Financial Aid Instructions for International (Non-Canadian) First Year Applicants
|
All financial aid awards at Colby are based on an appraisal of an applicant's ability to meet the costs of a Colby education. Financial aid for international students is limited and the competition is keen, though recently Colby awarded over $4 million in institutional aid to more than 92 international students. Students who have supplied completed information to Colby's Office of Financial Aid and who are deemed eligible for aid receive a detailed financial aid package (conditions of the award as well as the specific U.S. dollar amounts involved) with the letter offering admission to Colby. The comprehensive fee covers tuition, room, and board. Books, school supplies, and personal expenses are also part of a student's budget. Enrolled international students who receive need-based Colby grant are eligible fore assistance with summer living expenses, as well. Required Forms
On all documents, use the best figures available to you and estimate, if necessary, to meet deadlines. Do not leave any answers blank. Enter "0" or "NA" if the question does not pertain to you. Keep copies of all completed forms for future reference. Complete copies of 2011 national income tax returns, or employers' documentation of parents' remuneration (with translation), will be required before financial aid is considered final, and awards may be revised if figures differ substantially, so it is important to estimate carefully. If either parent is self-employed, documents showing an itemization of income, business expenses, assets, and debts must be submitted. If you wish to explain any special circumstances that may affect your family's ability to contribute to the cost of education, please send additional sheets to Colby. Exceptional circumstances can be considered only if they are explained and specific dollar amounts are included. An aid application will be considered only when all requested documents and information have been received. Please be sure to notify us if you have an unavoidable delay. We want to be able to offer you the aid for which you are eligible. Please help us to help you by following instructions and meeting deadlines. If you have questions about documents or procedures, please write, call, or e-mail the Office of Admissions and Financial Aid (admissions@colby.edu). Aid will be offered to all admitted applicants who are determined by the College to qualify for assistance and who meet our deadlines for receipt of documents and other required information. Admissions decisions and aid decisions will be made available at the same time when possible. Please read all of the following. The International Student Financial Aid Application should be completed by the student and the parent(s) with whom the student lives. If that household includes a stepparent or parent’s partner, the stepparent’s partner’s information must also be reported on the forms. Definitions 1. Parent(s)/Custodial Parent The parent(s) under whose roof the student lives more than 50 percent of the time. If the student is away at school, the parent under whose roof the student lives more than 50 percent of vacation periods. This is not necessarily the same definition used by courts, or other agencies when parents are legally separated/divorced. 2. Noncustodial Parent If the parents are officially separated/divorced, the biological/adoptive parent with whom the student does not live at least 50% of the time; this is necessarily the same definition used by courts, or other agencies. 3. Other Income All money that is paid into an account that is yours (e.g. that was withheld from your pay and deposited into a retirement, medical expense, or dependent care account), or is paid by another on your behalf (e.g., free housing), or is paid to your and not reported on a national tax return as income (e.g. tax-exempt interest or dividends). Please explain source(s). 4. Income Tax The amount of tax assessed by national and local governments after tax adjustment for credits but before reduction of taxes already paid. 5. Current Market Value of Home and Other Real Estate The amount for which the property would sell if you were to put it on the market today, NOT the insured, tax assessed, or book (depreciated) value. 6. Investments Include stocks, bonds, and trust funds. 7. Money Owed to You Money loaned to another person, business, or other entity. This includes the remaining balances on installment sales. Enter the amount still owed to you today. 8. Retirement Funds Formal pensions, annuities, and savings plans restricted to use for retirement. 9. Expenses Report all amounts paid by you and your family on listed items. Be sure to include amounts covered by income and benefits reported in question 22. If you expect your expenses to change in 2011, please explain the reason and the amount of the change. 10. Annual Support (Question 32) Family income and assets: the amount the parent(s)/stepparent with whom the student lives think they can contribute to the cost of education (tuition, room, board, fees, personal expenses, books, transportation); Relatives and friends: the amount expected from all other persons, including the non-custodial parent; Agencies and foundations: list the names adn amounts for which you've applied from each source. The most common errors on financial aid applications are:
|