Federal Aid Information

Federal Aid Eligibility

Federal student aid eligibility is based largely on financial need as set forth by federal not institutional guidelines. Federal aid in the form of grants, loans and/or work-study may be available only to US citizens and eligible non-citizens with demonstrated need as determined by data provided on the FAFSA or Free Application for Federal Student Aid. For a more complete list of eligibility requirements, click here.

 
 
FAFSA Question 23 (Federal Aid and Drug Conviction)

The Higher Education Act of 1965 also suspends aid eligibility for students who have been convicted under federal or state law for the sale or possession of drugs, if the offense occurred during a period of enrollment for which the student was receiving federal aid (grants, loans and/or work-study).  For more information students may call the Student Aid Information Center at 1-800-433-3243 or complete the "Student Aid Eligibility Worksheet" to find out more about this law as well as how to regain federal aid eligibility after a period of suspension.

 
Other General Federal Aid Resources:
  • Federal Loan Repayment Information
    • It is important to make all payments on time or submit any deferment or forbearance documents timely to ensure loans remain in good standing. This link includes repayment plans, repayment calculators, as well as the consequences of defaulting on a federal loan.
 
 
Yellow Ribbon Program (Post 9/11 GI Bill)

Colby participates in the Yellow Ribbon Program, a matching grant program based upon qualifying military service for eligible veterans or their children.  A limited number of awards are offered annually on a first-come, first serve basis.  Applicants must complete a Certificate of Eligibility (CEO) after verifying their benefit eligibility.  For more information about the Yellow Ribbon Program, CLICK HERE.