What is the difference between the Juilliard/Columbia joint vs. exchange program?

Columbia-Juilliard Programs

The EXCHANGE program gives Columbia College students the opportunity to cross-register for weekly instrumental, jazz, composition or voice instruction with the Juilliard faculty after successfully applying to the Exchange via Juilliard. The program is designed for up to three years of study. Juniors have the option to apply for the joint program or petition for a fourth year of study in the Exchange.

The JOINT program gives Columbia College students the opportunity to earn a Bachelor of Arts from Columbia College and Masters of Music from Juilliard in five years. After being admitted to Juilliard, students admitted to the Joint Program enter Juilliard for their fourth and fifth years of study.