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.

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. 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. (The premium for 2024-2025 was $2,493).  

Funds are available to assist a limited number of financial aid students each year who do not have coverage at home. To apply for these resources, students should submit the online insurance enroll/waive form by August 1, indicating that they do not have adequate or comparable insurance coverage.

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.

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.

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.

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.

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].

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.