Private Loans

Before applying for a private student loan, ask yourself the following questions:

Have You Exhausted Your Federal Aid Options?

Federal student loans generally provide benefits that are not available through private lenders, including flexible repayment plans and, in some cases, loan forgiveness opportunities.

Before applying for a private loan, determine whether you have fully utilized your eligibility for federal student aid.

Important: Effective July 1, 2026, the Federal Direct Graduate PLUS Loan is no longer available to students beginning new academic programs. However, some students may remain eligible under a legacy provision if they previously borrowed a federal loan for their current program before this date. Contact the Office of Financial Aid if you have questions about your federal loan eligibility.

How Much Debt Will You Have After Graduation?

As a general guideline, your total educational debt should not exceed your anticipated starting annual salary.

Consider how your future monthly loan payments may affect your financial goals, including housing, transportation, and other living expenses.

Have You Calculated the Total Cost of Borrowing?

Interest on private loans may begin accruing while you are enrolled in school. This means the amount you repay may be substantially higher than the amount you originally borrowed.

Borrow only what you need and consider the long-term cost of repayment before accepting a loan.

Fixed vs. Variable Interest Rates

Fixed interest rates remain the same throughout the life of the loan, resulting in more predictable monthly payments.

Variable interest rates may initially be lower but can increase over time as market conditions change. This can make long-term budgeting more difficult.

Capitalization

Many lenders allow students to postpone payments while enrolled in school. Although payments may be deferred, interest often continues to accrue.

When accrued interest is added to your principal balance, the process is called capitalization. After capitalization occurs, future interest is calculated on the larger loan balance.

If possible, consider making interest-only payments while you are enrolled to reduce the overall cost of borrowing.

Credit Scores and Cosigners

Most private lenders consider your credit history when determining your eligibility and interest rate.

Students with limited credit histories may benefit from applying with a creditworthy cosigner. A cosigner may improve loan eligibility and help secure a lower interest rate.

Step 1: Research and Compare Lenders

Teachers College provides access to ELM Select, a lender comparison tool that allows students to review lenders that have historically served Teachers College students.

You can compare lenders based on factors such as:

• Interest rates
• Repayment terms
• Cosigner release options
• Borrower protections
• Death and disability discharge provisions

Important: You are not required to select a lender through ELM Select. You have the right to borrow from any eligible private lender of your choice, and Teachers College will certify loans from any eligible lender that meets institutional and lender requirements.

Step 2: Complete the Loan Application

Submit your loan application directly to your selected lender.

Federal regulations also require borrowers to complete the Private Education Loan Applicant Self-Certification Form as part of the private loan process.

Step 3: School Certification

After your lender receives your application, Teachers College will review and certify your eligibility.

Loan certification is based on your cost of attendance minus all other financial aid and resources.

Please allow 7–10 business days for the certification process.

Step 4: Loan Disbursement

After the loan has been approved and certified, funds will be sent directly to Teachers College and applied to your student account after the beginning of the semester.

Private loans may only be borrowed for a single academic year and cannot be borrowed for multiple years through one application.

Why Are Private Loans Limited to One Academic Year?

• Cost accuracy: Teachers College can certify only the educational expenses associated with a specific academic year.
• Reduced interest costs: Borrowing only what you need may reduce the amount of interest that accrues over time.
• Changing financial circumstances: Your financial situation and credit profile may change from year to year, potentially affecting your borrowing options.

You must submit a new private loan application for each academic year of your program.

2026-2027 Loan Period
Fall 2026	Sept. 2, 2026 - Dec. 22, 2026
Spring 2027	Jan. 19, 2027 - May 10, 2027
Summer 2027	May 20, 202- Aug. 16, 2027

Teachers College is committed to maintaining the highest standards of ethical conduct and professional integrity. In accordance with the Higher Education Opportunity Act (HEOA), all financial aid decisions are made in the best interests of students.

The Office of Financial Aid follows these principles:

• No conflicts of interest: Teachers College does not accept compensation or financial incentives from lenders in exchange for favorable treatment.
• Student choice: Students may select any eligible private lender, and the College will not assign borrowers to a particular lender.
• No revenue-sharing agreements: Teachers College does not participate in revenue-sharing arrangements with lenders.
• No gifts: Financial aid staff may not solicit or accept gifts from lenders, guarantors, or loan servicers.
• No lender staffing assistance: Lenders may not provide staffing support for the Office of Financial Aid.