Policy on Outside Scholarships
Outside scholarships will be used to decrease the student’s summer work contribution of $1,650.
Policy on Health Insurance
Colby requires all students studying on campus or a Colby program to have adequate health insurance. If a student is not covered by an insurance plan that meets or exceeds College requirements and elects to enroll in the College plan, health insurance assistance will be provided. Submission of the insurance enrollment/waiver form is required annually of all students.
Policy on Travel Allowance
A student's cost of attendance includes out of pocket expenses such as travel. The estimate for travel is based on the student's primary residence. These out of pocket expenses are typically paid by students from summer or work study earnings.
Policy on Student Contribution
Colby believes all students should contribute financially to their education costs. Students are expected to contribute through summer earnings and assets, or academic year employment. Through specific calculations, Colby evaluates student earnings and benefits, and a portion of student assets as well as other available resources (i.e. gifts from relatives or tuition benefits from a parent’s employer).
Requirements Associated with Maintaining this Aid Package
Students must remain in good academic standing. Students must also complete the FAFSA and CSS Profile, as well as all other required institutional financial aid application materials in order to maintain the match scholarship award.
Weiland Welcome Grant
The Weiland Welcome Grant awards $1,250 to eligible first-year students whose families earn $75,000 or less per year with typical assets and are eligible for $0 parent or guardian contribution. These funds are to be used for expenses associated with college attendance and will be used as a work study replacement in your financial aid package. Students can still pursue work study as an option when they arrive on campus if they wish.
Colby College's Financial Aid Overview
Colby meets 100 percent of demonstrated need without including loans in financial aid packages.
Families with a total income of $75,000 or less (with assets typical of this income range), will have a parent or guardian contribution of $0.
Families with a total income of $75,001 to $100,000 and typical assets, will have a parent or guardian contribution of no more than $10,000.
Families with a total income of $100,001 to $150,000 and typical assets, will have a parent or guardian contribution of no more than $15,000.
Families with a total income of $150,001 to $200,000 and typical assets, will have a parent or guardian contribution of no more than $20,000.
