Well the thing is need based scholarships are entirely institutional, so FAFSA just gives Columbia financial info and an EFC, and Columbia uses that info (along with CSS info which is a little more complete) to come up with their own EFC. That part can vary a lot but it just depends on Columbia's algorithms which are not made public. For instance the government might say parents should contribute 20% of income and 5% of assets if they have 1 child in college (just making up numbers). But Columbia could say that parents should contribute 30% of income and 10% of assets. You can know right now what the government says your EFC is (just look at this year's FAFSA or use the forecaster if you haven't submitted it yet), but you won't know if Columbia's EFC is much different until you're accepted and submit all your financial info. Once they evaluate your EFC they subtract it from the COA to determine your "need". Traditionally (according to their financial aid manual on their website) they have a set "loan" amount every year, usually about $30,000, and will grant need-based scholarships to cover the difference between this loan amount and your "need". The deal with their new "debt-free" model is that this $30,000 loan amount is theoretically reduced to zero, meaning the only part that your left to pay (either through loans or personal/family contributions) is the EFC that they assign you, up to the full COA. Even if your parents make 200k, I would be very surprised if your EFC was over 100k (Columbia's COA), meaning even at that income you would get some need-based grant.