Our staff builds your financial aid offer with as much aid as possible, but there may still be a gap between what you can afford and what it will cost you to attend. If this is your situation, private loans may be an option.
Private loans operate differently than federal student loans and have their own advantages and disadvantages. Many private lenders do not offer flexible repayment terms, and they may have higher interest rates and fees. It is your responsibility to understand all of the details if you take out a private loan.
Remember that these loans have to be repaid. Borrowing now will impact your life in the future. You should borrow only what you need to pay your expenses.
If you take out a private loan, you should expect your funds to be disbursed at Teachers College as early as the first day of classes or within two weeks from when your loan was certified if the request was submitted after the start of the term.
Private Loans take longer to process than federal loans due to the multiple disclosure statements and right-to-cancel periods required by federal lending laws. Please read carefully to understand the process.
Note: When inputting the dates on your application, only indicate the dates that coincide with the academic year you are applying for, not the entirety of your program.
2023-2024 Academic Year |
||
Term |
Start Date |
End Date |
Fall 2023 |
09/05/2023 |
12/22/2023 |
Spring 2024 |
01/16/2024 |
05/06/2024 |
Summer 2024 |
05/23/2024 |
08/16/2024 |
2024-2025 Academic Year |
||
Term |
Start Date |
End Date |
Fall 2024 |
09/03/2024 |
12/23/2024 |
Spring 2025 |
01/21/2025 |
05/12/2025 |
Summer 2025 |
05/22/2025 |
08/15/2025 |
Learn how to avoid deceptive offers and understand the differences between Federal vs. Private Loans.
Students can borrow up their overall cost of attendance (COA) less any other aid resources (i.e., scholarships, grants, federal student aid, etc.). To determine the maximum amount you may borrow, take the COA and subtract any other financial aid awards received. Students can view their COA and award offer on their myTC Portal. Students can also view a breakdown of the institution’s COA.
Federal regulations require lenders to obtain a Private Education Loan Applicant Self-Certification Form before disbursing a private student loan. The purpose of this form is to ensure students are aware of other aid resources, such as federal student aid, that may offer better terms and conditions than a private loan. If you apply for a private student loan, then you must complete the Self-Certification form and return it to the lender, not to Teachers College.
Teachers College will receive notification directly from the lender once a student has been credit approved, and the Office of Financial Aid will certify the request based on enrollment and the overall cost of attendance. After a private student loan is certified by the Office of Financial Aid, please allow up to 7-10 business days for processing with the lender. Once the funds arrive at Teachers College, the Office of the Bursar will apply the funds to your account as needed. Please note that all processed private loan aid will only be disbursed after the start of each academic term and we are unable to disburse your loan in advance before the semester begins.
The Teachers College code of conduct for Educational Loans prohibits:
Note: All required consumer information shall be displayed in a prominent location on the Financial Aid Office website and in any printed materials, easily identified and found.