LOANS & PAPERWORK
Financing Options:
Even though the recent Columbia financial aid enhancements have eliminated student loans from the initial financial aid award, students may still choose to finance their education through a combination of student loans, parent loans and/or monthly payment plans. Here are some financing options which our families can choose from to make their payments to the University.
- TuitionPay Payment Plan (10 Month payment Plan: July through April)
- Student Loans: Federal Stafford Loans
- Parent Loans: Federal Parent Loans for Undergraduate Students (PLUS)
- Canadian Provincial Loans
- Private Educational Loans
- Loan Request Form for Stafford, PLUS and Private Loan Borrowers
TuitionPay Payment Plan (10 Month payment Plan: July through April)
- enables students and their families to pay tuition and fees billed through the University over several months, rather than in one payment,
- administered by Sallie Mae,
- not a loan,
- no interest charges or credit checks,
- a one-time annual application fee does apply
Columbia participates in this one payment plan. If you are using the payment plan and also borrowing loans, however, you have the right and ability to select the provider or your choice for your loans. You are not required to use the company that administers the payment plan as your loan provider, and you will suffer no penalty for choosing an education loan provider that is different from the one that administers the payment plan.
TuitionPay Payment Plan details are available online at:
http://www.columbia.edu/cu/sfs/docs/billing/payment-options.html#N100FB
- Eligible students have the option of borrowing through the Federal Stafford Loan Program; however, we highly recommend that you speak to a financial aid advisor to determine accurate borrowing needs.
- More information on Stafford Loans at http://www.columbia.edu/cu/sfs/docs/Ugrad_Fin_Aid/Federal/Stafford.html.
Parent Loans: Federal Parent Loans for Undergraduate Students (PLUS)
Federal PLUS loans assist eligible parents with payment of college charges.
- a credit-based loan with reasonable annual interest rates capped at 9.0%.
- may borrow any amount up to the total cost of attendance less financial aid awarded to the student
- repayment of interest and principal begins sixty days after the loan is fully disbursed.
- the student and the parent borrower must be U.S. citizens or nationals, permanent residents, or eligible non-citizens
- the borrower may not have an adverse credit history.
If a parent is denied a PLUS loan, then Columbia can authorize additional (unsubsidized) Stafford Loan money for a dependent student. Additional amounts are limited to $4,000 for students in the first and second years and $5,000 for students in the third and fourth years.
For more information please visit the Student Financial Services website: http://www.columbia.edu/cu/sfs/docs/Ugrad_Fin_Aid/Federal/Plus_Loans.html.
Canadian Provincial Loans: Canadian citizens are not eligible for PLUS or Stafford Loans. Canadian families do have access to Provincial Loans and they should contact their provincial government regarding these loans.
Private Educational Loans: For more information, please review http://www.columbia.edu/cu/sfs/docs/Ugrad_Fin_Aid/Private_Loans/index.html
Loan Request Form for Stafford, PLUS & Private Loan Borrowers: Students/parents who seek to borrow federal and/or private loans should complete the Loan Request Form: http://www.studentaffairs.columbia.edu/finaid/downloads/pdfs/2009-2010_Loan_Request_Form.pdf