For information on how to apply for financial aid at Colby, including forms and deadlines, click here. When making plans to study away, please keep the following in mind:
- 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.
ADDITIONAL INFORMATION FOR APPROVED NON-COLBY PROGRAMS
- In addition to the standard aid application documents, students studying on an approved non-Colby program must have the program complete a budget form in accordance with federal regulations. This is true even if the only aid is in the form of loans. The form can be found by clicking on the link below and is available for pickup in our office.
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. The $1,000 Off-Campus Study Fee charged by Colby for each semester away is considered part of the budget when determining aid eligibility.
Some programs may not be able to complete the budget form for the spring semester until later in the year. If the rest of the aid application is complete, the financial aid award will be based on estimated costs and reviewed when the actual budget is received. This could result in an adjustment to the fall portion of the aid award as well as the spring.
According to federal regulations, Colby cannot disburse aid funds until within 10 days of Colby’s first day of classes each semester. For the 2017-2018 academic year, these dates are September 6, 2017 and February 7, 2018. Aid funds will be released only if the necessary paperwork and electronic processing have been completed.
After financial aid is disbursed to the student account, checks for credit balances are mailed to the home address. For more information on the disbursement of aid funds, please click on the link below which also provides a form the student can complete if it is preferable to have student aid checks issued in a parent’s name while the student is away.
Many programs are willing to wait for the portion of the payment covered by financial aid. However it is up to the program so we recommend that students discuss payment arrangements with their program as early as possible in the planning process. If we have received all necessary aid application documents and have completed the award, we can provide a Financial Aid Information Sheet for the student to give to the program. This will list the anticipated aid and disbursement dates.
Last updated: October 26, 2017 at 15:46 pm