Columbia University announced today that it was joining its Ivy League sister institutions in revamping its financial aid policies to make the University more affordable for the middle class. Families with incomes of less than $60,000 will pay nothing. Families with incomes of less than $100,000 will see a significant increase in the amount of aid awarded. And all institutional loans will be replaced by grants.
Since Harvard announced changes in its financial aid policies (see my post here), other well-heeled institutions (e.g., Dartmouth, Yale, Bowdoin, Stanford) have followed suit. Expect others to join in.