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Teachers College, Columbia University
Teachers College
Columbia University
Office of Financial Aid
Office of Financial Aid
Teachers College, Columbia University
Teachers College, Columbia University

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Arts & Humanities

Teachers College, Columbia University

Welcome to the Office of Financial Aid

Loans » General Loan Info

There are several types of student loans available to Teachers College students. To qualify for any of the federal loans an applicant must be a U.S. citizen or permanent resident and must be enrolled at least half-time (6 points or the equivalent) in a degree program. You must also file a Free Application for Federal Student Aid (FAFSA).

International students may qualify for creditworthy Private/Alternative loans from a bank by securing a cosigner who is a US citizen or permanent resident. This is a non-federal loan. Consult with a financial aid counselor for more information.

Frequently Asked Questions: Loan

Q.  What is the maximum I can borrow from the Safford loan?

A.  The maximum amount in Stafford loans a student can receive in an academic year is $20,500.

Federal Stafford Loan Borrowing Limits

Subsidized/Unsubsidized    $ 8,500
Additional Unsubsidized     $12,000  
Total                                         $20,500

Q.  What is the difference between Subsidized and Unsubsidized Stafford loan?

A. A subsidized loan is awarded on the basis of financial need (cost of education minus EFC and other aid).  You will not be charged any interest while you are enrolled in school at least half-time (6 credits) status.  The federal government "subsidizes" the interest during these periods.  An unsubsidized loan is not awarded on the basis of need.  You'll be charged interest from the time the loan is disbursed until it's paid in full.

NOTE:  Students who do not qualify for a subsidized Stafford loan may borrow up to $20,500 under the Unsubsidized Stafford loan.

Q.  What is the interest rate on the Stafford loan?

A.  Fixed rate of 6.8%.

NOTE:  Interest rates are subject to change July 1.

Q. What is the interest rate on the Federal Perkins Loan?

A.  The Federal Perkins Loan is awarded on the basis of financial need (cost of education minus EFC and other aid).  You will not be charged any interest while you are enrolled in school at least half-time (6 credits) status.  The interest rate is fixed at 5%.  If awarded, you must visit the Student Accounts Office at 133 Thompson Hall.  Their telephone number is (212) 678-3056. Please select the appropriate tab under loans for more info.

Q.  What is the interest rate on the Graduate Plus loan?

A.  Fixed rate of 8.50%.

 
 Q:  May I use any lender I wish? 

A:  Yes, absolutely.  We will process any loan application we receive. 
 
  Q:  Does Teachers College have preferred lenders?

A:  Yes
 
Q:  How were these lenders placed on the preferred list? 

A:  Excellent customer service;  The best products and features we could find with no hidden fees;  Toll free customer service numbers; Full electronic processing of loans including electronic transfer of funds; Quick response to the needs of Teacher College students; An extensive knowledge of Teachers College processes; Dedicated representatives for Teachers College staff to resolve issues quickly
 
Q:  Do these lenders sell their loans? 

A:  Academic Finance Corporation-does not sell the loans it originates to other Brazos entities and does not sell loans outside of the Brazos companies.
 
Citibank- generally hold and service Citibank student loans originated and serviced on their servicing platform for the “life of the loan”.  On occasion, Citibank will sell loans that are (i) serviced by a third party, (ii) have been included in a securitization and sold to a trust, or (iii) on which a borrower has defaulted.
 
College Loan Corporation-as a general rule does not sell their loans, if they do they ensure the account will remain with the same servicer to avoid confusion to the borrower.
 
Q.  I just received my award letter, and I need more money to cover tuition and my expenses.  Do I have any options?

A.  Many students find that after receiving their award amounts for federal funding they still need more money to cover tuition and other educational expenses.  You may want to look into the Deferred Payment plan offered by the Students Account Office at Teachers College, please contact them at (212) 678-3056 for further information.  Another alternative is applying for a private loan.  Please select the appropriate tab under loans for more info.

Q.  How do I consolidate my loans?

A.  You should contact your bank(lender) .

Q.  Who did I borrow my loans with?

A.  If you forgot please visit www.nslds.ed.gov .

Q. When can I expect a refund from my account?

A. You can expect your refund once your financial aid (Stafford Loans, Perkins, scholarship) has covered all of your charges.  The Office of Student Accounts will then mail to you your refund check.

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