Financial Aid Budget
US students who are looking to meet the remaining amount in their financial aid budget can choose to borrow through a private loan instead of the Graduate PLUS loan. International students may apply to be considered for private loans with a US cosigner. In addition, a no-cosigner loan may also be available to those who qualify.
A number of private lenders and outside agencies offer students sources of funding for their MBA financing needs. Our office does not endorse or promote any particular lender, however, the University has created a suggested lender chart for your convenience.
Private loans typically have variable interest rates based upon the student and/or cosigner's credit score, but fixed-rate private loan options are also offered by some lenders. Please note that the University cannot act as a cosigner or sponsor for either domestic or international students.
Below are important guidelines to follow when applying for a private student loan:
- You may apply for a semester-only loan or a combined loan for the entire academic year. We recommend one loan application for each academic year to minimize the number of credit inquiries as these can impact credit approval.
- You must complete a new application with the lender of your choice for each academic year.
- Be sure to select the correct school code for Columbia Business School, which is 002707-03.
- Once you accept the loan with your lender, you must submit the Private Loan Request Form found in our Forms Library.
Domestic Student Loans
Eligible Federal Aid
Students should apply for all eligible federal aid available (by submitting the FAFSA) before considering a private, alternative loan, but you are not required to file a FAFSA in order to apply for a private loan. Such loans are for education purposes, which means you must be a registered student and the amount you can borrow cannot exceed your financial aid budget as listed on the Columbia Business School Financial Aid website.
It is recommended that students max out the fixed rate federal loan before taking a private loan. The federal loan programs usually provide better terms related to loan repayment as compared to the private loans. Students can review factors to consider when comparing federal and private loans.
Individual lenders will, at their discretion, evaluate credit history. Private loan terms, conditions, and eligibility requirements will vary, and the borrower (and co-borrower, if applicable) should first compare information among available student loan providers and apply for the one that best suits their needs.
Resources
- The Suggested Lender List provides a comparison chart of such information from a select group of lenders offering private education loans. Students have the right and ability to borrow from the educational lender of their choice and are not limited to those on the Suggested Lender List.
- For application instructions, please visit each lender's website or else you may contact the lender using their toll-free number. Once you accept the loan with your lender, submit the Private Loan Request Form through our website.
- Typical processing time for private loans is 3-4 weeks. Please plan accordingly and apply by the deadline recommended by the Financial Aid Office.
- Information about loan programs can be found on the University’s Student Financial Aid site.
International Students Loans
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.