Yes. A family that experiences a change in circumstances may apply for financial aid at any time. For example, it is not uncommon for a family to suffer a job loss or illness or for a younger sibling to begin attending college. Please note that institutional aid will usually be awarded only in cases that involve an involuntary change in circumstances. Parents who decide to retire early or to invest in a business start-up may not be awarded institutional aid. It is a good idea to include a letter describing your family’s change in circumstances with any new financial aid application.

Please note: foreign students and transfer students who were admitted without institutional financial aid are not guaranteed institutional financial aid even if there is a change in circumstances.

Columbia College and the undergraduate division of The Fu Foundation School of Engineering and Applied Science provide need-based financial aid to students, awarding grants, loans and on-campus work-study jobs to applicants on the basis of their family’s financial circumstances. There is no limit on the number of students who receive need-based financial aid as each application is considered individually. In 2007-2008 the average financial aid package was over $30,000.

The College Board will mail the IDOC cover sheets to your home address by mid-March. If you do not receive your IDOC cover sheet by this time, you can print another one from the IDOC Web site. You will need the student’s social security number and date of birth in order to access the IDOC cover sheet.

There are a few payment strategies that Columbia parents commonly use:

Payment Plan: Some families simply take the total billed costs minus the total amount of financial aid and pay the remaining amount through the 10-month payment plan. If you choose this option you would make ten equal monthly payments starting July 1. Remember that unbilled expenses are not included in this scenario. For example a family with billed costs of $30,000 would make ten $3,000 monthly payments. A family receiving some financial aid that has $15,000 in unbilled costs would make ten $1,500 monthly payments.

Long-Term Financing: Some families choose to borrow most or all of the cost of education, thereby spreading out the payment of educational expenses over ten years. For example, a family may take a $30,000 Federal PLUS loan to cover the billed costs and would begin making monthly payments of approximately $372 to the lender, beginning sixty days after the second Federal PLUS loan disbursement. The second disbursement typically occurs in February since the loan is disbursed one-half for the fall term and one-half for the spring term.

Unlike the payment plan only strategy, long-term options like the Federal PLUS loan allows families to finance unbilled costs like books, miscellaneous expenses and travel. Therefore, a family may choose to borrow more than the billed costs, resulting in a small credit balance for the student each term. Credit balances are made available as a refund to the student.

Please note that there is usually an origination fee associated with long-term financing options and, therefore, the net proceeds received by the school will be slightly less than the total amount borrowed.

Combination Strategy: We realize that many families do not have the cash flow or liquid assets to accommodate the payment plan strategy. In addition, many families strive to keep borrowing to a minimum. As a result, we often counsel families to use a combination of payment plan and borrowing that fits the family’s circumstances. In general, it is best to pay as much as possible, interest-free, through the payment plan and borrow the rest using one of the long-term financing options. For example, a family paying $15,000 may choose to sign up for a $10,000 payment plan and borrow the remaining $5,000 using a Federal PLUS loan. In this case, ten monthly payments of $1,000 would be made to the Payment Plan and a monthly payment of approximately $63 would be made to the Federal PLUS lender starting sixty days after the second Federal PLUS disbursement.

For more detailed Information regarding loans available to students and parents please visit the Student Financial Services Web site.

Approximately 50% of Columbia undergraduates receive some sort of financial assistance. In addition, about 80% of first-year students applying for financial aid for the 2007-2008 year received a need-based financial aid award.

Financial aid award letters for continuing students are mailed at the end of June.