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Colby offers financial aid to admitted students who demonstrate financial eligibility and are enrolled full time. In order to ensure equal access and opportunity for students from all economic backgrounds, Colby awards more than $21.5 million annually in grants, loans, and campus employment to approximately 1,100 full-time students, or 60 percent of the enrollment.
The average aid package awarded to 741 grant recipients in 2005-2006 was $28,720. In addition to Colby's own programs, these awards include the full range of federal and state financial aid programs, including Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Perkins Loans, and Federal College Work-Study. Federal Stafford Loans also are available.
Colby requires all aid applicants to submit the Free Application for Federal Student Aid (FAFSA) to the federal processor before February 1. On the basis of the FAFSA, parents' and students' tax returns, and either the Colby financial aid application or the College Scholarship Service Profile form, the College determines eligibility within the context of Colby policy and federal regulations. Students who do not apply for financial aid prior to admission will not be considered for Colby grant assistance for two award years, unless their family financial circumstances change unexpectedly and unavoidably.
Early decision applicants for financial aid must file the CSS Profile form before November 15 for fall option early decision candidates and before January 1 for winter option early decision candidates. International students must complete and submit the International Student Financial Aid Application by the appropriate deadline.
To provide flexibility, Colby also accepts an outside payment plan and a number of parent loan programs. Students who seek more detailed information may write for the pamphlets "Financial Aid and the Value of a Colby Education" and "Financing a Colby Education" or contact the Office of Admissions and Financial Aid.
Aid also is available for programs of study abroad and domestic programs of study away that are approved by the Office of Off-Campus Study. The only domestic programs for which federal or Colby aid may be used are those listed in the "Off-Campus Study Handbook."
Aid for programs of study off campus is based on the actual cost of the program plus an administrative fee, up to a maximum of Colby's cost. Student loans may enable financial aid recipients to replace term-time earnings, which are not available on foreign campuses.
Parents and students may review information in the Student Financial Services and Career Services offices concerning scholarships offered by non-Colby organizations.
As stated more fully in the section on Academic Procedures in this catalogue, the Committee on Academic Standing reviews the records of all students at the end of each semester to determine if each is maintaining satisfactory academic progress. Decisions of this committee govern eligibility for financial aid in accordance with federal regulations and Colby policy.
Committee decisions of dismissal may be appealed. When students have been readmitted after academic dismissal, federal Title IV assistance (to a maximum of 10 semesters) will be awarded on a cumulative basis according to Colby's published funding priorities for financial aid. All standards are in accordance with federal laws with respect to satisfactory progress. In general, a Colby grant is available only for tuition charged for course work required to obtain a Colby degree, up to eight semesters of full-time enrollment. To ensure maximum aid eligibility, a student must maintain a minimum of 12 credit hours each semester, exclusive of credits taken during January.
Students who are admitted to Colby as other-than-first-semester freshmen are eligible for Colby aid for the number of semesters required for graduation as determined by the College at the time of entry. For example, a student who matriculates in the second semester of the freshman year is considered for up to seven semesters of aid.