Colby offers financial aid to admitted students who demonstrate financial eligibility. In order to ensure equal access and opportunity for students from all economic backgrounds, Colby awards approximately $17 million annually in grants, loans, and campus employment to approximately 1,100 full-time students, or 65 percent of the enrollment.

The average aid package awarded to 761 students in 1998-99 was $19,810. In addition to Colby’s own programs, these awards include the full range of federal and state financial aid programs, including Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Perkins Loans, Federal College Work-Study, and Federal Direct Ford/Stafford Loans.

Colby requires all aid applicants to submit the Free Application for Federal Student Aid (FAFSA) to the federal processor before February 1. On the basis of the FAFSA, parents’ and students’ tax returns, the Colby aid supplement, and either the Colby financial aid application or College Scholarship Service profile form, the College determines eligibility within the context of Colby policy and federal regulations. Students who do not apply for financial aid prior to admission will not be considered for Colby grant assistance until their junior year, unless their family financial circumstances change unexpectedly.

Early decision applicants for financial aid must file the Colby aid supplement and either the financial aid application or the CSS profile form before November 15 for Round 1 Early Decision candidates and before January 1 for Round 2 Early Decision candidates.

To provide flexibility, Colby also accepts an outside payment plan and a number of parent loan programs. Students who seek more detailed information may write for the pamphlets "Financial Aid and Financing Options at Colby College" and "Financing a Colby Education" or contact the Office of Admissions and Financial Aid.

Aid is also available for programs of study abroad and domestic programs of study away that are approved by the Office of Off-Campus Study. The only domestic programs for which federal or Colby aid may be used are: Colby in Washington, the Washington Semester at American University, Woods Hole Sea Semester, Williams College/Mystic Seaport Semester, and Colby’s official Claremont, Howard, and Clark Atlanta exchange programs.

Aid for programs of study off campus is based on the actual cost of the program plus an administrative fee up to a maximum of Colby’s cost. Student loans may enable financial aid recipients to replace term-time earnings, which are not available on foreign campuses.

Parents and students may review information in the Student Financial Services and Career Services offices concerning scholarships offered by non-Colby organizations.

As stated more fully in the section on "Academic Procedures" in this catalogue, the Committee on Academic Standing reviews the records of all students at the end of each semester to determine if each is maintaining satisfactory academic progress. Decisions of this committee govern eligibility for financial aid in accordance with federal regulations and Colby policy.

Committee decisions of dismissal may be appealed. When students have been readmitted after academic dismissal, federal Title IV assistance (to a maximum of 10 semesters) will be awarded on a cumulative basis according to Colby’s published funding priorities for financial aid. All standards are in accordance with federal laws with respect to satisfactory progress.

Persons wishing to file a complaint must show evidence that they have first attempted to resolve the issues through the Colby complaint procedure prior to contacting the State Program Review Entity. To be considered by the State Program Review Entity, a complaint must be filed no later than 60 days after the completion of the Colby complaint procedure.