Columbia University Expands Financial Aid

A few weeks ago I wrote about Dartmouth’s move to offer a free education to any student whose family makes under $75,000. This week Columbia University made a move to try to keep up with the competition. An article in the Columbia News reported that the university will cover tuition, room, board and fees for all students whose families earn under $60,000. Families earning between $60,000 and $100,000 will see a significant increase in their financial aid packages, and any student whose family makes under $150,000 will have all loans replaced by grants.

The significance of these changes in financial aid by the top U.S. universities can’t be understated. A high-achieving student from a family with modest income will find it less expensive to attend Columbia or Harvard or Dartmouth than a state university or even a community college. For students who don’t have the scores and grades to get into these elite universities, the financial aid picture isn’t going to change much. Only the few schools with massive endowments can afford to offer students a free ride.

Photo by Yandi / Flickr