Comment on Colby College expands financial aid initiative

Colby College expands financial aid initiative

As part of the school’s financial aid commitment, students admitted to Colby College in Waterville who come from families earning less than $60,000 a year and assets typical of that income range will now have a parent or guardian contribution of $0. The initiative, announced Friday in a news release by the college, is an expansion of the “Colby Commitment,” which is what the school calls their global effort to ensure the most talented students from all backgrounds have access to a Colby education. The college expects the initiative to have an out-sized impact in Maine, where the median household income was $53,000 last year. When students apply for financial aid, the aid package they are awarded is based in part on the estimated amount their parents or guardians can pay toward schooling. This estimated parental contribution is calculated based on household income and other factors.

 

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