Federal Loans

Federal loans, such as the Direct Unsubsidized Loan or Direct Graduate PLUS Loan, can help pay for your graduate school costs, including tuition, books, and room and board, along with other related expenses. When you take out a federal student loan, you are responsible for repaying the money you borrow, along with interest and fees. Most of the time, federal student loans have lower interest rates, lower fees, and better terms overall, as compared to private loans. 

Keep in mind: Federal aid programs, including loans, are for U.S. citizens and eligible non-citizens. If you are an international student, please review the For International Students page.

Federal Direct Loans

Federal Direct Unsubsidized Loans give you the option to borrow up to $20,500 per academic year (or $33,000 per academic year for students enrolled in the Ph.D. Clinical Psychology program). Your individual borrowing limit is based on your cost of attendance minus any other financial aid such as grants or scholarships. Read more about Direct Unsubsidized Loans on the studentaid.gov website.

Graduate PLUS Loans allow you to borrow up to the full Cost of Attendance (COA) minus any other financial aid, such as grants or scholarships from Teachers College. Your credit history determines your eligibility for Graduate PLUS Loans, and some students with a low credit score will be denied. If you are denied, you may appeal or add an endorser to strengthen your application.

Many students combine one or more types of federal loans with scholarships or other aid. 

Read more about Direct Graduate PLUS Loans on the studentaid.gov website.

Eligibility Requirements

To qualify for a federal loan, you must:

Loan Interest and Fees

The interest rate on Federal Direct Loans is fixed, as set by law, and it will remain the same over the life of your loan. These loans accrue interest daily, unlike other forms of debt, and the interest begins to accrue when the money is disbursed to Teachers College. 

Direct Unsubsidized Loans and Direct Graduate PLUS Loans have upfront loan fees that are taken out of each loan disbursement, so the amount that is deposited to your student account will be less than what you originally borrowed. Read more about loan fees on the studentaid.gov website.

Interest Rates

Loan Type

First Disbursement Date

Interest Rate*

Federal Direct Unsubsidized Loan

July 1, 2023 - June 30, 2024

7.054%

Federal Direct Unsubsidized Loan

July 1, 2024 - June 30, 2025

8.08%

Federal Direct Graduate PLUS Loan

July 1, 2023 - June 30, 2024

8.05%

Federal Direct Graduate PLUS Loan

July 1, 2024 - June 30, 2025

9.08%

Loan Fees

Loan Type

First Disbursement Date

Loan Fee

Federal Direct Unsubsidized Loan

October 1, 2020 - September 30, 2025

1.057%

Federal Direct Graduate Plus Loan

October 1, 2020 - September 30, 2025

4.228%

 

*Per federal guidelines, you will not see a change in the loan fees for loans that are disbursed for the first time between October 1, 2020 and September 30, 2025. Also, interest and loan fees are subject to change annually as set forth by the U.S. Department of Education.

Federal Rules about Sharing Loan Information

Teachers College, Columbia University, in accordance with federal regulation, reports all loan borrowing, student enrollment status (such as less than half-time, half-time, or full-time), and any changes in enrollment status to the National Student Loan Data System (NSLDS) via the National Student Clearinghouse. This means that when you borrow money in the form of federal loans at Teachers College, or at any other graduate school in the U.S., then authorized agencies, lenders, and institutions will have access to this information about you, which they may use for purposes including evaluating your creditworthiness in the future. 

Code of Conduct for Educational Loans

Teachers College, Columbia University, Office of Financial Aid, code of conduct for Educational Loans prohibits:

  • Revenue-sharing arrangements with any lender
  • Employees within the financial aid office awarding aid to themselves or their immediate family members.
  • Contracting arrangement providing financial benefit from any lender or affiliate of a lender
  • Financial aid staff taking action that is for their personal benefit or could be perceived to be a conflict of interest.
  • The Office of Financial Aid from denying, impeding, or unnecessarily delaying a borrower's choice of a lender
  • Employees of the Office of Financial Aid soliciting or accepting any gift from a lender, guarantor, or servicer of education loans. 
  • The Office of Financial Aid from providing information that is not accurate, biased, and reflects preference arising from actual or potential personal gain. 
*** All required consumer information shall be displayed in a prominent location on the Office of Financial Aid website and in any printed materials, easily identified and found.
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