Beginning with next fall’s incoming class, admitted Colby students from households with a total income of $60,000 or less, and assets typical of that income range, will have a parent or guardian contribution of $0.
In Maine, where the median household income was $53,000 last year, this new policy is expected to make an outsized impact.
This announcement marks an expansion of the Colby Commitment, a global effort to ensure the most talented students from all backgrounds have access to a Colby education.
“The College has long had a commitment to reducing financial barriers for its students,” said Vice President and Dean of Admissions and Financial Aid Matt Proto. “Knowing that the median household income for families in the United States is approximately $60,000, we are taking another significant step to ensure that cost does not prohibit the most talented students from attending one of the nation’s best colleges.”
This new policy expands upon Colby’s longstanding practice of meeting 100 percent of each admitted student’s demonstrated financial need without student loans. Approximately 90 percent of families with a total income of $200,000 or less have qualified for some form of financial assistance in recent years, and Colby’s average financial aid award for enrolling students is more than $45,000. In 2014 Colby committed an additional $5 million in financial aid to ensure access to the most-qualified students.
In addition to significant financial aid awards, there is no fee to apply, and applicants may self-report their ACT, SAT or two SAT Subject Tests to Colby.
More information about the Colby Commitment can be found at commitment.colby.edu
Founded in 1813, Colby is one of America’s most selective colleges. Serving only undergraduates, Colby’s rigorous academic program is rooted in deep exploration of ideas and close interaction with world-class faculty scholars. Students may choose among 58 majors, including new or expanded programs in computational biology and genomics, environmental studies, and climate science. Colby’s new DavisConnects program supports all students in their pursuit of independent and collaborative research, global experiences, and internships to prepare them for postgraduate success. More than 100 courses at Colby, from across the disciplines, integrate the Colby College Museum of Art’s resources into the academic experience, a priority now enhanced by the creation of the Lunder Institute for American Art. Colby is home to a community of 2,000 dedicated and diverse students from around the globe. Its Maine location provides unique access to world-class research institutions and civic engagement experiences.