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Financial AidFinancial Aid AwardsFinancial aid is awarded in the form of a “package,” consisting of a combination of the various types of financial aid for which the student is eligible. Most financial aid packages include a combination of grants and “self-help.” The self-help portion of a financial aid package consists of one or more low-interest student loans and a part-time job during the academic year. Grants from government sources or directly from Columbia cover any remaining need beyond that covered by the self-help award. Columbia determines the institutional and federal financial aid programs for
which each student is eligible and awards funds appropriately. In addition to Students who receive financial aid from Columbia grant permission to the
Office of Financial Aid and Educational Financing to release relevant personal, The following sources of financial aid may be included in a financial aid package from Columbia. A. Grants and Scholarships Through the Columbia University Grant (CUG) program, grants are made to fulltime matriculated Columbia College students without expectation of repayment. Grants are funded through a variety of University and College resources, including annual gifts and endowed accounts. Some of the more than two hundred special and named funds are listed under Scholarship Funds in this section. In order to be eligible for these scholarships, students and prospective students must be financial aid applicants and demonstrate financial need as determined by the Office of Financial Aid and Educational Financing. Federal Supplemental Educational Opportunity Grants (FSEOG) are grants made under Title IV of the Higher Education Act of 1965, as amended, from funds entirely supplied by the federal government. These grants are awarded to students who demonstrate exceptional financial need and are made without expectation of repayment. The amount of an individual grant may range from $200 to $4,000 per year. The Federal Pell Grant program is authorized by the Education Amendments of 1972. Under this program the federal government provides grants to students who qualify on the basis of financial need. Pell grants range from $400 to $4,310. New York State Tuition Assistance Program (TAP) provides grants to full-time matriculated New York State residents if the family meets financial requirements set by New York State. Current TAP awards range from $275 to $5,000. Higher Education Opportunity Program (HEOP)/National Opportunity Program (NOP)provides supplemental financial assistance to eligible students. Students awarded HEOP/NOP grants receive the funds in the form of tuition assistance. For further information see Higher Education Opportunity Program and National Opportunity Program under Student Affairs. Outside awards may be available to students from a variety of outside sources. These include, but are not limited to, awards sponsored by secondary schools, civic organizations, parental employers, corporations, and the National Merit and National Achievement Scholarship programs. The scholarships received from outside sources will first be used to reduce the student loan and/or work-study portion of the financial aid award. Only after self-help has been completely eliminated will the scholarships begin to reduce any Columbia grant. B. Student Employment All students who receive financial aid from Columbia are expected to have a parttime job to help meet the cost of education. Most students work on or near campus, but there are many interesting and rewarding jobs throughout New York City as well. The Center for Career Education maintains an extensive listing of student employment opportunities. The Federal Work-Study Program (FWS) is a program for student employment authorized by the Higher Education Act of 1965, as amended. The Work Study Payroll Office is dedicated to assisting Columbia students with all processes related to hiring and payment. The Federal Work Study Program is designed to promote part-time employment for students who are in need of earnings to finance their education and to encourage participation in community service. The goal of Columbia University’s FWS program is to provide student assistance that supports a wide range of career objectives and departmental needs within the University and the community. Students who work through the work-study program are subject to the earnings limitations specified in their financial aid packages. Other student employment options, which do not receive funding through the Federal Work-Study program, are listed in a register of employment opportunities in the Center for Career Education, East Campus. This resource is available to all students interested in locating employment. C. Student Loans The Federal Stafford Loan program was authorized by Title IV of the Higher Education Act of 1965, as amended. Through this program loans are made by banks and other commercial lenders from their own funds, with guarantees by the federal government. The interest rate on these loans is charged at a fixed rate of 6.8% for first-time borrowers. To qualify for a Federal Stafford Loan, the student and family must meet financial eligibility requirements. Eligible participants in this program may borrow up to the following amounts, with a fifth year allowed for undergraduate study:
The federal government pays the interest until repayment starts, usually six months after the borrower stops being at least a half-time student. Minimum monthly repayments are $50 and the repayment period is up to ten years. Students who do not qualify for the Federal Stafford Loan may borrow through the Unsubsidized Federal Stafford Loan program. Loan limits and the interest rate are the same under this program, but the federal government does not subsidize interest payments while the student is enrolled. Students are responsible for making the interest payments on the unsubsidized loans on a quarterly basis. Federal Perkins Loans are made to students with financial need from funds provided
Columbia College makes its limited Federal Perkins Loan funds available to students demonstrating the greatest financial need. Financing OptionsIn addition to Columbia’s commitment to meeting 100 percent of every student’s demonstrated financial need, Columbia is committed to assisting families in meeting their family contributions. The following financing options are available to assist families in making educational costs more affordable. Monthly Payment Plan: Columbia offers an interest-free payment plan through which families may make ten equal monthly payments throughout the year rather than paying the semester’s bill in full at the beginning of each term. The only cost associated with the plan is a nominal enrollment fee, and payments start in July. Parent Loans for Undergraduate Students (PLUS): Through the federal PLUS
loan program, parents may borrow for a child’s educational expenses. Loans are
made by banks and other commercial lenders from their own funds, with guarantees
by the federal government. Under the federal PLUS program, parents may
borrow up to the total cost of attendance less any other financial aid received.
Parents need not demonstrate need to qualify; however, they must be citizens or
permanent residents of the United States and must pass a standard credit check. A
fee of up to 3 percent will be deducted from the loan at the time that it is disbursed.
Repayment begins sixty days after the second disbursement of the loan. Families with questions about the details of these programs may contact the Office of Financial Aid and Educational Financing.
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