Information about loan application procedures is available in the Loan Applications secton.
The Federal Direct Stafford Loan Program This Program is the government’s primary form of financial assistance for graduate students. The terms of the Federal Direct Stafford loan are more generous than those of the Federal Direct Graduate PLUS Loan program and private educational loan programs.
Unlike credit-based loan programs, the Direct Stafford loan has a fixed interest rate of 6.8% for graduate students and does not require a credit check. Students are eligible to apply for up to $20,500 annually from the Federal Direct Stafford Loan Program provided they are U.S. citizens or eligible non-citizens, have satisfied all Selective Service Act requirements, are not in default or owe a repayment on any Title IV program, and maintain satisfactory academic progress.
It is important to note that the interest subsidy of the Federal Direct Subsidized Stafford Loan will be eliminated for all 2012-2013 academic year loans for graduate and professional students. Students can still borrow up to $20,500 in Stafford loan funds, but these loan funds will be completely Unsubsidized.
Eligibility is determined by the results from the Free Application for Federal Student Aid (FAFSA), which must be filed annually.
Additional information and loan terms regarding the Federal Direct Stafford Loan is provided in the Federal/Institutional Loan Chartat the bottom of this webpage.
The Federal Perkins Loan Program Federal Perkins loans have a low fixed interest rate of 5% but, unlike Direct Stafford loan funds, Perkins funds are limited; funding is by federal appropriation to the University, which then allocates funds to various divisions. The Financial Aid Office awards Perkins loans to J.D. students based on an assessment of exceptional financial need as determined by the results from the FAFSA and the Need Access Application. At a minimum, applicants must meet the same eligibility criteria as for the Federal Direct Stafford loan program, above.
Additional information and loan terms regarding the Federal Perkins Loan is provided in the Federal/Institutional Loan Chartat the bottom of this webpage.
Federal Direct Graduate PLUS Loan Program Federal Direct Graduate PLUS loans presently have a fixed interest rate of 7.9%. These loans have an origination fee of 4%. Students are eligible to borrow the Federal Direct Graduate PLUS loan provided they are U.S. citizens or eligible non-citizens, have satisfied all Selective Service Act requirements, are not in default or owe a repayment on any Title IV program, and maintain satisfactory academic progress.
This loan allows the student (not your parents) to borrow up to the cost of attendance less any other financial aid and has no aggregate limits. A credit check is required to be eligible for this loan, but the credit criteria is less stringent than with most private student loans.
This loan program has the benefits of a federal loan program (deferment, forbearance, death and disability cancellation, consolidation, etc.), but does not offer a grace period; repayment begins immediately after graduation or after enrollment status drops to less than half-time. However, loan servicers may offer optional deferment or forbearance for students unable to make loan payments upon graduation. Remember that students who have defaulted on prior educational loans, or who otherwise have an adverse credit history, may not be able to secure the loans necessary to finance their education. Institutional funds will not be available to replace unavailable credit-based loans, and in such cases students will have to find other means to pay for their education.
Additional information and loan terms regarding the Federal Direct Graduate PLUS Loan is provided in the Federal/Institutional Loan Chartat the bottom of this webpage.
Columbia University Loan Programs Columbia University Loans were created through Law School endowments for the restricted purpose of providing loans to needy J.D. students. Because CU Loans are based on financial need, the funds generally are allocated to grant recipients as part of the financial aid package.There is not a separate application for the CU loans; J.D. grant applicants are considered automatically. International students must provide a credit-worthy U.S. cosigner as guarantor.
Additional information and loan terms regarding Columbia University Loans for J.D. students is provided in the Federal/Institutional Loan Chart at the bottom of this webpage.
Information regarding federal and institutional educational loan programs is also located on the Columbia University Student Financial Services Website under the Federal Aid or Institutional Aid sections. Students interested in these loan types must carefully review the Columbia University Student Financial Services Website for detailed graduate loan information.
Information about loan application procedures is available in the Loan Applications secton of this website.
