While Columbia does not require loans as part of the financial aid package for any student, families may choose to borrow loans to finance all or a portion of the expected Family Contribution. We recommend speaking to a Financial Aid Officer prior to applying to determine accurate borrowing needs.
Federal Direct Loan
|Annual Loan Limits||Dependent Undergraduate Students||Independent Undergraduate Students (and dependent students whose parents are denied a Parent PLUS Loan)|
|Third Year & Beyond|
* The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. Speak with an officer for individual borrowing eligibility.
- Interest Rate = 4.29% for loans disbursed after July 1, 2015.
- Origination Fee prior to October 1, 2015 = 1.073% Calculate Fee
- Subsidized Loans: Interest begins accruing after the six-month grace period (post-graduation or during a period of unenrollment longer than six months).
- Unsubsidized Loans: Interest accrues once the loan is disbursed to the student account.
*Students must qualify for subsidized student loans. If students are not eligible for any subsidized loan, they are still able to borrow the maximum in an unsubsidized loan.
- Students can estimate post-graduation monthly loan repayment using the Repayment Estimator.
- Read more about the Federal Direct Loan.
Federal Perkins Loan
- The Federal Government is in the process of discontinuing the Perkins Loan program. All first-time Columbia Perkins Loan borrowers must request the loan and complete all associated loan requirements prior to September 30, 2015 in order to secure the loan.
- Columbia students who have borrowed the Perkins Loan in prior years will be eligible to request the Perkins Loan after September 30,2015.
- Before requesting Perkins funds, students must first borrow their full Direct Federal Stafford Subsidized loan eligibility.
- Perkins funds are available on a first-come first-serve basis for qualifying students with federal eligibility. To determine if you are eligible for a Perkins loan, please contact our office.
- Undergraduate students may borrow a maximum of $5,500 (if eligible).
- 2015-2016 Interest Rate= 5%
- No interest will accrue while the student is enrolled in school at least half-time.
- Read more about the Federal Perkins loan.
Federal Parent PLUS Loan
- Parents may borrow up to the total cost of attendance minus any other financial assistance received.
- Interest Rate = 6.84% for loans disbursed after July 1, 2015.
- Origination Fee prior to October 1, 2015 = 4.292% Calculate Fee
- To borrow the PLUS Loan, parents must pass a credit review and must not have adverse credit.
- If a parent is denied the PLUS based on credit, our office will contact them with options to appeal the decision directly with the Dept. of Education, re-apply for the PLUS Loan with an Endorser, or with steps their student can take to obtain additional unsubsidized Stafford Loan funds.
- PLUS Loans automatically go into repayment once the loan disburses, but parents have the option to contact their Loan Servicer directly to request repayment be deferred until after the student graduates.
- Read more about the PLUS Loan.
Private & International Loans
- Students and parents may choose to finance through an educational private loan with a lender of their choice. Families must secure these loans with the lender directly and then complete our online application in order for the loan to be certified.
- Fees and interest rates vary based on the lender. Columbia offers a Suggested Lender List for families to reference. Please note you do not have to choose a lender on this list.
International Student Loans
- International students may apply for educational loans using a private lender of their choice.
- Please note: some lenders may require students to apply with a U.S. Citizen or permanent resident creditworthy cosigner.
- Columbia offers a Suggested Lender List for families to reference. Please note you do not have to choose a lender on this list.
- Once students secure a loan with the lender directly, they must then complete our online application in order for the loan to be certified.