Columbia financial aid

Roger_Dooley
Wed, 06 Feb 2008 17:36:00 +0000

50% of the ppl get fin aid




I’d be surprised if it wasn’t even a higher percentage than that. The problem is that a $200K family income ranks that family in the top 2.7% of US families, making financial aid unlikely unless there are unusual circumstances (e.g., three kids and a parent in college simultaneously).

Don’t feel bad for your family. Some parents assume they are responsible for paying the full cost of educating their kids. Some don’t. College didn’t exactly sneak up on them - they’ve had 18 years to plan for it. Apparently, that plan didn’t include saving. But that’s OK - I’d never say it’s a kid’s absolute right to get a $200+K education paid for by his/her parents. That’s a decision they have to make. I’ve seen parents who refused to pay a nickel, and others who emptied their IRA to pay tuition.

The best approach, IMO, is to have a frank financial discussion and ask how much of your education they are willing to fund - whether from income, savings, home equity loans, or whatever. It’s not uncommon for families to adopt an intermediate approach, e.g., offer to pay up to $15K per year max, whether the college costs $15K or $50K. You’ll have to come up with the balance using loans. Be realistic about how much debt you’ll be able to handle after graduation. If between you and your parents you can afford Columbia, you are good to go. If the number left looks unmanageable, start weighing the options. Inability to pay is one reason to back out of ED, and if you have a financial safety school that might be the way to go.

Good luck!