Loans
Approximately one-third of Executive MBA students take advantage of federal and private loan programs to finance their MBA. Students interested in these loan types must carefully review the Columbia University Student Financial Services site for detailed graduate loan information. This centralized information pertains to U.S. citizens, U.S. permanent residents and international students.
If you have questions, please contact the Financial Aid Office at (212) 854-4057 or e-mail us at finaid@gsb.columbia.edu.
Federal Stafford Loans
U.S. citizens and permanent residents may apply for fixed-rate federal Stafford Loans. Students should file the Free Application for Federal Student Aid (FAFSA) for now and wait for application instructions on the Admitted Students site once they have been admitted.
Stafford Loans (both subsidized and unsubsidized) are available to U.S. citizens and permanent residents only.
Subsidized loan funds are need-based, and interest is paid only during in-school and grace periods.
Unsubsidized loan funds: the student is responsible for interest accrued while in school but payment on this interest may be deferred until graduation (or paid while in school).
You may apply for $20,500* through the federal Stafford Loan for a two-semester loan period. As this is a two-term loan, you will receive half at the beginning of the first semester and the second half in the following semester. The Stafford Loan has a fixed interest rate of 6.8%. Repayment begins six months after graduation or six months after you drop below half-time (six credits), whichever comes first. The maximum repayment period is 10 years.
To determine eligibility for the federal Stafford Student Loan program, you must complete the Free Application for Federal Student Aid (FAFSA) form for each loan period. This form may be completed online at www.fafsa.ed.gov. Please use the Title IV school code for Columbia Business School: E00116.
* Does not figure in origination and guarantee fees, which may be deducted from each disbursement of the loan funds depending on the lender.
Supplemental / Alternative Loans
Fixed-Rate Federal Graduate PLUS Loans
Domestic students may be able to meet the cost of attendance through a fixed-rate federal loan called the Graduate PLUS Loan. Please visit the Columbia University Student Financial Services site for detailed information regarding this loan.
Variable-Rate Private Loans
There are several private loan programs offered to both U.S. citizens and non-U.S. citizens that are based mostly on your credit history. At this point in the application cycle, you should pull a copy of your credit report in advance to check for discrepancies; the credit report and score are the most important factors in determining eligibility and interest-rate tier.
International students are only eligible to be considered for private loans with a U.S. cosigner. Please visit the Columbia University Student Financial Services site for detailed information regarding this loan.
Financial Aid Policies
Change of Academic Status
Your financial aid eligibility is based on your full-time academic status. In the event that your status changes as a result of a leave of absence, withdrawal or dropping below full-time status (12 credits), you must notify the Financial Aid Office.
Your federal loan eligibility is based on maintaining at least half-time status (6 credits). If you drop below half-time status for any reason, you must notify the Financial Aid Office.
The Financial Aid Office will review your eligibility and inform you of your options.
Federal Loan Entrance/ Exit Interview
Before a student can receive any federal loan funds, a Federal Loan Entrance Interview must be completed. The Federal Loan Entrance Interview explains the student’s rights and responsibilities as a federal loan borrower. Federal aid cannot be released onto a student’s account unless this requirement is met.
The Federal Loan Exit Interview must be completed before graduation or when a student falls below half-time status (6 credits). The Federal Loan Exit Interview explains the basic terms and repayment schedule of federal loans. Failure to complete the Federal Loan Exit Interview will result in the withholding of your diploma and an official Columbia University transcript.
Holds
If a student’s account is placed on HOLD for outstanding account balances, failure to satisfy immunization requirements, or any other reason, the Financial Aid Office is unable to release or process any financial aid for that semester. You cannot be officially registered student unless this HOLD is lifted and classes are posted onto the University’s system. Once officially registered, your financial aid can be processed and funds can be released. Please refer to the Student Academic Affairs website for additional information.
Satisfactory Academic Progress
Satisfactory Academic Progress (SAP) must be maintained by a student in order to receive federal financial aid. A Columbia Business School student must:
- maintain a GPA of 4.0 or above on a 10 point scale
- successfully complete 80% of the classes attempted in any given semester, including failures and withdrawals
- limit the number of LPs on the transcript and cannot have more than 3 count toward the degree
Verification
The Department of Education randomly selects 30% of FAFSA applications for a process called “Verification”. If you are selected for Verification you will be notified both by the Department of Education via your SAR (Student Aid Report) and by the school via a Missing Information Letter. Before the school can finish processing any federal aid the student must complete and sign a Verification Worksheet and a signed federal tax return. Once all documents have been collected and reviewed, the school is able to finish processing the student’s federal aid and then the award letter can be released.
If you were selected for Verification, please contact the Financial Aid Office and request a Verification Worksheet.
