How is My Private Educational Loan Processed
- Each lender may have unique steps necessary for you to secure a loan. For the most part you will need to choose a lender and complete their application process. Online applications are normally faster and easier to complete than the paper process and for this reason our office recommends you choose the online application process when applying. The lender will access and review your credit report (and your cosigner if applicable) before they agree to approve you for a loan.
- Student Financial Services will be notified by the lender of all approved loans. At the time of certification our office will verify that you meet all eligibility requirements. Our office will make a final assessment of your eligibility before disbursing funds to the student tuition account. You will be notified via email to your CCC student email account once the funds are disbursed. You have 14 days to notify our office to cancel disbursed funds.
- 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