frequently asked questionsEarly Decision FAQs
Loan Payment FAQs
Which loan or payment plan is best for us?
There are many factors that will affect your decision on how you pay your college bills, including the size of the required payment, your current income, other obligations, future expenses, and employment plans. We suggest that you start by estimating the amount you can pay per year and then comparing that amount to the ³amount to be paid by parents² in the payment worksheet.
If you think that the total amount is manageable and that you will be able to pay half in August and half in January, then you may choose the standard semester payment plan. If the amount is manageable, but it would be more convenient to spread the payments over 10 months, you may select a monthly payment plan. If you would prefer to borrow rather than to pay the entire bill in one year, it may be helpful to ask yourself the following questions as you consider a parent loan:
How much am I currently paying per month on existing debts? Have I been able to maintain a good credit history with previous loans?
What will my income be during the next 10 to 20 years? Would I have to modify my retirement plans if I take a loan?
If I itemize deductions for federal or state tax purposes, would deducting the interest paid on the loan allow me to reduce my federal or state income taxes?
Note: an attorney or tax expert would be the best person to help you answer this question and questions you may have about the Hope Scholarship, Lifetime Learning Credit, and other sections of the Taxpayer Relief Act of 1997.)
What other major expenses do I expect to have within the next few years?
Will other family members enter college in the near future?
How will that affect my ability to repay the loan?
How will the loan affect my ability to pay the college bills for my other enrolled dependents?
Is it better to pay now with existing assets and borrow later for other family members, or to borrow now and save assets for later expenses?
Note: Federal law now permits each student to borrow an unsubsidized loan through the Federal Direct Ford/Stafford Loan Program if the student is ineligible for a maximum subsidized Ford/Stafford Loan. Eligibility for subsidized Ford/Stafford Loans is need-based, determined from financial information provided on the Free Application for Federal Student Aid (FAFSA). No payment is required on a subsidized Ford/Stafford Loan during the period of enrollment; on an unsubsidized Ford/Stafford Loan, the student is responsible for the interest during the period of enrollment. Federal Direct Ford/Stafford Loans are limited to $2,625 for first-year students, $3,500 for sophomores, and $5,500 for juniors and seniors. Please call either the Colby Student Financial Services Office or the Office of Admissions and Financial Aid if you have not already completed a FAFSA and need to obtain that form. No additional application is required for the Federal Direct Ford/Stafford Loan.
Early Decision FAQs
What is the difference between Early Decision and Early Action or Early Notification?
Early Decision requires a commitment on the part of both the college and the applicant. Early Action and Early Notification offer an early commitment on the part of the college or university but require no commitment to enroll on the part of the applicant. Like most colleges that have an Early Decision program, Colby does not also have an Early Action or Early Notification program.
What are the Early Decision deadlines at Colby?
The Early Decision 1 (Fall Option) deadline for submitting an application is November 15; decisions are mailed by December 15. The Early Decision 2 (Winter Option) deadline for submitting the application is January 1; decisions are mailed by January 31.
May I apply Early Decision to Colby and also make application to other colleges at the same time?
You may not apply Early Decision to more than one college at a time, but you may initiate regular applications to
other colleges.
How do I apply Early Decision using the Common Application?
The Common Application instructions remind you to include a statement with your application indicating your intention to apply Early Decision. If you apply early to Colby you must read carefully and sign the Early Decision Commitment included on the Colby Supplement to the Common Application.
Do I have to withdraw my other college applications if I am admitted Early Decision to Colby?
Yes, this is where your part of the Early Decision Commitment comes in. In fairness to other colleges and other applicants, you should withdraw your other applications immediately.
What happens to my application if I am not admitted Early Decision?
Our admissions committee will review your application once again among all regular applications, and we will notify you of our final decision in early April.
If I apply Early Decision 1 and do not gain admission then, will you move my application to the Early Decision 2 group?
No, the committee will move your application to the regular pool of applicants and wait for midyear school reports and other new information to arrive in your file.
May I apply for financial aid if I am applying Early Decision?
Yes, you will be expected to file EITHER the Colby Aid Application OR the College Scholarship Service's Profile and the Colby Financial Aid Supplement. The Profile registration form is available in high school guidance offices, and on the Web. The Colby Aid Application and Supplement are part of the Colby admissions application booklet, and are also available on the Web. We shall notify you of your tentative aid offer at the same time we offer you admission, assuming, of course, that all required documentation has arrived at Colby on time. Because an early offer of financial assistance must necessarily be an estimated award, you will also be expected to file the Free Application for Federal Student Aid (FAFSA) with the federal processor by February 1 and to forward copies of final 2003 income tax returns to our office.
What if the estimated offer of financial aid is not enough to enable me to enroll at Colby?
Colby remains committed to meeting the full financial aid eligibility of every student we admit, and if we offer you admission, we certainly want you to enroll here. The first thing you should do, therefore, is to contact our office and request a review of your aid eligibility. While we may not be able to revise your aid package, we do want the opportunity to understand better your financial difficulties and to help you and your family find a way to meet college costs. If, after our review and before you pay your deposit, you still believe you cannot afford to attend Colby, you must notify us immediately, and we shall withdraw your application from further consideration.
When must I take the required standardized tests if I am applying Early Decision?
If applying Early Decision 1, you should take all required tests by November 1. If you must sit for tests in early November, you should inform us of this in writing and RUSH your official test results to us. Early Decision 2 applicants must complete all required tests by mid-December.
Are there any disadvantages to applying Early Decision?
Only if you have not done your homework on colleges and are really unprepared to make an Early Decision commitment. If you are still unsure about which college is your first choice, you should apply for a regular decision.
What are the advantages of applying Early Decision?
You make an emphatic statement that Colby is your first-choice, and if admitted Early Decision, you do not have to wait until springtime to make final your college plans.
Wait List FAQs
How many students are on the Wait List?Generally, about 200. The number varies from year to year, depending on how many students elect to remain on the Wait List.
Do you rank the students on the Wait List?
No. If and when we are able to make additional offers of admission to students on our Wait List, however, we shall go first to the students who have communicated their desire to attend Colby. It is important, therefore, to return your reply card as soon as possible to tell us whether you wish to remain on the Wait List.
If I elect to remain on the Wait List, will I be considered for admission at midyear as well as in the fall?
Yes. We once again anticipate enrolling 40-45 new students on campus in January, and we shall consider all Wait List students for any available places at midyear. These students will be admitted to Colby fall semester programs in either Salamanca, Spain, or Dijon, France.
What is the likelihood of being admitted from the Wait List?
This is impossible to predict. Certainly, we prefer to admit students from our Wait List in order to meet our enrollment target rather than to overshoot this number with our initial offers of admission. Last year we were able to admit 7 students from the Wait List; the two previous years we were to admit 37 and no additional students, respectively. In some years we have been able to admit students from the Wait List into our January group only.
What can I do to improve my chances of being admitted?
The best thing to do is to finish your senior year with strong grades in every subject.
Should I come to Colby for an interview?
No, that is not necessary.
Should I arrange an interview with an alumni interviewer?
No, alumni interviews are used only in the original admission decisions.
Should I send more information?
Only if your application has changed significantly from the time you originally applied.
If I know of someone who is not accepting an offer of admission to Colby, may I have that spot?
No, offers of admission are not transferable.
If I need financial assistance and am admitted from the Wait List, will I still receive financial aid?
Yes.
When will you act on your Wait List?
We hope to be able to act on our Wait List as soon as possible, certainly by the first week in May, once the students initially admitted to Colby have told us whether they plan to enroll here. By early June we hope to be able to inform all Wait List candidates of their admission status.