About Student Loans
A student loan is borrowed money designed to help cover the costs of tuition, fees, and living expenses associated with your education. Unlike grants or scholarships, loans must be repaid with interest over time.
Financing your education is a significant investment, and understanding your options is the first step toward building a sustainable financial plan. Generally, educational loans fall into the following categories:
Loan Categories
Federal Loans: Funded by the U.S. government, these loans typically offer fixed interest rates and flexible, income-driven repayment options. They are usually the most standard and accessible form of student borrowing.
Private Educational Loans: Issued by banks, credit unions, or state-affiliated agencies. These are credit-based loans, meaning approval, interest rates, and repayment terms will vary widely depending on the specific lender and the borrower's (or cosigner's) credit history.
Grants and Loans for Health Careers: The U.S. Department of Health and Human Services has several student financial aid programs, most of which are known as either Title VII or Title VIII Programs.
Institutional Loans: Offered directly by the university to eligible students. These are designed to help bridge specific funding gaps and feature terms, interest rates, and repayment structures set directly by the school.
We encourage students and families to prioritize exhausting all federal and institutional options first, as they often provide the most favorable terms and borrower protections. Use the resources provided on this page to compare your options and determine the most effective borrowing strategy for your family.
Loan Considerations
Under the One Big Beautiful Bill Act (OBBBA), Graduate PLUS loans are eliminated for new borrowers as of July 1, 2026. A legacy borrower—defined as one who received a federal Direct Loan (Unsubsidized or Grad PLUS) disbursed before July 1, 2026, for their current program—may continue to use Graduate PLUS loans for up to 3 years or until program completion. More details on the changes can be found at the link below:
- Feature
- Source
- Federal Loans
- U.S. Dept. of Education
- Private Loans
- Banks, Credit Unions
- Feature
- Interest Rates
- Federal Loans
- Fixed, usually lower
- Private Loans
- Fixed or Variable, can be higher
- Feature
- Credit Check
- Federal Loans
- No (mostly)
- Private Loans
- Yes (Required)
- Feature
- Repayment Options
- Federal Loans
- Flexible, Income-Driven
- Private Loans
- Less flexible, fewer options
- Feature
- Deferment/Forbearance
- Federal Loans
- Yes (forbearance/hardship)
- Private Loans
- Varies, limited options
- Feature
- Forgiveness
- Federal Loans
- Yes (e.g., PSLF)
- Private Loans
- No
- Feature
- Cosigner
- Federal Loans
- Generally No
- Private Loans
- Often required and highly beneficial
Deciding whether to take out a student loan—and how much to borrow—is a highly personal financial decision. We strongly encourage students to borrow only what is absolutely necessary to cover their educational expenses, rather than automatically accepting the maximum loan amount offered.
To determine your exact borrowing needs, start by calculating your total direct and indirect costs, then subtract all "free money" such as grants and scholarships. Next, deduct any personal resources you can contribute out-of-pocket, including savings, current income, or funds managed through a tuition payment plan. The remaining balance after applying your financial aid and personal contributions to your actual costs is your "gap," which represents the specific amount you may need to finance through student loans.
Columbia University maintains a preferred private lender list to help students to review available options. Students and families are strongly encouraged to utilize federal options before considering private loans. For many borrowers, federal student loans and other forms of federal aid may offer more favorable terms and borrower protections than private education loans. When using private sources, we encourage you to carefully review available options.
Lenders included on this list were identified through a formal review process based on factors such as interest rates, approval, borrower benefits, and overall loan terms. These lenders will offer competitive loan options and rate structures. Detailed loan information, including annual percentage rate (APR) ranges, fees, repayment options, and borrower benefits, is provided to assist students and families in comparing available options. Inclusion on this list does not constitute an endorsement by the University.
Students and families may select any eligible lender and are not required to use the lenders presented. The University makes no assessment or recommendation regarding lenders on either the preferred or historical lender list. Students are not required to use a lender from either list, and the University will process and certify loans from any private lender a student selects.
Any loan agreement is solely between the borrower and the lender, and the University assumes no responsibility or liability in connection with such agreements.
The University maintains a Student Loan Code of Conduct and complies with all applicable federal and state laws and regulations governing preferred lender arrangements. Columbia does not receive financial or other benefits from lenders in exchange for inclusion on this list.
For additional information, please review Columbia University’s Disclosure Concerning Private Lenders
PLEASE NOTE: The terms and conditions of federal student loans or assistance may be more favorable or beneficial than the terms and conditions of private education loans.