On April 11, 2007, Columbia University announced a $400 million to $600 million donation from media billionaire alumnus John Kluge to be used exclusively for undergraduate financial aid. The donation is among the largest single gifts to higher education. Its exact value will depend on the eventual value of Kluge's estate at the time of his death; however, the generous donation has helped change financial aid policy at Columbia. Annual gifts, fund-raising, and an increase in spending from the university's endowment have allowed Columbia to extend generous financial aid packages to qualifying students. , undergraduates from families with incomes as high as $60,000 a year will have the projected cost of attending the university, including room, board, and academic fees, fully paid for by the university. That same year, the university ended loans for incoming and then-current students who were on financial aid, replacing loans that were traditionally part of aid packages with grants from the university. However, this does not apply to international students, transfer students, visiting students, or students in the School of General Studies. In the fall of 2010, admission to Columbia's undergraduate colleges Columbia College and the Fu Foundation School of Engineering and Applied Science (also known as SEAS or Columbia Engineering) began accepting the Common Application. The policy change made Columbia one of the last major academic institutions and the last Ivy League university to switch to the Common Application.