<p>Today I received this letter:
I hope you are enjoying the start of a new school year and the fall season . On behalf of the Office of Financial Aid and the Office of Undergraduate Admissions, Im excited to announce that beginning with the 2007-2008 academic year, Columbia is eliminating loans for students from economically disadvantaged families earning less than $50,000 annually.</p>
<p>Eliminating loans for students with the least ability to pay will reinforce Columbias leading record in attracting the most socio-economically diverse student body among Ivy League schools. This enhancement to financial aid builds on Columbias longstanding commitment to admitting students regardless of their ability to pay.</p>
<p>Admission to Columbia remains need-blind for US citizens and permanent residents, and for citizens of Canada and Mexico, meaning these first year applications are considered without regard to a family's financial circumstance. Financial aid is available for foreign students, but foreign candidates applying for aid should be aware that their applications are read in a more selective process.</p>
<p>We understand the challenges all students and their families face in financing an undergraduate education, and we are committed to providing need-based financial aid that ensures that any qualified student who is admitted can afford to come to Columbia. In the current academic year almost half of our students receive need-based Columbia grants totaling more than $55 million.</p>
<p>Jessica Marinaccio
Executive Director
Undergraduate Admissions </p>
<p>I'm not sure I understand the part when they eliminated loans for families with < $50,00 income. Does that mean that they get a full ride, or does that mean that they won't be able to take loans, although still be responisble for paying?</p>
<p>I didn't really understand it myself. Does it just replace all the loans with grants, or is it like the thing Harvard is doing with 0 parental contribution, too?</p>
<p>hi all:
my mom was totally confused by this and we received the following responses. They're wipng out loans and replacing with grants....whatever that means. </p>
<p>You recently heard from the Office of Undergraduate Admissions that Columbia University just announced an exciting financial aid initiative. Beginning in the fall of 2007, we will eliminate loans for economically disadvantaged families who earn less than $50,000 per year and replace them with institutional grant funds in order to lessen the loan burden upon graduation. </p>
<p>The Office of Financial Aid and Educational Financing at Columbia University is committed to helping make a Columbia education available to any qualified student, regardless of economic background. Therefore, your family’s financial circumstances should not be a factor in your decision to apply to Columbia College or The Fu Foundation School of Engineering & Applied Science. </p>
<p>Currently, Columbia provides over $55 million in need-based financial aid to undergraduates each year, and meets the full demonstrated need of every admitted student. If you are admitted to Columbia, you are clearly a standout among your peers, and we want to make it possible for you to join our community. The Office of Financial Aid and Educational Financing will work with you and your family to design a financial plan that will address both long and short term concerns. We believe that cost should not be a barrier to pursuing your educational dreams. </p>
<p>We understand that each family has unique circumstances that may warrant consideration for financial assistance. If you believe you will require financial assistance to attend Columbia University, I encourage you and your family to use our website (<a href="http://www.studentaffairs.columbia.edu/finaid/%5B/url%5D">www.studentaffairs.columbia.edu/finaid/</a>) as a reference or call us at 212-854-3711 and ask to speak with a financial aid officer. We look forward to working with your family through the financial aid process. </p>
<p>Thank you for your interest in Columbia University and best of luck with your college search!</p>
<p>Hi all: I am a student at Columbia, and I want to clarify the new financial aid policy. Columbia gives financial aid in two forms: grants and loans. A grant is an amount of money that Columbia gives you to help pay tuition. For example, a $10,000 grant means that Columbia pays for $10,000 of your education this year, and you never have to pay that $10,000 back.</p>
<p>A loan is an amount of money that Columbia, well, loans you. A $10,000 loan means that Columbia pays $10,000 for your tuition this year, but you will have to pay that money back at some point in the future.</p>
<p>So when Columbia says it is eliminating loans for families with a household income level below $50,000 and who are economically disadvantaged, it means that the loans it had been giving out will now become grants. It does not necessarily mean that everyone coming from a household with such an income level will get a "free ride", but it means that no one coming from a household with an income level below $50,000 a year will have to pay back loans. That means that if I came from a household with a below-$50,000 income level, and my financial aid package had been $10,000 in loans, I would now be receiving a $10,000 grant. </p>