eligibilityDetermining Eligibility
There are many definitions of "need" for aid. For example, a family's view of its need for aid may differ from the need determined according to the federal formula, and both of those need amounts may differ from the need determined by the College. In order to avoid confusion created by the many definitions of "need," these pages refer only to "eligibility" for aid.Eligibility for aid at Colby is based on the measurement of a family's relative financial strength.
This calculation is a two-step process, consisting of:
- first, the application of the eligibility formula for federal aid (Federal Methodology) and,
- (to the extent permitted by federal regulation and Colby policy), the evaluation of other factors affecting a family's ability to contribute to the cost of education, using the College Scholarship Service Institutional Methodology.
Calculating eligibility involves a careful evaluation of family finances, including factors such as family size, parents' ages, emergency and medical expenses, asset strength, number of family members in college, and actual cost of the undergraduate institutions that the family members attend. Each document is read individually with particular attention to current year taxable and untaxed income.
The determination of aid eligibility is a comprehensive process. Where eligibility is demonstrated, the process results in offers of aid tailored to individual family circumstances. Families are often surprised to learn the significant amount of aid available to them and the consequent affordability of a Colby education.
The expected family contribution represents the combination of expected parent contribution, student earnings and benefits, and a portion of student assets as well as other available resources (for example, 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 non-custodial parent. This total contribution is then subtracted from a student's total cost of education, including estimated personal and travel expense allowances, to determine the eligibility for aid. The College offers a financial aid package, usually consisting of a loan, a grant, and campus employment to meet 100 percent of the eligibility determined by the College.
At Colby, eligibility for financial aid is based solely on relative financial strength; academic or athletic scholarships are not available from the College. 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.
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.
A number of resources are available on the Web the may helpful in exploring opportunities for meeting college costs. A calculator for estimating an expected family contribution (EFC), as determined by the federal and institutional methodologies, can be found at:
» College Board EFC calculator (opens new window)