<p>Yeah, it basically works like this:</p>
<ol>
<li><p>Columbia comes up with your financial aid package (I’m just going to use made-up, round numbers). They give you $50,000 in aid.</p></li>
<li><p>Columbia estimates that the cost of attendance is $60,000. This includes an estimate for food, your room, books, etc. for an entire year.</p></li>
<li><p>You can borrow the difference from Sallie Mae and other private lenders. So, you can borrow up to $10,000 that year.</p></li>
<li><p>Sallie Mae, once you’re approved, sends the money to Columbia. Columbia deposits it in your account.</p></li>
</ol>
<p>Does that make sense?</p>