With $160,000 or so in family income, I would not say you are “low income”. Even with two in college, you would not qualify for a Pell Grant, for example.
Your parents are divorced. Your family has home equity.
Frankly, this isn’t a financial picture that is a clean one in terms of anticipating need based aid awards.
Sure…go ahead and apply…but please don’t guilt your parents into paying for Columbia if the school doesn’t offer you sufficient need based aid.
You also have a sibling applying to college at the same time. You say your family can pay $40,000-$60,000 a year for you…what about your sibling? Or are you expecting your parents to provide 25-30% of their income for your college expenses alone? What if your sibling also needs college funding?
Or are you saying they will pay $40k to $60k for each of you…per year…on $160,000 income…plus pay their college loans back?
Please take a personal finances course.