No. In fact, interest rates for student loans are much lower than the rates of private or commercial loans because the government subsidizes them. Repayment terms are affordable and alumni usually does not have to start repaying loans until six months after finishing college, or discontinuing attendance in college.
It also does not matter if a person has bad credit; the amount of student loans does not depend, at all, on your past history with creditors, it depends on financial need. This does not mean a potential student who is struggling, financially, will receive the full amount to attend college, however. Each type of loan or grant has a limit based on college year, whether the student is dependent or independent, and whether the student will be a grad or undergrad student.
For subsidized loans, the U.S. government pays the students interest while the student is in school. If you do not qualify for a subsidized loan, you can apply for an un-subsidized loan, but you will have to pay the accrued interest after you have stopped attending college. It will be included in your monthly tuition bill.
There are additional options for students who do not qualify for Government loans or will not have enough of an income to satisfy their financial need while attending college. These include private loans, grants, scholarships and our Columbia College payment plan. Speak to someone in admissions for details.
