University Disclosure on Private Lenders
Preferred Lender Selection Process
Graduate and Professional Programs
Academic Year 2026–2027
Summary and Objectives
For the academic year 2026–2027, Columbia University conducted a formal review of private education loan options available to graduate and professional program students. This review is undertaken regularly but the University also considered federal borrowing limits enacted under OBBB, specifically during this cycle.
The University issued a Request for Proposal (RFP) to identify lenders, for inclusion on a preferred lender list, offering:
- Standard private education loan products.
- Alternative loans product designed to expand access beyond lenders’ traditional underwriting.
The process was conducted in accordance with applicable federal and state laws, including HEA Section 487(h). The University did not receive any financial or other benefits from participating lenders.
The University established the following objectives:
- Access: Maintain broad loan availability, comparable to Federal Graduate PLUS eligibility when applicable.
- Interest Rates: Achieve competitive rates compared to the federal benchmark where possible.
- Lender Sustainability: Ensure sufficient capital and long-term capacity.
- Readiness: Prioritize availability by Spring 2026.
- Cost: Limit financial exposure to the University.
These criteria were applied using both quantitative and qualitative measures, including APR, total borrower cost, underwriting standards, approval rates, capital capacity, and implementation timelines. The evaluation was conducted by a cross-functional University committee including representatives from Student Financial Services, Finance, Legal and other administrative units.
Evaluation Process
The University received responses from multiple lenders. Responses were evaluated using a standardized framework aligned with the objectives described above, enabling comparative assessment across all responding lenders.
Final Selection
Based on this evaluation, the University selected the following multiple unaffiliated lenders for inclusion on its preferred lender list for the 2026–2027 academic year:
- College Ave
- SoFi
The University has arrangements with these participating lenders that are designed to support the availability of these financing options. Other responding lenders, as well as lenders that have historically served Columbia students, are included in a separate historical lender list to support borrower choice.
The University conducts an annual review of its preferred lender list, evaluating lender performance, borrower outcomes, and loan terms using the established methodology. Required disclosures are maintained and updated as appropriate.