Colby College President William D. Adams announced Saturday that, beginning next fall, Colby will eliminate loans from all financial aid packages, replacing the loans with grants that do not have to be repaid. The new policy, approved by Colby's board of trustees January 19 in Boston, represents a commitment of more than $1 million and signals a move among top-tier liberal arts colleges to address issues of access and affordability through new aid policies.
The decision will make it possible for students who earn admission and qualify for financial aid from the college to receive a Colby education and to graduate with no debt from student loans. The decision applies to currently enrolled and new students, and it takes effect beginning the fall semester of 2008.
Colby is taking a leadership role in the shift, joining fewer than a dozen private institutions in the United States committing institutional funds to make their programs affordable to the broadest range of qualified students regardless of their ability to pay. Colby's financial aid policy is need-based, relying on specific calculations to determine a student's financial need, then fully meeting that demonstrated need with a financial aid package. The total average financial aid package is $30,585 per student for those qualifying for financial aid. Colby's comprehensive fee this year is $46,100.
Following an October meeting, Colby trustees announced a program to eliminate loans for students from Maine. At that time they asked the administration to look at new initiatives in light of a stronger financial position resulting from endowment growth and early success in an ongoing capital campaign. The grants-instead-of-loans initiative was approved by the trustees Saturday morning, and the million-plus dollar commitment is above and beyond resources allocated last fall for Maine students.
Founded in 1813 in Waterville, Maine, Colby enrolls 1,850 students. Additional information is available at www.colby.edu.
Posted 01/22/08 to www.NASFAA.org. Posting of information in Member News is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
