Financial aid is portable to both Colby and non-Colby programs as long as your plans (and your petition) have been approved by the Off-Campus Study office. Financial aid, however, does not transfer automatically. Review the FAQ about steps you must take.
IMPORTANT – PLEASE NOTE:
- A student’s financial aid is based on the cost of the program (not Colby tuition) up to a maximum of Colby’s student expense budget. If the program away costs less than Colby, financial aid will be reduced accordingly. For higher-cost programs, the budget will be capped at Colby’s for the purpose of determining grant eligibility.
- You send a signed Study Away Budget Statement and Agreement to be completed by your study away program and to returned to the Student Financial Services office in order for your financial aid package to be calculated.
- The $1,000 Off-Campus Study Fee charged by Colby for each semester away is considered part of the cost of attendance.
- Financial aid is disbursed to the student/parent/guardian account (not directly to the program) and it is the student’s/parent’s/guardian’s responsibility to assure that program/university fees are paid.
- According to federal regulations, Colby cannot disburse aid funds until within 10 days of Colby’s first day of classes each semester. Aid funds will be released only if the necessary paperwork and electronic processing have been completed.
- SFS can provide a Financial Aid Information Sheet listing the anticipated aid and disbursement dates and most OCS programs/universities are willing to wait for the portion of the payment covered by financial aid.
- This information may also be needed for your visa application.
Other important considerations:
- Plan for vacation expenses. Financial aid is only available to help with direct educational costs incurred while classes are in session.
- Student Financial Services must be notified of any aid from non-Colby sources, including the study-away program.
- Term-time earnings are considered part of the student contribution and will not be replaced with Colby Grant.
- Students withdrawing during the semester, or dropping below full-time status, must notify Colby immediately. They may be responsible for the refund of College and/or federal funds in accordance with College policy and federal refund regulations. Please remember that, in general, no student may receive more than eight semesters of aid from Colby.
- Application fees, incidental expenses for passports, visas, immunizations, gym/club memberships, etc., are not covered by financial aid.
- Colby allows up to $800 Personal and Books for each approved semester of study away.
If your parents or anyone else is involved in paying for your educational costs, we strongly encourage you to share this information with them.