<p>Does anyone but me think it is alarming that Columbia touts the fact that it has eliminated loans from their aid packages then sends aid applicants an email telling them they may "choose" to finance their education with loans?</p>
<p>I got the email too, and I’m not quite sure what it all means. Any chance you can explain? Why would someone choose the loan?</p>
<p>Some folks don’t receive financial aid that covers the entire cost (and some don’t get any financial aid at all). For those folks, Columbia is simply noting certain options that allow the tuition and fees to be paid over time, rather than in a lump sum.</p>
<p>Does anyone know any way to use a credit card or otherwise get “miles” or “points” without paying the 2-3.5% “fee” imposed by Columbia?</p>
<p>Oh! Ok, so they’re saying the loans are an option for whatever’s not covered by financial aid. Gotcha, thanks!</p>
<p>That’s my point – no one would “choose” a loan. And since Columbia advertises that they meet full demonstrated need, no one should need a loan.</p>
<p>^That’s not correct. Someone may not qualify for financial aid but prefer to pay tuition and fees out of current cash flow over a number of months, rather than in a lump sum. Also, at least one of the options (Sallie Mae) does not impose interest, so why not use it?</p>
<p>socal, there’s a big difference between how much you need to pay and how much you prefer to pay.</p>
<p>^Exactly. All of us prefer zero, but some of us don’t get zero.</p>
<p>You might need a loan if part of your package includes workstudy, which is money that you get throughout the school year.</p>
<p>Is this an email to incoming students, or are current students supposed to get it too? Also, have any current students received their financial aid package yet? I want to know when I should start worrying.</p>
<p>Because you want to graduate without debt, and in any case, only the neediest of candidates is going to qualify for an interest-free loan. In any case, even those loans are interest free only until graduation. If I had a nickle for every recent graduate I know who has yet to find a job…</p>