Understanding Your Financial Aid Package
Finalizing Your Financial Aid Package
To finalize your financial aid package you must submit all required outstanding information to the Colby Office of Financial Aid. You may upload the documents online via your applicant portal, send the documents via email to [email protected], via fax to (207) 859-4828, or through the College Board Institutional Documentation Service (IDOC). If you have any questions or would like to request a review of your calculated financial aid package due to significant, non-discretionary changes to your or your family’s financial circumstances, please contact [email protected]. We will respond as quickly as possible.
Colby Information Technology Services (ITS) will mail instructions to the email provided in your application regarding your email and student account login. Please be sure to follow these instructions in a timely manner as all financial aid, billing, loan information and other College communications will be sent to your Colby email address beginning in mid-June.
While loans are not included in your financial aid package, families sometimes elect to borrow to help finance the total cost of attendance. The Office of Student Financial Services (SFS) will provide instructions for completing the Federal Direct Student Loan Request form as well as more information about Parent Plus loans. In the meantime, please feel free to visit Federal Direct Loans.
In addition to providing more information about loans, SFS will share instructions for completing the online outside scholarship questionnaire. Outside scholarships will appear on your student account statement only after Colby receives the funds. Please be sure outside scholarship checks are sent directly to the Office of Student Financial Services. The address is:
Office of Student Financial Services
4130 Mayflower Hill
Waterville, Maine 04901
You should know that all full-time Colby students, regardless of financial aid eligibility, may hold part-time campus jobs. First-year students can earn at least $1,800 during the academic year by working on campus an average of eight to 10 hours per week. Students may elect to have payments deposited directly into their bank accounts on a biweekly basis. The student employment office will send you information regarding campus employment over the summer. The student employment website provides information about finding a job on campus.
Finally, please know we anticipate the comprehensive fee will most likely increase 1 to 2 percent above inflation each year. Regardless of this increase we will meet 100% of your demonstrated need without student loans.
Student Financial Services will bill students in July for the fall semester and in December for the spring semester. Please review their website for payment instructions.
You may also choose to participate in a tuition payment plan administered by Cashnet. The fall plan begins prior to enrollment with a starting date of June 1. For more information visit commerce.cashnet.com/cashnetg/paymentportal/login.aspx. Additionally, Colby has partnered with Flywire to facilitate international tuition payments. For more information visit Flywire.com.
Family Educational Rights and Privacy Acts (FERPA)
The Family Educational Rights and Privacy Act (FERPA) is a Federal law that protects the privacy of student education records. The student will need to grant us permission for Colby financial personnel to discuss students’ finances and financial aid with their parents or guardian. If you wish to grant permission for your parent or guardian to have access to this information, you may do so by completing the required information on the student portal.
Frequently Asked Questions
Do I need to re-apply for financial aid each year?
Yes. Colby is committed to meeting 100 percent of demonstrated need without packaged student loans each year of attendance up to four years of full-time enrollment. Students must re-apply for financial aid each year to ensure annual aid packages reflect the family’s current financial circumstances. Financial aid can increase or decrease depending on changes to the family’s financial circumstances. The deadline for returning students to apply for financial aid is April 30. Applications are reviewed when all required documents and information have been received by Student Financial Services.
What costs are not included in the cost of attendance in my package letter?
Health insurance is not included in the cost of attendance. Colby requires that all students studying on campus or a Colby program have adequate health insurance. The full-year premium cost of the Colby-billed coverage for 2022-23 is $2,070 and will be billed to your student account in July.
If you have insurance that is comparable to the health insurance offered through Colby (serviced by Wellfleet Group), you may waive the College’s coverage and premium charge. If you do not have comparable health insurance, or do not submit the online form, including your policy information, by August 1, you will be required to sign up for insurance provided by the College. If you are not covered by an insurance plan that meets or exceeds College requirements, and have family income less than $65,000, financial assistance will be provided to cover the cost of the billed insurance plan.
More information about the registration form will become available on the Colby website and will be mailed to you by the College physician. In addition to the insurance health registration form, the Health Center will need proof of your immunizations, as well as other medical information from your personal physician.
Is an estimated cost of books included in my financial aid package?
An estimate for books is included in the cost of attendance that is used to calculate your aid package; however, the cost is not billed directly to your student account. As with travel to campus, students must purchase books separately as an out-of-pocket expense
Does having more than one child enrolled full time in college impact my financial aid package?
Yes. Your family contribution reflects the number of children enrolled full time in college. Your financial aid package will be adjusted if the enrollment status of your sibling(s) changes due to graduation, transfer, withdrawal, or other events.
How does work-study factor into my financial aid package?
Work-study may be included as an option to help pay the total cost of attendance and other personal expenses. Students work throughout the academic year and are paid bi-weekly for hours worked. It is important to keep in mind that the work-study package is earned over time if the student chooses to secure a campus job and that the family contribution does not include the work-study package. It may appear that the amount due on the student account statement is more than the family contribution if the work-study wages are not used to offset billed charges.
May I request a review of my financial aid application if my family’s financial situation has changed?
Yes. If there has been a substantial, unexpected change in your family’s financial situation, we will review your financial aid application upon receipt of documentation verifying the change. Examples of situations that may lead to a financial aid review include an increase in out-of-pocket medical expenses other than insurance premiums, significant decrease in total income due to a non-elective change in employment, or the death of a primary wage earner. Financial aid reviews are performed at the discretion of the College depending upon the timing of the change. To request a financial aid review, please contact the Office of Admissions and Financial Aid at [email protected].
How do outside scholarships impact my financial aid?
Outside scholarships are used to reduce the student’s summer work and work-study expectation. If additional scholarship funds are available after reducing the student’s summer work and work-study expectation, then there may be a reduction in the family contribution to the extent that the adjustment does not negatively impact federal aid eligibility. Outside scholarships are common resources for entering students. However, many scholarships are not renewable for the sophomore through senior years; a family may see their contribution increase for the sophomore year simply because these resources are not available. Students are encouraged to seek new outside scholarship opportunities to replace those outside funds that do not renew.
Why is my Pell grant not showing on my financial aid package?
If you are Pell eligible based on your federal EFC however do not see your Pell grant on your aid package, your Pell grant is currently being suppressed due to outstanding federal requirements. Once resolution is obtained, we will issue a revised package letter to notify you of any changes to your aid. Your net cost will not be impacted by these adjustments.