We carefully consider every student’s financial aid application for financial assistance. Through specific calculations, we measure your family’s financial strength, and if you’re deemed eligible for aid, your award will be tailored to meet 100 percent of your determined need.
With $25 million in aid awarded each year by the College, you may be surprised how affordable a Colby education can be.
Calculating your Expected Family Contribution
Expected Family Contribution (EFC) is the combination of expected parent contribution, student earnings and benefits, and a portion of student assets as well as other available resources (i.e. gifts from relatives or tuition benefits from a parent’s employer). If parents are separated or divorced, the College may include an expected contribution from the noncustodial parent.
Our calculation involves both federal and institutional methodologies and considers a number of factors affecting your family’s ability to contribute to the cost of your education, including:
- Family financial strength
- Current-year income (taxable and untaxed)
- Family size
- Parents’ ages
- Emergency and medical expenses
- Asset strength
- Number of family members in college and actual cost at each undergraduate institution
- At Colby, eligibility for financial aid is based solely on relative financial strength; merit scholarships (based on academic achievement, athletic or other talents) are not available from the College.
- Aid recipients must reapply for financial aid each year. Aid may increase or decrease with changes in family circumstances and in the College’s costs.
- Students who do not apply for financial aid prior to admission will not be considered for College grant assistance until their junior year, unless their family financial circumstances change unexpectedly.