Cosigner Options
International students may choose to borrow a fixed or variable interest rate private educational loan with a creditworthy US cosigner. Each year, Columbia University publishes a suggested Lender List which provides a comparison chart of private lenders offering education loans to international students with a creditworthy US cosigner. Your US cosigner must be a US citizen or permanent resident. Keep in mind that for some lenders, a student must have a social security number in addition to having a cosigner. For application instructions, please visit each lender's website. The amount you can borrow cannot exceed your financial aid budget as listed on the Columbia Business School Financial Aid website. Once you accept the loan with your lender, submit the Private Loan Request Form through our website. Processing time for loans is 4-6 weeks assuming all documentation is in order. Please plan accordingly and apply by the deadline recommended by the Financial Aid Office.
No-cosigner Options
There are currently two no-cosigner lenders accepting loan applications for August-entering students – Prodigy Finance and MPower Financing. Prodigy does not approve loans for all nationalities and their funding-application process includes matching students to secured investor funds. MPower approves most nationalities but has limitations to their loan amounts. Students are encouraged to also look into home country loan options and/or to apply with a US cosigner for the best possible rates.
Our best advice at this time is to apply to all possible loan programs so that you have the best chance at approval and to have full information before you begin the I-20 process.