How should I compare Columbia and Cornell financial aid offers to determine which is more affordable?

Treat the lower four-year net cost, not the lower first-year bill, as the more affordable offer. Start with each school’s cost of attendance and subtract only grants and scholarships that do not have to be repaid; do not count work-study, student loans, parent loans, or outside scholarships that are not guaranteed. Columbia’s New York City setting can raise day-to-day personal and transportation spending, while Cornell’s Ithaca location can make travel home and some housing or winter-related costs more significant.

Put the two offers into the same categories: tuition and required fees, housing and food, health insurance, books, travel, and personal expenses. Check whether either college has included a health-insurance charge that your family can waive through an existing qualifying plan. Also distinguish direct charges on the college bill from estimated indirect expenses, since your actual spending on food, travel, and personal items may be below or above the estimate.

Then ask both financial-aid offices whether the institutional grant is expected to renew at the same level and what could change it. In particular, confirm whether aid will be recalculated annually based on income, assets, sibling enrollment, or changes in housing; whether the offer assumes a required summer contribution; and whether there are any one-time grants in the first year. A package that looks cheaper now may not remain cheaper if a substantial grant is nonrenewable or if your family’s expected contribution is likely to rise.

Finally, calculate a conservative four-year family cost for each: expected family payment plus any unavoidable borrowing plus realistic travel and personal costs, with a modest allowance for annual price increases. If one offer leaves a gap your family would need to fill with Parent PLUS or private loans, include the full amount of that borrowing in its cost.