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-- Two-thirds of Colby's students have received financial aid, but the average package of $30,585 pertains only to the 37 percent of the student body that received grant aid. (The others have received aid in the form of work-study and/or loans, without institutional grants as part of their package.)
-- The cumulative savings over four years after the college replaces loans with grants would be a maximum of $14,400 using current levels of aid, not $15,000.
-- Finally, most of the 37 percent of students who receive grant aid in their packages are expected to pay some portion of the comprehensive fee. Many families choose to take loans outside of Colby's packaged aid in order to pay the family contribution, which is calculated based on what the family can afford. Colby will continue to work with those students who qualify for federal Perkins or Stafford loans to supplement their aid packages if they choose to take out loans for books, family contribution, etc.
Stephen Collins
Director of Communications
Colby Collegereport abuse
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