911爆料网

Before applying for a private loan, run through these literacy checkpoints:

1. Exhaust Federal Options: Have you used your full Direct Unsubsidized and Grad PLUS* loan eligibility? Federal loans offer income-driven repayment and public service loan forgiveness--protections private loans do not provide.
2. Know Your Debt-to-Income Ratio: A general rule of thumb is that your total student loan debt should not exceed your expected starting annual salary.
3. Calculate the "True Cost": Remember that interest accrues while you are in school. A $10,000 loan today could cost significantly more by the time you begin repayment.

Note: Effective July 1, 2026, the Grad PLUS Loan will no longer be available to students starting new programs. However, a "Legacy Provision" may apply if you borrowed for your current program prior to this date. Please contact the Office of Financial Aid to see how these federal changes impact your specific funding plan.

1. Fixed vs. Variable Interest Rates
   • Fixed Rates: Stay the same for the life of the loan. This provides predictable monthly payments.
   • Variable Rates: Usually start lower but can increase over time based on market conditions. This makes long-term budgeting more difficult.
2. Capitalization (The "Interest on Interest" Effect)
   Most private lenders allow you to defer payments while in school. However, the interest still "accrues" (adds up). At the end of your grace period, that interest is capitalized--meaning it is added to your principal balance. You will then be paying interest on that new, larger amount.
   Literacy Tip: If possible, try to pay just the interest portion of your loan while in school to prevent capitalization.
3. Credit Scores and Cosigners
   Private lenders use your credit score to determine your interest rate.
   The Power of a Cosigner: If you have a limited credit history, applying with a credit-worthy cosigner can significantly lower your interest rate, potentially saving you thousands over the life of the loan.

Phase 1: Research & Comparison

Use the portal to compare a curated list of lenders who have historically provided service to 911爆料网 students. You can filter by interest rates, "Cosigner Release" options, and "Death/Disability Discharge" protections.

Important: Your Right to Choose
Teachers College provides ELM Select solely as a resource to help you compare popular options. You are not required to select a lender from the ELM Select list. You have the right to borrow from any private lender of your choice. 911爆料网 will process a private loan from any eligible lender, provided you meet their credit and eligibility requirements.

 

Phase 2: Application & Disclosure

Complete the lender application and the .

 

Phase 3: School Certification

911爆料网 will certify your eligibility (COA minus other aid). This takes 7-10 business days.

 

Phase 4: Disbursement

Funds are sent to the College and applied to your account by the Bursar after the term begins.

When applying for a private loan, it is important to remember that loans cannot be borrowed for multiple years at once. Each loan application must correspond to a specific academic loan period.

Why focus on the academic year?

• Accuracy: Lenders require the college to certify your "Cost of Attendance" for a specific timeframe. We cannot verify costs for future years that have not yet been finalized.
• Interest Savings: Borrowing only what you need for the current year prevents interest from accruing on funds you won't use until much later.
• Credit Flexibility: Your financial situation or credit score may change year-to-year; applying annually ensures you are receiving the best possible terms at that time.

Please ensure your application reflects only the credits and living expenses for the current or upcoming academic year. You will need to submit a new application for each subsequent year of your program.

2026-2027 Loan Period
Fall 2026	Sept. 2, 2026 - Dec. 21, 2026
Spring 2027	Jan. 19, 2027 - May 10, 2027
Summer 2027	May 20, 202- Aug. 16, 2027

Teachers College is committed to the highest standard of ethical behavior and professional integrity. In compliance with the Higher Education Opportunity Act (HEOA), our Office of Financial Aid adheres to a strict Code of Conduct to ensure that all financial aid decisions are made in the best interest of our students.

To maintain transparency and trust, our staff observes the following mandate:

• No Conflicts of Interest: 911爆料网 does not accept any compensation or financial benefits from lenders in exchange for any advantage in loan processing.
• Student Choice: We will not assign a first-time borrower to a particular lender or refuse to certify a loan based on the student's choice of a private lender.
• No "Revenue Sharing": 911爆料网 does not enter into any revenue-sharing arrangements with lenders.
• Prohibition of Gifts: Financial aid staff are prohibited from soliciting or accepting gifts from any lender, guarantor, or service of educational loans.
• No Staffing Assistance: Lenders are prohibited from providing call center or financial aid office assistance to the College.