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An anonymous Colby alumnus who gave $2 million to the College for financial aid hopes his generosity will inspire others, President William D. Adams announced Dec. 17. The $2-million gift will allow Colby to increase the number of students who receive financial aid every year, furthering the College’s commitment to remain accessible to all qualified students regardless of their financial circumstances.
“We have a responsibility to make sure the cost of a Colby education doesn’t prohibit qualified students from attending,” said Adams. “Gifts in support of financial aid endowment give donors who want to make a difference in those students’ lives a remarkable way to help us meet that responsibility, now and into the future.”
The gift comes as Colby continues to increase its capacity to offer financial aid. Currently, approximately 40 percent of Colby students receive institutional grant aid and 690 endowed financial aid funds help Colby cover students’ full determined need. Colby awards more than $25 million in grants annually, and in January 2008 the College began replacing all loans in its financial aid packages.
The gift was made to the Colby Twentieth Century Alumni Scholarship Aid Fund. Created with a $1-million commitment in 1994 by the same anonymous donor and now, with subsequent gifts, valued at more than $5 million, the endowed fund was designed as a gift from 20th-century alumni to students of the 21st century. The fund supported its first student in 2000, and since then it has provided financial assistance to 23 more Colby scholars.