Following the example of other American universities, Columbia has announced plans to offer financial aid to more of its undergraduate students. Almost all of the undergraduates from families with annual incomes of less than $60,000 will no longer have to pay full tuition fees.

The New York Times reports that the university will also end loans for incoming and current students who are on financial aid programs.

Since early December, several elite universities and colleges have either expanded aid for middle- and upper-income students or replaced loans with grants for many students. The moves have reshaped the financial aid landscape for students entering college next year. In some cases, attending a prestigious private college could cost less than a public university.

The paper also quotes Lee C. Bollinger, the president of Columbia University, sharing his future plans and expectations.

“We are both proud of that diversity and determined to maintain it by expanding aid to the extent our resources allow.”

According to the official website of the university, about 50 percent of Columbia undergraduates receive some sort of financial assistance.

About 80% of first-year students applying for financial aid for the 2006-2007 year received a need-based aid award. Over 40% of Columbia undergraduates were awarded need-based grant aid.

Photo: © coolgates

Related posts:

1. Stanford University Raises Financial Aid
2. Oklahoma University Gets $100 Million Donation
3. Rockefeller Donates Harvard $100 Million