Financial Aid FAQ - Life at Colby - Colby College, Waterville, ME

Only when studying on a Colby program (i.e. Colby in Salamanca, Dijon, St Petersburg, Bigelow Laboratory, and exchange programs), you will be billed in the same way as a semester or year on-campus. If you are studying on a non-Colby program ( majority of students) fees will be billed by the host institution, and paid by you (your family), not Colby. The specific program fees vary..

Essentially, the overall cost depends on what program you will attend. Many programs on Colby’s approved list cost less than Colby’s tuition and fees. Read the Financing Off-Campus study and use our(click here : Off-Campus Study Budget Planning Worksheet. )

Students going on non-Colby programs will be billed by Colby for a $1,500 off-campus study fee for each semester they are away. The charge covers direct and indirect costs for off- campus study and will be billed by the Office of Financial Services. For students on financial aid, this charge is considered part of the cost of attendance.

Applications for financial aid for study away are addressed on a first come first served basis. The (click here: Study Away Budget Statement and Agreement ) should be filed as soon as possible before you are scheduled to depart for your study away.

Yes! Financial aid status should not deter you from considering study off-campus. If you receive financial aid at Colby, your aid is portable. Your aid will be recalculated based on the actual cost of the program up to a maximum of Colby’s student expense budget. The evaluation of the aid includes consideration of direct educational costs incurred while classes are in session including tuition, required fees, room & board, books, airfare and necessary personal and local transportation expenses.

This will vary, it is depending on your financial situation and where you are going. Your financial aid award will be recalculated based on the cost the off-campus program/university you are attending. If the off -campus program costs less than Colby, financial aid will be reduced accordingly. Therefore the amount of your aid may differ from what you receive when you are on campus.

According to federal regulations, Colby cannot disburse aid funds until within 10 days of Colby’s first day of classes each semester.  Aid funds will be released only if the necessary paperwork and electronic processing have been completed.

The Student Financial Services office can provide a (click here: Financial Aid Information Sheet ) with anticipated aid information and disbursement dates that you can show to your program/university. Most study abroad programs are willing to wait for the portion of the payment covered by financial aid.

It is your responsibility to assure that program/university fees are paid. Financial aid will be released directly to you (or parent/guardian) not the program.

Most likely, yes and you should always be prepared for unanticipated costs. How much money you will spend while off-campus will depend on where you go, how much you travel and go out, as well as on the local financial systems in the country in which you are studying. Your program will provide information on managing these matters as well as what may be included in your program fee. Consider costs of personal travel, personal spending, sightseeing and souvenirs in your budget.