Financial Aid

O'Brien_Devin_2012_Argentina 1Financial aid is portable to both Colby and non-Colby programs as long as a student's plans have been approved by the Off-Campus Study office. In any of these courses of study, a student’s aid is based on the actual cost of the program up to a maximum of Colby’s student expense budget. The evaluation of the aid application includes consideration of necessary personal and travel expenses, and currency exchange rates.

Since a student’s aid is based on the actual cost of the program, Student Financial Services must have the fee information for your program (or at least your expected costs, if exact fees are not yet known) in order to process your financial aid for the academic year in which you are studying abroad. Financial aid students studying on an approved non-Colby program must have the program complete a Study Away Budget Statement and Agreement in accordance with federal regulations (in addition to the standard aid application documents). Students can print the form from the Student Financial Services website, complete the student section, and mail it to their program. 

Review the process and download the Study Away Budget Statement and Agreement from the SFS website.

Students receiving financial aid from Colby should be aware that students who withdraw during the semester must notify Colby and may be responsible for the refund of College and/or federal funds in accordance with College policy and federal refund regulations.  Please remember that, in general, no student may receive more than eight semesters of aid from Colby.
 
If your parents or anyone else is involved in paying for your educational costs, we strongly encourage you to share this information with them.

As you plan for your time away, please keep in mind:

  • A student’s aid is based on the actual cost of the program up to a maximum of Colby’s student expense budget.
  • If the program away costs less than Colby, financial aid will be reduced accordingly. For higher-cost programs, the budget will be capped at Colby's for the purpose of determining grant eligibility.
  • The $1,000 Off-Campus Study Fee charged by Colby for each semester away is considered part of the budget when determining aid eligibility.
  • Some programs may not be able to complete the budget form for the spring semester until later in the year.  If the rest of the aid application is complete, the financial aid award will be based on estimated costs and reviewed when the actual budget is received. This could result in an adjustment to the fall portion of the aid award as well as the spring.
  • According to federal regulations, Colby cannot disburse aid funds until within 10 days of Colby's first day of classes each semester.  Aid funds will be released only if the necessary paperwork and electronic processing have been completed.
  • Financial aid is disbursed to the student account (not the program) and it is the student’s responsibility to assure that program/university fees are paid.
  • Many programs are willing to wait for the portion of the payment covered by financial aid. However it is up to the program so we recommend that students discuss payment arrangements with their program as early as possible in the planning process.
  • Student Financial Services may be able to provide a Financial Aid Information Sheet for the student to give to the program. This will list the anticipated aid and disbursement dates.
Other considerations:
  • Plan for vacation expenses. Financial aid is only available to help with direct educational costs incurred while classes are in session.
  • Student Financial Services must be notified of any aid from non-Colby sources, including the study-away program.
  • Term-time earnings are considered part of the student contribution and will not be replaced with Colby Grant.
  • Students withdrawing during the semester, or dropping below full-time status, must notify Colby immediately. They may be responsible for the refund of College and/or federal funds in accordance with College policy and federal refund regulations. Please remember that, in general, no student may receive more than eight semesters of aid from Colby.
  • Application fees, incidental expenses for passports, visas, immunizations, gym/club memberships, etc., are not covered by financial aid.
  • Colby allows up to $800 Personal and Books for each approved semester of study away.