<p>I have a brief question regarding Columbia's financial aid. My family was offered approximately 50K a year, with a remaining EFC of 12K. I own some personal stock valued at 10K (which was accounted for in the CSS and such). My quandary involves the distribution of the stock throughout the four years (assuming I decide to attend Columbia): does Columbia re-evaluate need after each subsequent year? I am torn between selling the entire 10K for the first year or gradually selling $2500 for each year. If I elected to mobilize the 10K towards the first year, would our EFC be significantly reduced for the next three?
Thank you in advance for your counsel.</p>
<p>Are you planning on taking out any loans?</p>
<p>Yes - though minimal loans would be preferred, of course.</p>
<p>Columbia does reevaluate your financial aid awards every year. You should probably contact the financial aid office and see how they can advise you as to making specific payment plans - or make an appointment during DoC if you’re planning on attending.</p>
<p>neiro6, do we call the financial aid office to make an appointment for DoC or do we wait until we are on campus for DoC to make an appointment?</p>
<p>I honestly don’t know, but since they have separate “appointment” and “walk-in” times on the DoC schedule, I think it would be a good idea to go ahead and call now and see if you can get one. Let me know what you find out!</p>
<p>If you use all 10K stock the first year, then you will have 0 to account for in the subsequent years. In other words, your financial award should increase next year if everything else stays the same.</p>
<p>Whatever you do, realize that the Financial Aid office does not have your best interest in mind, it is there to make sure that you can “afford” college with the least amount of support from the university. </p>
<p>Speak to a financial adviser, an accountant, or friend or family who has financial expertise. The Financial Aid Office will choose the course of action that is best for the school. </p>
<p>For example, if they find that liquidating your portfolio means that you don’t need as much in loans and consequently need less work/study money, then they will push to liquidate your stocks so that work/study can be channeled to other students. </p>
<p>If they find that Sallie Mae will not give you a $10,000 loan unless Columbia offers to give you a loan of $10,000, then Columbia will tell you to not liquidate the portfolio and will extend you a loan. In that way, your stock portfolio serves as collateral on Columbia’s loan. If you had not liquidated your portfolio and taken the loan, Columbia may have been holding $10,000 worth of loans without any guarantee or collateral.</p>
<p>Thank you for your responses everyone. I will be attending DoC this weekend, neiro, and should hopefully be able to gain some more advice on the matter. However, I will keep in mind your caution, beard tax, and will consult my financial aid advisers as well. Regardless of the outcome, I am quite excited about Columbia.</p>