The College, together with The Fu Foundation School of Engineering and Applied Science, will make several updates to financial aid in 2015-2016 to increase support for students, including meeting the full financial need of all transfer students pursuing their first degree; allowing students who have been awarded outside scholarships to use those funds to reduce additional work expectations; and altering the way that they treat student assets, which will reduce the student contribution for many undergraduates.
In addition, beginning in 2014-2015, the schools increased the amount designated for personal expenses in determining the cost of attendance to more accurately reflect the costs that students encounter. This follows an increase in 2013-2014 in the amount designated for books after a similar assessment. Increasing a component of the cost of attendance, in turn, increases students’ financial aid awards. Both amounts will be reevaluated each year.
The College and The Fu Foundation School of Engineering and Applied Science have also readjusted the travel allocations designated in the cost of attendance for students to better reflect increasing travel costs. Students traveling from far distances to attend Columbia will be provided additional financial aid to help offset the purchase of their plane tickets. This amount will be also be reevaluated each year.
“These changes to The College and The Fu Foundation School of Engineering and Applied Science's financial aid policy make important strides in increasing affordability for students and families,” Columbia College Dean James J. Valentini and Fu Foundation School of Engineering and Applied Science Dean Mary C. Boyce wrote in a statement to students. “We are grateful for the commitment of our alumni and friends, as proven through the overwhelming response during Giving Day, which enables us to have one of the most generous financial aid programs in the country.”