School of Journalism

Financial Aid

Orientation 2009

Financial Aid

Office of Student Financial Planning

Columbia University

http://www.fafsa.gov/

FREE APPLICATION

FOR FEDERAL STUDENT AID

(FAFSA)

FAFSA is federal form required to award federal financial

aid

Select 2015-2016 Form

Documents needed to complete your FAFSA include:

Social Security Number, driver’s license, income tax

returns, bank statements and investment records

School Code - 002707

Request FSA ID (https://fsaid.ed.gov) to sign

electronically

FAFSA Follow-Up

Aid Options Available

Federal Perkins Loan

Federal Direct Unsubsidized Stafford Loan

Federal Direct Graduate PLUS

Private/Alternative Educational Loans

Federal Work Study Award

Federal Perkins Loan

Please be advised that due to the termination of the Federal Perkins

loan program, your Master Promissory Note (MPN) and entrance

counseling form must be completed no later than September 15,

2015 and funds disbursed no later than September 30, 2015.

If you are a first time borrower in the 2015-2016 academic year, you

will not be eligible to receive future Federal Perkins loan funds. If

you received Federal Perkins loan funds in the 2014-2015 academic

year at the same school in which you will be enrolled in the 2015-

2016 academic year, you may be eligible for future Federal Perkins

loan funds.

Federal Perkins Loan Awarded based on financial need

Registered at least half time (6 credits)

U.S. Citizen or eligible non-citizen

Must meet Satisfactory Academic Progress requirements

Must complete Federal Loan Entrance and Exit Interview

Requirements

Graduate students - up to $4,000 per school year

Subsidized (Interest deferred while in school)

Fixed interest rate of 5%

No origination fees

Grace period on repayment of 9 months from date of

graduation or last date of half-time enrollment

Federal Direct Stafford Loans

Registered at least half time (6 credits)

U.S. Citizen or eligible non-citizen

Must meet Satisfactory Academic Progress

requirements

Must complete Federal Loan Entrance and Exit

Interview Requirements

Graduate students - up to $20,500 per school year

Unsubsidized only (Accrues interest upon

disbursement)

Fixed interest rate of 5.84%

Origination fees of 1.068%

Grace period on repayment of 6 months from date of

graduation or last date of half-time enrollment.

Federal Direct Graduate PLUS Loans

Stafford Loan eligibility must be used first

Registered at least half time (6 credits)

U.S. Citizen or eligible non-citizen

Must meet Satisfactory Academic Progress requirements

Must complete Federal Loan Entrance and Exit Interview

Requirements

Fixed interest rate of 6.84%

4.272% loan origination fee

Approval for loan based on credit decision

Borrow up to “Unmet” need – cost of attendance minus financial aid

awarded

Interest accrues upon disbursement

Forms Required

Federal Direct Stafford and Graduate PLUS

Loans

Master Promissory Note (MPN)

• Can be completed electronically through Direct Loans

(www.studentloans.gov)

• FSA ID (https://fsaid.ed.gov) needed to electronically sign

MPN

Federal Perkins Loans • Promissory Note can be completed via SSOL

(https://ssol.columbia.edu)

Entrance Counseling

Entrance Counseling informs you of your rights and

responsibilities as a federal loan borrower

Entrance Counseling is a federally required document

when borrowing federal funds and must be completed

prior to the disbursement of these funds

EI for Federal Perkins Loan can be completed online at

https://ssol.columbia.edu

EI for Federal Stafford/Graduate PLUS Loans can be

completed online at:

www.StudentLoans.gov

Private/Alternative

Educational Loan Can be variable or fixed interest rate – varies by lender

Approval based on credit decision

Can borrow up to “unmet need” - cost of attendance

minus other financial aid

You must apply and complete a promissory note directly

with your lender of choice

A list of suggested lenders can be found here:

http://sfs.columbia.edu/financial-aid/private-loans

PLEASE NOTE: While the University has a suggested

lender list, students have the right to borrow from any

lender they choose.

Private/Alternative

Educational Loan International Students

Ineligible for Federal Aid

May apply for a private educational loan with a credit-worthy US Citizen

or Permanent Resident co-signer

Approval based on credit decision

Can borrow up to “unmet need” – cost of attendance minus other

financial aid

You must apply and complete a promissory note directly with a lender of

your choice

Suggested lenders for international students:

http://sfs.columbia.edu/financial-aid/private-loans

PLEASE NOTE: While the University has a suggested lender

list, students have the right to borrow from any lender they

choose.

Let’s Compare Loans

FEDERAL DIRECT

GRADUATE PLUS LOANS

PRIVATE/ALTERNATIVE

EDUCATIONAL LOANS

6.84% fixed interest rate 4.272% origination fee No grace period (can be deferred) Can be consolidated with Federal Direct Stafford Loans Credit Based

Fixed or Variable interest rate

Most have both origination and repayment fees

Grace period varies by lender and in some cases, by program

Cannot be consolidated with Federal Direct Stafford Loans

Credit Based

Federal Work Study Award

Employment program designed to help qualifying

students pay for their education

Registered at least half time (6 credits)

U.S. Citizen or eligible non-citizen

Must meet Satisfactory Academic Progress requirements

Awarded based on financial need

Funds are not credited directly to a student’s charges

Earnings are paid to students as a pay check

May earn up to $4,000 per academic year

Time Line for Processing

Federal Direct Stafford loans may take up to 10

business days to process

Graduate PLUS loans typically take 2 to 3 weeks

to process

Loans typically disburse at the start of each

semester

Alternative/Private Loans processing time varies

depending on the lender

Other helpful websites

Research outside scholarship opportunities:

http://sfs.columbia.edu/content/outside-awards

Department of Education’s summary on federal financial

aid programs

http://studentaid.ed.gov

Overview of financial aid programs at the University:

http://sfs.columbia.edu/content/financial-aid-overview

Student Financial Planning

202 Kent Hall

Hours:

• 9 - 5 Monday - Friday

• No appointment necessary

Ph: (212) 854 – 7040

Fax: (212) 854 – 2818

Email: sfp@columbia.edu