Financial Aid FAQs

You can find an up-to-date breakdown of our financial aid budget including tuition, mandatory fees and living expenses on our website.

Financing options refer to the money to help you pay for your graduate education. Your primary source of funding will be through federal and credit-based education loans. Typically, a CBS financial aid package will include a combination of federal and/or private loans, and if eligible, institutional fellowship and scholarship support.

Fellowships for first-year students are merit-based and awarded on the strength of a candidate's entire application. Fellowships can be awarded at any point after admission with the majority of decisions going out in the Spring. No special application forms are required. Given the rolling nature of our admissions process, financial aid decisions are not made at the time a candidate is admitted.

It depends on the award. Most criteria are set by the donors. Some specifically target under-represented minorities, women, country of origin, or industry interest.

There is no set income limit, however, our need assessment includes consideration of all resources (including cash, savings, investments, IRA and retirement accounts, trust funds, real estate equity, G.I. and Social Security benefits, income of both student and spouse, other familial resources, income tax refunds, sponsorships from companies, as well as prior educational debt levels). Decisions are made by committee and based on the available budget as well as certain donor preferences. Lastly, we also take into account merit-based awards made possible by the Admissions office. Additional information might be requested to best assess a candidate's ability to pay and late applications are subject to a different process.

The grants vary for each student; however the awards are typically in the $10,000-$30,000 range (amounts can sometimes be higher in certain circumstances).

While some fellowships can cover up to full tuition they are few in number and extremely competitive. Need based grants range from $10,000-$30,000 per academic year (amounts can sometimes be higher in certain circumstances), which would not be sufficient to cover tuition and fees. There are federal and private loan options that can assist in financing your program costs.

Yes, need-based grants are renewed for the second year, provided students demonstrate receipt of loan funds in their first year. Merit-based awards have a GPA requirement for renewal of 5.5/10.0 if it is a renewable award (some are one-year awards).

Not receiving an award in your first year does not impact your eligibility to apply for your second year. You can complete our four-step scholarship application in the Spring of your first year.

We request parental information to help us get an idea of your full financial picture, as such parental information is required. Please complete this section to the best of your ability.

We can accept your application after the deadline. However, please be advised that we will review your application after those that were received by the deadline date. Late applications are subject to a different process.

Grant assistance is taxable income to the extent that it exceeds tuition, required education fees, and course-related expenses. Course-related expenses are those for books, supplies, and equipment required for your courses. For nonresident aliens, the University is required to withhold federal income tax on grants received in excess of the expenses described above.

In this instance we request that you submit an end of year earnings statement from your employer. If you were not employed please send us a statement detailing your income for this tax year.

As a student admitted after our initial deadline you have two weeks from your date of admission to apply for scholarship. We recommend that you review your “To Do List” on the admitted students’ website for links and instructions.

Students that are 100% sponsored are not considered for financial aid other than student loans. If your sponsorship does not meet the full tuition, you are most welcome to apply for scholarship consideration.

Financial aid for the EMBA program is limited to loans. We have compiled a list of external scholarships and fellowships that you may find useful, while they are primarily geared toward MBA students a number are open to EMBA students as well.

Absolutely, our office has compiled a list of external scholarships and fellowships and external resources that you can review. In addition, you should also think of any organizations to which you belong that might have aid funds available such as: religious organizations, fraternal organizations, clubs, athletics, veteran groups, ethnic groups, unions, employers, rotary clubs, etc.

The scholarships you receive from outside sources will be used to reduce the loan portion of your financial aid package. For example, if you are awarded a $2,000 National Merit Scholarship, your loans will be reduced by the full $2,000. Depending on the award size, your Columbia funding could also be reduced. We will review on a case by case basis.

Domestic students (citizens and permanent residents) are eligible to apply for federal and private loans or a combination of the two; international students are eligible to apply for private loans with a US cosigner, or a no-cosigner loan options are available through Prodigy Finance or MPower Financing. Loan applications are subject to credit approval and are not guaranteed.

Reviewing your credit report prior to applying for loans is certainly a good idea. You can review your credit report via any of the three main credit bureaus.

You should apply for loans and scholarships after you are admitted. Based on your admit date you will have a specific deadline as to when your applications are due. In order to expedite the application process, we encourage you to prepare your tax return early and complete the FAFSA as soon as possible.

The FAFSA (Free Application for Federal Student Aid) is a supporting document for the scholarship application as well as Federal Unsubsidized and Grad PLUS loan applications. Once we receive your FAFSA results our office will create and send you a Finaid Aid package.

We do not use a Columbia Business School specific code. The school code for Columbia University is 002707.

Yes, you need to apply for all of the loans you accept on the award letter. Please review the Document Tracking tab, on your award letter. This will provide links to the required documents.

Students are randomly selected by the federal government for “verification.” Our office will reach out to those students required to complete the Verification process. Selected students are required to submit a Federal Verification Worksheet to our office.

You should certainly research your alternative loan options. You can do an independent search for lenders; all lenders offer our students their national products. We have also compiled a Suggested Lender List for both domestic and international students that you may find useful in you research. You should also feel free to book an appointment with our office to discuss your options in detail.

When trying to figure out how expensive a loan program is, there are three criteria to look at: (1) interest rates, (2) fees charged for guarantee/origination, and (3) frequency of interest capitalization.

Instead of a fixed interest rate, such as 5% or 8%, private loan programs generally have interest rates that are variable (i.e they change periodically). Most are based on either the "Prime Rate", LIBOR, or a "Treasury Bill" rate, such as the "91-day T-Bill", the "13-week T-Bill" or the "52-week T-Bill" rate. Usually, the interest rate on a private loan is based on one of these variable “index” rates plus a set percentage (or "points"), such as "Prime + 3.1 percent." Sometimes the points are referred to as your “margin”. The margin will remain the same for the life of the loan. As all of these indices fluctuate with the market, the interest rates on the loans go up or down. Usually the interest rates on your loans are adjusted quarterly by the lender, although some may adjust more or less frequently. There also may be a different number of points added to the index rate when you are in school versus when you are in repayment.

Guarantee fees are the lender's insurance against your defaulting on the loan, and origination fees are charged for processing the loan. Fees that are charged up front usually come right out of your loan disbursements, so you will net less money than you applied for. Some lenders also add on an additional guarantee fee right at the time you go into repayment. When looking at how much a loan program charges in fees, make sure that you add up both the fees charged initially at disbursement, and any fees charged at the time you go into repayment, so that you know the total amount of fees you can be charged.

Yes, students are advised to carefully review the terms and conditions of each loan type. Additional information be found on our website.

Federal Direct Loan
Maximum of $20,500 per academic year.
Loans disbursed between 7/1/2022-6/30/2023 fixed 6.54% interest rate.
1.057% Origination Fee.
Recommended for eligible students.

Federal Direct Graduate PLUS Loan
Can borrow the amount remaining in your student budget above the Federal Direct loan, and any other aid or sponsorship.
Loans disbursed between 7/1/2022-6/30.2023 fixed 7.54% interest rate.
4.228% Origination Fee.

Private Loans
Can borrow the amount remaining in your student budget above the Federal Direct loan, and any other aid or sponsorship.
Offer fixed and variable rate loans based on your credit score.

This is a personal decision and while we cannot recommend one loan type over another it is best to consider your personal risk tolerance when making this choice.

Yes, no-cosigner loan options are available through Prodigy Finance or MPower Financing. To apply, please visit their website. Many international students also rely on family funds, personal savings, government or company sponsorships, and/or loans secured in their home countries. International students should review our additional resources page, separated by country, for additional external assistance.

Columbia Business School has elected to use a Columbia Business School specific Graduate PLUS Loan Request Form. The form can only be accessed online a link can also be found in your award letter.

In determining the budget, the University applies a conservative and modest estimate of living expenses to all students. Students who face higher costs due to extenuating circumstances may request a budget increase by submitting a formal appeal along with appropriate documentation. If approved, the budget increase would allow students to borrow additional loan funds, subject to lender or Department of Education approval.

This may depend on the type of loans and the grace periods of these loans. If you take a leave of absence, you should make an appointment to see us for individual counseling. You may need to complete paperwork and consider your options based on the length of your leave.

Absolutely, borrowing loans in your second year is not contingent upon borrowing in your first year. Loan application instructions will be sent to the rising second years in the late Spring.

Columbia’s institutional loan programs are awarded as part of the need-based financial aid package prepared when students apply for scholarships. Institutional loans are low interest rate loans that do not accrue interest while in school.

Yes, the Social Enterprise and the Financial Aid Office jointly administer the Loan Forgiveness Program. The program is designed to help alleviate the financial burden associated with repaying education loans while pursuing a career in these sectors.

Loan Assistance grants are capped at $10,000 per year.

Absolutely, students are eligible to apply for loans to cover the financial aid budget minus any sponsorship. Our financial aid budget includes an allocation for living and travel expenses.

The University works with the National Student Loan Clearinghouse to feed enrollment information to lenders. The enrollment feed is sent shortly after the add/drop period at the start of each term. If your lender does not work with the National Student Loan Clearinghouse or if you prefer to manage this process on your own you can request a Certificate of enrollment from the Registrar’s Office via Student Services Online, which you can forward to your lender.

A Federal Consolidation loan allows the borrower to combine one or more of their eligible federal education loans into one new loan – and can extend the repayment term (up to 30 years), allowing lower monthly payments. Loan consolidation is a financial management strategy that may benefit student borrowers, although it may not be the best strategy for everyone. Direct loans first disbursed on or after 7/1/06 already have a fixed rate of 6.8% and do not necessarily need to be consolidated. Students must consolidate pre-2006 federal loan debt under the Federal Direct Loan program if they want to take advantage of Public Service Loan Forgiveness.

Yes, if you have borrowed federal loans during your program you must complete the Federal Exit Interview . If you borrowed an institutional loan you should complete our Institutional Exit interview.

There are multiple strategies for loan repayment. We suggest that students schedule an appointment with one of our advisors to discuss options in depth.

A HOLD on your account will not impact your ability to walk at commencement and recognition; however your diploma will only be released when the HOLD has been cleared.

Your financial aid budget will be based on your enrollment. For any term you are enrolled in the Business School you will be charged the Business School rate , when your enrollment switches to the partner school you will responsible for paying their tuition rate.

Each school will charge you for the terms you are enrolled in each.

No, during your time at Columbia Business School your aid should come from your home institution, as you will not be billed by Columbia Business School.

Your first step would be to get in touch with our University Veterans Affairs, As a veteran, you must complete the Veterans Request for Certification http://veteranaffairs.columbia.edu/content/veterans-request-certification for each term you anticipate receiving benefits. We then recommend that you schedule a meeting with our office to discuss your individual financial aid options.

Yes, we do participate in the Yellow Ribbon Program. The current Yellow Ribbon Program provides $20,000 per academic year with a VA match of the same amount for all who are eligible.

For the Post 9/11 GI Bill, you may receive one payout at the start of each academic year from the VA. The current cap is $26,381.37 per year. If you have 36 months of benefits, you may be able to tap those benefits through the entire program. Your percentage of eligibility will determine if you qualify for Yellow Ribbon.

No, you can certainly apply for need based scholarship and be considered for merit based fellowship.

The University creates a 1098t form for each student, which details your tuition and fees as well as payments for each tax year. You can access your 1098t form online. If you encounter any issues accessing your 1098t form please contact Student Financial Services.

Yes, The TuitionPay Payment Plan, administered by Sallie Mae, enables students and their families to pay tuition and fees billed through the University over several months, rather than in one payment. Detailed information is available at: http://sfs.columbia.edu/pay-plan.

The fee for health insurance can be waived if you provide proof of acceptable external insurance and complete a health insurance waiver. For more information we recommend reaching out to the Health Services Department.