Frequently Asked Questions

Parents & Family Frequently Asked Questions

Who gets federal student aid?

• Our Basic requirements are the following; Student and or Parent must demonstrate financial need. Be a U.S. citizen or eligible non-citizen* with a valid Social Security number. Show by one of the following means that you're qualified to obtain a postsecondary education; you must have a high school diploma, General Education Development (GED) or pass an approved ability-to-benefit test (ATB).

What is federal student aid?

• It's financial help if you're enrolled in an eligible program as a regular student at a school participating in the federal student aid programs. There are three categories of federal student aid: grants, work-study, and loans.

What does federal student aid cover?

• Federal student aid can cover school expenses, including tuition and fees, room and board, books and supplies, and transportation. Aid can also be used to cover other indirect costs like costs for a computer and dependent child care.

How do I apply for federal student aid?

• First complete the Free Application for Federal Student Aid (FAFSA). Using the FAFSA on the Web is faster and easier than using paper. You will need a FAFSA PIN in order to sign your FAFSA electronically and if you are a dependent student your parent will also need a PIN.

What can I do with a PIN and how do I get one?

• You can use your PIN to sign your FAFSA electronically, review and correct answers on your SAR, print a copy of your SAR, electronically sign your master promissory note and view information about federal loans and grants you've received. You can apply for a pin or request a duplicate copy.

How do I know my federal aid eligibility?

• Student Financial Services will mail you an Award Letter after your FAFSA is received. Your Award Letter will outline your aid eligibility and will inform you of your next steps.

What is verification and why do I have to do it?

• Verification is the process of confirming that the information reported on your FAFSA is accurate. Approximately 30% of students are randomly selected by the government for verification. If a student does not complete the verification process they can run the risk of loosing their aid. For more information please go to Verification.

How do I change my Award Letter?

• If you would like to make changes to your Award Letter go to 2008-2009 Loan Cancellation/Reduction Form (PDF). This form allows you to cancel or reduce loan amounts.

Are my federal aid funds disbursed directly to me?

• After you have turned in all missing documents and your file is complete, your aid will be disbursed to Columbia directly.

New Freshman & Transfer Students Frequently Asked Questions

Who is eligible to get a Stafford Loan?

• Degree seeking students enrolled in an eligible program at least half-time may be eligible for a Stafford Loan.

How do I apply for a Stafford loan?

• You apply by completing the FAFSA. Columbia will mail you an Award Letter outlining your Stafford loan eligibility and next steps.
  

What is the maximum amount I can borrow from the Federal Stafford Loan program?

• (See the chart below for annual loan amounts)

How do I accept my Stafford loan?

• You will need to complete an Online Promissory Note and an Online Entrance Counseling. The promissory note is a legally binding document, by signing it you are agreeing to repay your loan under the lenders terms. The Entrance Counseling Session is an information session regarding the entire federal loan process. After you finish reading the information session you are quizzed and expected to pass the quiz to receive your Stafford loan.
  

What is the difference between a subsidized and unsubsidized Stafford loan?

• A subsidized loan is a need-based loan that is interest free while you are attending college at least six hours. An unsubsidized loan is not need based and is not interest free while you are attending college. But you have the option of letting your interest accumulate while you attend college. For more information please go to Federal Direct Loans.

What's the interest rate?

• For all Stafford loans first disbursed on or after July 1, 2006, the interest rate is fixed at 6.8 percent. This change from a variable to a fixed interest rate does not affect a borrower's variable interest rate on loans made before July 1, 2006.
• For Stafford Loans first disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable (adjusted annually on July 1st) but will not exceed 8.25 percent. (You'll be notified any time the variable rate changes.) The interest rate for these loans in 2007-08 is 7.22 percent. (This rate applies to loans in repayment status; the rate may be lower during grace and deferment periods.)
• Click here for more information on interest rates.
  

I would like more detailed information regarding The Direct Loan Program. Is there a website for more information?

• Yes, go to the Federal Student Aid website. This webpage is full of information, and even includes the complete Student Guide to Federal Financial Aid. You will find many answers to your questions.
  

When do I begin repayment on a Stafford Loan?

• Repayment begins after you graduate, leave school, or drop below half time enrollment (six credit hours). You have six months before you begin repayment. You can view and pay bills online at the Direct Loan. You can even lower your interest rate if you sign up for an automatic monthly payment!

What are PLUS Loans?

• A PLUS loan is a federal loan option for parents of dependent students enrolled at least half time (six hours).

How does my parent apply for a PLUS loan?

• Your parents must complete a Parent Loan (PLUS) Application (PDF). Once the loan is approved the parent borrower will need to complete an Online Promissory Note.

What's the interest rate on PLUS Loans?

• The interest rate could change each year of repayment, but does not exceed 9%. For July 1, 2004 to June 30,2005, the interest rate for a PLUS Loan was 4.17%.

When does repayment on a PLUS Loan begin?

• Repayment begins within 60 days after the final loan disbursement for the period of enrollment for which you borrowed. There is no grace period for these loans. This means interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you are in school.

Continuing & Returning Students Frequently Asked Questions 

What are Columbia 's Tuition and Fees?

• Tuition is charged per semester. Full time students taking anywhere from 12-16 hours are charged a flat tuition rate. Students taking over 16 hours are charged the flat tuition rate plus additional tuition for each credit over 16 hours taken. Part time students are charged per credit hour. There are also miscellaneous fees charged every semester. For current tuition and fee rates go to Tuition and Fees.

When will I receive my bill?

• You are able to view your charges as soon as you register through your OASIS account. Your bill will be electronically sent to you every month through CCCPay. You will be able to view your current bill and history of bills, online 24 hours a day at your convenience.

My Father wants a separate bill sent to him can you do that?

• Yes! CCCPay allows you to register up to ten users such as a parent, guardian or sponsor that will be able to view and pay your bill anywhere anytime.

Does Columbia offer a payment plan?

• Columbia offers a four month payment plan per semester. Payments are due the first of every month. A $15 payment plan fee is assessed every month you stay on the payment plan and a $150.00 non-payment fee is assessed for late payments.

How can I pay my bill?

• You can pay your bill online through CCCPay by logging on to your OASIS account. Checks can be mailed to Student Financial Services, 600 S. Michigan Ave, Chicago, IL 60605 or payments can be made in person at the cashier window located on the 3rd floor of 600 S. Michigan.

If I drop a class will I receive a credit for the classes dropped?

• Columbia follows a schedule when crediting a student for classes that are dropped. Every week you wait to drop a class will result in less of a credit. To view the schedule go to the Tuition Reduction Schedule.

What does Columbia's cost of attendance budget include?

• It includes: tuition and fees, books and supplies, room and board, personal expenses, and transportation. The budget is an estimation of what it will cost a student to attend Columbia for an academic year. It goes over direct costs such as tuition and indirect costs such as personal expenses. For more information go to Cost of Attendance Budgets.

Graduate Students Frequently Asked Questions  

When should I consider a private Loan?

• Private loans should be considered after you have reviewed and exhausted all your federal aid options. Private loans are offered by private lenders to assist with educational and living expenses not covered by other financial aid. It is important that you carefully review your expenses before deciding if you need to borrow.

How does the school know if I have been approved for a private loan?

• When a student is approved for a private loan the lender contacts Columbia to finalize the loan process.

How will I receive my private loan funds?

• After the loan process is complete the private lender sends the funds directly to Columbia. If your loan exceeds your tuition and fees the excess is refunded to you.

Why did I receive a refund?  

• Students and parent borrowers receive refunds when they over pay their tuition balance. Most of the time students' balances are over paid because of financial aid or a loan the student or parent took out. If the overpayment is because of a parent loan the refund is sent to the parent. 

How are refunds issued?

• Student and authorized payers can recieve thier refunds by Direct Deposit (D2U) to thier bank account.
  My income is completely different from what I put on my FAFSA. Is there something I can do about that?
• The best thing to do is to meet with a Student Financial Services counselor to discuss your options. Go to Special Financial Situations for more information.

I am not 24 but I do not have any contact with my parents and the FAFSA is asking for their information what should I do?

• You should meet with a Student Financial Services counselor to discuss your options. Go to Dependency Status for more information.

I want to study abroad but do not want to lose my financial aid eligibility what can I do?

• Contact an Student Financial Services counselor and review your options.

Alumni Services Frequently Asked Questions

I have paid off my debt through the collection agency but Columbia College is still showing up on my credit report. Why?

• The collection agency will show the account paid in full and it should show a zero balance, however once it is paid in full, it will still show on your Credit report for seven years.

I need to complete exit counseling. Where do I go?

• Go to the department of education website at www.dlssonline.com and click on the exit counseling.

I am having trouble making my student loan payments. Who should I contact?

• If you are having trouble making your payments, you should contact your lender. Your lender may be able to offer a forbearance or deferment that would prevent you from defaulting on your student loans.

How can I find out what federal student loans I have outstanding?

• You can log onto the National Student Loan Database at www.nslds.ed.gov to find out what loan(s) you have outstanding.
  
• I have several federal loans outstanding and I would like to combine them and possibly lower my payments. 
• You can contact the department of education at www.dlservicer.ed.gov discuss your loan consolidation options.

I have private loans and federal loans, and I want to I combine them. Who should I contact? 

• You should contact your private lender to discuss your loan consolidation options.

I need assistance with budget planning. Where do I go for help?

• We offer two web links for assistance. Please visit http://www.usatoday.com/money/perfi/credit/young-debt-digest.htm  or www.familycredit.org.