$6,836

Avg. Federal Grant

$5,079

Avg. Federal Loan

$40,668,350

Total Aid Awarded

Colby College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

49%

Total Aid Amount Average Total Aid Awarded per year.

$40.668M

Financial Aid Official Website

www.colby.edu/admissions_cs/financial_aid/

Such schemes include Colby College - National Merit Scholarship, Maine Difference Scholarship, Maine Metal Products Association Scholarship, and Maine Public Relations Council Scholarship. As many as 44% of the students at CC get some sort of financial aid, and the total amount of assistance/loans provided is more than $2,224,942 in a year. More information regarding the financial assistance schemes can be accessed on CC’s official financial aid page at http://www.colby.edu/admissions_cs/financial_aid/. The total percentage of candidates applying to Colby College who receive the Federal Grant is 15%. On the other hand, 44% of the candidates get the Student Grant, 43% receive the Institution Grant, and 14% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $6,090, and the same stands at $1,350 for State Grant awardees and $50,717 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,747. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Those with a family income below $30,000 per annum, would get an average federal aid of $57,923 in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $58,613 and $58,300, respectively. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $50,166. And, for those with a family income of more than $110,000, the amount stands at $29,547. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At CC, an estimated number of 28% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

14%

State Grant Aid

2%

Institution Grant Aid

48%

Pell Grant

14%

Average Aid Awarded

Federal Grant Aid

$6,836

State Grant Aid

$4,028

Institution Grant Aid

$46,066

Pell Grant

$4,888

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$67,517

$30,001 - $48,000

$66,921

$48,001 - $75,000

$61,571

$75,001 - $110,000

$48,816

Over $110,000

$31,874

Student Loans for Colby College

Average Loan Amount Average Loan Amount received per year.

$5,079/Year

Students Taking Out Loans

15%

Loan Default Rate

N/A

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