MBA Student Loans

Hi I would like to know the types of loans offered by Columbia Business School for aspirants who want to pursue MBA program as I am planning to pursue the same?

[Kiran Chandar]

Over half of Columbia Business School aspirants take advantage of federal as well as private loan programs to help finance their MBAs. Students need to wait to apply for loans until after they have been admitted, as upon admission aspirants will gain access to a site with loan application timing information and process.

Types of loan available to the students of Columbia Business School are:
Federal Direct Unsubsidized Loans
Federal Graduate PLUS Loans
Private Loans
International Private Loans

Federal Direct Unsubsidized Loans
US citizens as well as permanent residents can apply for fixed-rate Federal Direct Loans by completing a FAFSA. Federal Direct Loans carry a 5.84% fixed interest rate for loans disbursed July 1, 2015 to June 30, 2016 with an origination fee of 1.073% (decreasing to 1.068% for loans disbursing on or after October 1, 2015). Federal Direct Loans are not need-based as well as do not require a credit check. Students can obtain a maximum of $20,500 per academic year, which is $10,250 per semester.

Federal Graduate PLUS Loans
US citizens as well as permanent residents may apply for a Graduate PLUS Loan by completing a FAFSA and a PLUS Credit Authorization form. The credit authorization form initiates a confirmation of the student's credit for adverse history. The credit criteria for the Graduate PLUS Loan are usually less stringent than for a private loan. Graduate PLUS Loans carry a 6.84% fixed interest rate for loans disbursed July 1, 2015 to June 30, 2016 with an origination fee of 4.292% (decreasing to 4.272% for loans disbursing on or after October 1, 2015). Aspirants can borrow up to the cost of attendance, less the amount of other financial aid received. Aspirants must borrow a full Unsubsidized Loan first.

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