbia require a FAFSA and a Planned Enrollment Form. Please review the admission information sent to you by Columbia or contact Student Financial Planning to determine if additional documentation is required.

 

 

What is meant by federal verification and why might I have been selected?

 

Students are randomly selected by the federal government for “verification.” Students are required to submit to the Student Financial Planning office copies of their most recent federal tax returns and a Federal Verification Worksheet. A Federal Verification Worksheet can be obtained by calling Student Financial Planning.

 

 

What kinds of financial assistance are available to foreign students, and what application materials need to be submitted to be considered for assistance?

 

Foreign students may also participate in loan programs offered through the Columbia Comprehensive Educational Financial Plan. Foreign students must apply with a co-borrower who is a US citizen or permanent resident. Please call Student Financial Planning for more information.

 

 

Can I receive financial aid if I am taking less than a full-time (12 units) course load?

 

Yes, as long as you are taking 6 points in a matriculated program.Most federal financial aid programs require a student to be enrolled at least half-time (6 credits). However there are other funding sources available through the Columbia Comprehensive Educational Private loan Program that will allow a student to borrow if he/she is enrolled for less than 6 credits. This private loan program is a credit based loan. Borrowers must be approved for the loan.

 

 

I am a New York state resident, how do I apply to TAP?

 

Students can obtain an application by calling the higher Education Service Corporation at (518) 474-5642 or online at http://www.hesc.com/.

 

 

What is APTS?

 

The Aid For Part-Time Study program is a grand program financed by New York State in conjunction with participating educational institutions through out the state. The program provides up tot $2,000 per year to help part-time undergraduate students meet their educational expenses.

 

 

Who is eligible for APTS?

 

To be considered for an award, a student must:

• Be working toward an undergrad degree or enrolled in a registered certificate program as a part time student enrolled for 3 but fewer than 12 credits

• Be a resident of New York State
• Meet income limits

 

 

What are the income limits for APTS?

 

• Income means the net taxable income as taken from the New York State income tax return.
• If you were claimed as a tax dependent by your parents, family income (i. e., net taxable income fog student and parents) cannot exceed $50,550.
• If you were not eligible to be claimed as a tax dependent by you parents, income (I.e., net taxable income for student and/or spouse if married as of December 31^st) cannot exceed $34,250.
• If you were not eligible to be claimed as a tax dependent by your parents but you were eligible to claim dependants of your own other than yourself and/or your spouse, income (i.e., net taxable income of student and spouse) cannot exceed $50,550.

 

 

I am eligible for tuition exemption, what is the process of getting that credited to my student account?

 

If you are a Columbia employee, spouse/domestic partner or a dependent, you need to come to the Student Service Center and complete a tuition exemption form. If you are eligible for tuition exemption through your department (e. g. department research assistant, or teaching assistant) the exemption will be processed by you department. The exemption will be processed by your department. Once the exemption has been processed, the tuition exemption credit will show up on your student account.

 

 

 

 

I have been accepted into next year’s class, how do I go about getting a FAFSA and when should it be submitted?

 

You may obtain a FAFSA at any of your local colleges, community colleges or high schools or apply online at www. FAFSA.ed.gov. You should file the FAFSA after January 1.

 

 

 

How long does it take to process a Federal Stafford loan, and what can I do to expedite the process?

 

The process (from submission of the application to Student Financial Planning to receiving the loan funds) should take about two to four weeks. You can expedite the process by completing the application thoroughly and accurately before the start of the semester.

Who can receive a Federal Perkins Loan done?

 

Federal Perkins Loans are limited and awarded to the students with the highest need.The information submitted on the FAFSA form and the guidelines establish by your school determine who these students are. If you have questions regarding your eligibility please contact Student Financial Planning

 

 

 

How is the Federal Perkins loan credited to my account?

 

Students are required to sign a Master Promissory Note prior to the disbursement of their Federal Perkins Loan. Once you have completed your promissory note the loan funds will be automatically credited to your account. Please come by the Student Financial Services office to sign your promissory notes.

Who is eligible to borrow Federal Stafford Loans?

 

 

 

 

Students who are enrolled in an eligible program of study, at least half-time (6 credits) and who are meeting satisfactory academic progress at Columbia are eligible to borrow through the federal Stafford Loan Program

 

 

 

What is the difference between a Federal “Subsidized” and “Unsubsidized” Stafford Loan?

 

 

 

 

The main difference between the Federal Subsidized Stafford loan and Unsubsidized loan is that interest charges on a subsidized loan is paid by the federal government while the student is enrolled at least half-time, while interest for the unsubsidized loan is paid by the student each month or is added (capitalized) to the loan amount at the time students begins repayment.

 

 

 

 

 

 

 

How can I find out if my loan proceeds are available?

 

 

 

 

You may check the status of your loan and the availability of your loan funds by checking the Columbia website SSOL (student services on-line). This particular link provides a view of your account, financial aid, and more.

 

 

 

Where do I sign for loan proceeds?

 

 

 

 

Most of the lenders that participate in the federal loan programs use Electronic Funds Transfer (EFT) as the method for disbursing loan proceeds. Students who choose to have their loan proceeds delivered through EFT will need to come to the Cashiers window Student Financial Services, 210 Kent Hall, to sign for the proceeds.