Columbia University has a new financial aid plan for undergraduate students whose families make between $60,000-100,000. Following in the footsteps of other Ivy League schools, they will significantly expand the aid currently offered to lower and middle income students. The VP of Arts and Sciences Nicholas Dirks said, “Our new financial aid policies reflect a more realistic view of the challenges that lower- and middle-income families face in paying for college.”
The new plan will have grants replacing loans (even students who currently have loans will be included in this). Families making $60K or less (it's currently $50K) will no longer pay tuition, room and board or fees starting in Fall 2008, and families making between $60K and $100K will also have expanded aid (though specifics are unclear at this time).
Officials at the university have said "the increased aid will be financed by annual gifts, new fund-raising and an increase in spending from the university’s endowment." The BWOG links to a page comparing a school's current no-loan financial aid plans. One question: When will NYU expand its financial aid?
