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What you need to know about private student loans

Private loans typically have higher interest rates than federal loans, so we recommend exhausting all federal options first. Private loans are based on credit and may need a co-borrower.

Students may consider applying for private loans to be used as a supplemental resources for college costs. Lenders must provide multiple, detailed loan disclosure statements that require active completion on the part of the borrow and co-borrower.

List of lenders

The following is a list of lenders selected by Columbia College as its preferred lenders. The lenders on the list were selected based on their efficiency working with Columbia College's processes. Students are free to choose from lenders not referenced on this list. Lenders do not pay Columbia College or any third party to be included on the list.

Refer to the cost of attendance to estimate your financial need before making decisions about borrowing money.

Considerations before borrowing

To keep debt down and reduce the amount of future interest you’ll pay, borrow only what you need. That means living frugally while in school and keeping track of your total debt. Remember, a loan payment should not exceed 8 percent of what you expect to earn after graduation. You may estimate your earnings based on your career choice on the Bureau of Labor Statistics website.

Parents and adult borrowers should consider total debts, including mortgage payments, car loans, credit card debt, etc., and total debt payment should not total more than 35 percent of gross pay. For questions regarding financial literacy, contact the Financial Aid Office at financialaid@ccis.edu.

You may estimate loan repayment costs on the Federal Student Aid Repayment Estimator after logging in with an FSA ID.

*The following chart is based on the standard repayment option of 120 payments, a 6.80 percent interest rate and loan repayments not exceeding 8 percent of expected salary earnings.

Monthly payments based on loans borrowed
Total student loan debt ($) Monthly payment ($) Minimum annual income needed to afford monthly payment ($)
5,000 58 8,700
10,000 115 17,500
20,000 230 35,000
30,000 345 52,000
40,000 460 69,000
50,000 575 86,000
100,000 1,151 172,000

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