In order to graduate, each student must earn a minimum of 128 semester credit hours in at least eight semesters of full-time, college-level study and obtain a cumulative GPA of 2.0 or higher and a GPA of 2.0 or higher in the major. There are also all-College (distribution) requirements and requirements for each major. Up to 15 credit hours may be in courses taken satisfactory/unsatisfactory and 15 credits may be in experience courses.

Explicit graduation requirements are set forth in the Colby College Catalogue. Only those seniors who have met all graduation requirements and financial obligations to the College are eligible to participate in Baccalaureate and Commencement exercises. Students who, because of extreme extenuating circumstances, find themselves unable to graduate with their class, may appeal to the Administrative Committee of the College to allow them to march with their class and receive an empty diploma cover. The Administrative Committee has interpreted this rule, adopted by the faculty, to mean that such permission will only be given when an unforeseen occurrence in the spring term of the senior year prevents the student from being able to complete his or her academic work prior to Commencement and, further, that the student must have been making normal progress toward the degree at the time of the occurrence, have shown due diligence to complete all requirements despite the occurrence, and have the support of faculty members in the courses in which he or she is registered.