Financial Aid Information
Institutional Financial Assistance
Colby aid packages contain grants and work-study aid—but not loans. While our admissions process is need-aware, we’ll meet 100 percent of your demonstrated financial need if you are admitted. More than 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 families with a total income of less than $65,000 and assets typical of this income range will have a parent or guardian contribution of $0.
The College awards more than $30 million in grant assistance annually. Grants do not have to be repaid and are available from a variety of sources, including federal and state governments, other outside agencies, and the College’s own funds. Eligible aid recipients are automatically considered for grants. Federal grants, including Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG), are offered to students who submit completed financial aid applications to the College and who demonstrate federal grant eligibility.
There are hundreds of student job opportunities available, and we can often match student interest with specific openings across campus. Even if you don’t receive financial aid, you can earn up to $1,800 per year by working on campus. If you do receive aid, you may work up to 12 hours each week, and those earnings are often used to cover personal expenses.
National Merit Scholarships: National Merit Scholars who receive financial aid will receive an annual recognition award of $2,000. Scholars who do not receive financial aid will receive an annual recognition award of $500. If you are a National Merit Scholarship finalist, report Colby College as your first-choice school to the National Merit Corporation to ensure you receive the award.
Yellow Ribbon Program: As a Yellow Ribbon school, Colby seeks to enroll veterans of the U.S. Armed Forces and veterans’ eligible dependents. The Yellow Ribbon Program is an agreement between colleges and universities and the Veterans Administration in which higher education institutions help cover the cost of tuition and fees in excess of the amounts payable under the Post -9/11 Veterans Educational Assistance Act of 2008. First-year students receiving Veterans Administration benefits should refer to their Colby Memorandum of Understanding for information regarding major declaration.
Outside Scholarships: Outside scholarships are a great way to reduce the cost of attendance after Colby has awarded the need-based federal and institutional grants for which you may be eligible. There are many websites available to assist you in your search; it is advised that you do not spend money on scholarship search services as they are often not reputable and you can normally find the information yourself for free.
Federal Direct Student Loans and Private Student Loans
- Direct subsidized loans are need-based loans made to eligible undergraduate students at Colby College
- Direct unsubsidized loans are loans not based on financial need
- Direct Parent PLUS loans are loans not based on financial need. These loans are made to parents of dependent undergraduate students and are used to help pay for education expenses not covered by other financial aid. A credit check is required to obtain a Direct Parent PLUS loan.
- Private or alternative loans are utilized when federal loans and other aid does not cover the cost of education, so private or alternative educational loans are available. Private educational loan programs vary by lender. Colby does not have preferred lender arrangements. Families who choose to borrow may select a loan product from any lender of their choosing, and they are encouraged to carefully compare loan terms and conditions, including interest rates, origination fees, and repayment terms before consummating a loan.
Federal Student Loans: Basics for Students (PDF)
Federal Direct Parent PLUS Loan and Private Loan Info
Federal Subsidized/Unsubsidized Direct Loan
State Grant Assistance
Maine State Grant
The Maine State Grant Program offers $2,500 need-based grants to Maine undergraduate students.
Vermont State Grant
The Vermont State Grant Program offers variable need-based grants to Vermont students. Vermont grants range in amounts from $1,000 up to $14,000.
*Students are encouraged to check with their local state legislative offices to check on state grants offered in their state of residence.