Private Loans

After considering all the resources available through the Teachers College Office of Financial Aid, some students need further assistance and choose to secure a private loan through a lender of their choice.

Students who choose the private student loan route will apply for the loan independently, and the lender will electronically send the loan information to Teachers College for certification of student information. The Office of Financial Aid does not promote or work with one particular private loan lender.

Before seeking a private loan, you should first:

• Exhaust all other federal aid resources. In this situation, it may be best to speak directly with a counselor in our office.
• Note that in terms of repayment, many private lenders will not be as flexible as the federal lenders will be.
• Discuss alternative payment options and plans with the Office of the Bursar.
• If you decide to borrow from a private lender, here are some things to consider:
  • Borrow only what you need to pay your expenses.
  • Fully understand the terms and conditions associated with your loan.
  • Use comparison charts and checklists to ensure that you find the best deal with regard to grace periods, interest rates, and repayment options.
  • Remember that borrowing now will impact your life in the future.
  • Revisit your goals, and work to thoroughly understand what you will face during repayment.

Learn how to Avoid Deceptive Offers and understand the differences between Federal vs. Private Loans. Additionally, the NYC Higher Education Services Corporation (HESC) provides a useful tool to compare and contrast different private loan sources.

After a private student loan is certified by the Office of Financial Aid, please allow 7-10 business days for processing with the lender. Once the funds arrive at Teachers College, Office of the Bursar will apply the funds to your account as needed.