Choosing Your Private Lender
- Although the basic terms of the loan are the same, lenders offer a variety of services to students and their families. It is important that you carefully review your expenses before deciding if you need to utilize a private loan and the amount needed. Most private loans have a minimum amount you can borrow; the maximum amount is the cost of attendance minus any other financial aid/loans you have received. For example: Students living at home have a budget of: $27,858 - $7,500 (Grants/Loans) = $20,358 in Private Loan Eligibility.
- In addition to the application process, private lenders will require that you meet additional requirements to determine your eligibility. It is important that you are aware of these requirements and that you meet them. If you are not in compliance of the additional eligibility requirements you will not be approved for the loan. For example: a lender can require that you must be registered for a specific number of hours and/or maintain a minimum Grade Point Average (GPA).
- Please note that most private loan program terms are subject to change. You should discuss and verify the current terms of the loans you are considering with the lender directly before you commit to borrow. It is also suggested that student borrowers apply with a cosigner to establish a better credit rate. Please note: students without a credit history will most likely be required to apply with a cosigner. This does not guarantee, however, that the lender will approve the loan.
- In order to increase protection for our student loan borrowers, ALL students who do not currently have a Free Application for Federal Student Aid (FAFSA) on file with Columbia College Chicago, will need to complete a Private Educational Loan Processing Agreement before we will process a private educational loan certification request.
- For questions or concerns regarding the Private loan process, students and parents should contact Student Financial Services at 1-866-705-0200 or email us at sfs@colum.edu