Financing your education: advice, insight, and resources
Colgate University Hamilton, New York
CLASS OF 2020 COST OF ATTENDANCE FULL-YEAR TUITION STUDENT ACTIVITIES FEE ROOM (RESIDENCE HALL) MEALS (PREMIER GOLD)
$ 51,635 $ 320 $ 6,310 $ 6,765
INCIDENTAL FEES BEYOND TOTAL COST TRANSCRIPT (ONE-TIME) HEALTH INSURANCE (FOR THOSE NOT COVERED BY A FAMILY PLAN)
$ 50 $ 1,276
TOTAL $ 65,030 EST. PERSONAL EXPENSES/BOOKS $ 2,260
Cost to attend – Family contribution = Demonstrated need COLGATE MEETS 100% OF THE DEMONSTRATED NEED OF ALL ADMITTED STUDENTS
AVERAGE FAMILY CONTRIBUTION FOR STUDENTS RECEIVING AID STUDENT $ 1,700 PARENT $ 16,148 TOTAL FAMILY CONTRIBUTION
AVERAGE AWARD FOR STUDENTS RECEIVING FINANCIAL AID COLGATE GRANT $ 44,142 STUDENT LOAN $ 2,500 WORK-STUDY $ 2,800
$ 17,848 TOTAL
41.6% PERCENTAGE OF THE CLASS OF 2020 RECEIVING FINANCIAL AID
$ 49,442
Colgate University is committed to making your education affordable. As part of our continuing goal to educate the best students in the country, and thanks to the generous support of alumni, family, and friends, Colgate has dramatically increased the number of students who are receiving our need-based aid.
What does that mean for you and your family?
AVERAGE 4-YEAR DEBT LOAD IS $16,000 (Class of 2016)
VISIT THE NET PRICE CALCULATOR AT COLGATE.EDU TO HELP ESTIMATE YOUR AID ELIGIBILITY.
At Colgate, we meet 100% of the demonstrated need for each student. We believe education should be affordable, and in fact, the average debt load for the Class of 2016 is $16,000, significantly less than the national average of more than $35,000.
For instance, 94 percent of families with an annual income of $80,000-$99,999 in the Class of 2020 received aid, with an average award of $47,775. Applying for Early Decision does not affect a student’s aid award. Someone admitted during Early Decision will receive the same aid package that they would receive as a Regular Decision candidate. Although it is not an exact measure, the Net Price Calculator on the Colgate website is a good place to start understanding what kind of aid you may be eligible to receive.
So what is “demonstrated need”? Colgate uses a standard formula known as Institutional Methodology to assess need. We look at a family’s income, basic living expenses, educational expenses for other children enrolled in undergraduate study, savings, and assets including home and real estate value. Using those figures, we determine how much a family (including the non-custodial parent, if applicable) can reasonably afford to contribute, and then subtract that from the total cost of attendance. The amount that remains is your demonstrated need.
Please note that domestic and Canadian students must reapply for aid each year, as a change in your finances can impact the amount of aid awarded.
Who should apply for financial aid?
All the best,
There is no specific income cutoff for aid because the decision depends on a number of factors beyond income. Financial aid has been offered to students at Colgate who come from backgrounds with limited resources and from families with reported incomes greater than $200,000 per year. It all depends on how your personal financial situation impacts the calculation of demonstrated need.
I hope you find this brochure and the information on our website to be informative as you weigh your college options during this exciting time. Also, you are always welcome to call or e-mail us with your specific questions, and our staff will be more than happy to assist.
Gary Ross Vice President and Dean of Admission and Financial Aid
Colgate Financial Aid at a Glance
Colgate Financial Aid at a Glance A few stats about how Colgate provides financial aid to students
Average four-year debt incurred by a Colgate student:
Colgate meets
100%
$16,000
of admitted student need and never "gaps."
A breakdown of the average financial aid package for the Class of 2020: COLGATE GRANT
STUDENT LOAN
$44,142
$2,500
WORK-STUDY
$2,800
TOTAL AWARD
$49,442 Percentage of Class of 2020 receiving financial aid:
At Colgate, work-study is often based on 10–12 hours of employment per week.
$44,142
$2,500
$2,800
TOTAL AWARD
$49,442 Colgate Financial Aid at a Glance $49,442 TOTAL AWARD
A few stats aboutfinancial how Colgate to students Percentage of Class of 2020 receiving aid: provides financial At Colgate,aid work-study is often based on 10–12 hours of employment per week. Average four-year debt incurred by a Colgate student: Percentage of Class of 2020 receiving financial aid:
Colgate At Colgate, work-study is often based on meets 10–12 hours of employment per week.
100%
41.6 41.6
$16,000
Colgate guarantees housing for all four years. Colgate guarantees housing for all four years.
Financial aid can be applied to one Colgate-directed or approved off-campus study group and one extended study program. Financial aid can be applied to one Colgate-directed or approved off-campus study group and one extended study program.
of GPA does not admitted impact student needColgate financial and never "gaps." aid. GPA does not impact Colgate financial aid.
A breakdown of the average financial aid package for the Class of 2020: COLGATE GRANT
$44,142
STUDENT LOAN
$2,500
Visit colgate.edu/financialaid to use our Net Price Calculator and for answers to frequently asked questions. Visit colgate.edu/financialaid to use our Net Price Calculator and for answers to frequently asked questions.
TOTAL AWARD
$49,442
WORK-STUDY
$2,800
On campus or abroad, your family contribution remains the same When Emma Staples ’15 started looking at colleges with her twin sister, she knew she needed to find a school with a strong financial aid program, especially since a third sibling already was enrolled in another college. “When my parents saw Colgate’s financial aid letter, they were so excited. My father was smiling the entire day, so I knew it was a great offer,” said Staples, an English major from Barrington, R.I. The aid package was enough to enable the twins to both attend Colgate. They also applied their aid to faculty-led off-campus study groups to London, England and Cardiff, Wales.
Financing options COLGATE’S FIRST-YEAR DEADLINES EARLY DECISION I November 15 EARLY DECISION II January 15 REGULAR DECISION January 15
Whether or not you qualify for aid, the following financing options are available to help you pay your contribution. Colgate University payment plans
Tuition Prepayment Plan
Colgate offers two monthly payment plans, allowing parents to make 10 monthly payments toward college costs. There is a small processing fee. Further information is provided to all enrolling students.
Prepaying tuition for two, three, or four years at the current rate of annual tuition can protect families from probable future increases. Participation is limited to parents of students in full-time attendance who are not receiving Colgate financial aid. Only tuition charges are included. All other charges for fees, room, and meals are payable as billed. For specific details, contact the Office of Accounting and Control at 315-228-7421, or by e-mail at stuaccounts@colgate.edu.
Federal Direct PLUS loan EARLY DECISION APPLICANTS Application requirements are the same for Early Decision applicants as they are for Regular Decision applicants — only the deadlines are different. TRANSFER APPLICANTS Colgate financial aid assistance is available to admitted domestic transfer students on the basis of need. Information regarding application requirements and deadlines for transfer students can be found at colgate.edu/financialaid/transfer.
This program enables credit-worthy parents of undergraduate students to borrow directly from the federal government up to the cost of attendance minus other aid. For further information, please visit colgate.edu/ financialaid/financing.
US citizens and eligible noncitizens In order to apply for need-based institutional aid, domestic students must file the Free Application for Federal Student Aid (FAFSA) found at fafsa.ed.gov, as well as the College Board’s Financial Aid PROFILE found at collegeboard.org/profile. For most domestic students, these are the only financial aid application forms that Colgate will require prior to admission. International applicants Financial aid is available to students who are not US citizens or eligible noncitizens. To apply for aid international students must submit the Financial Aid PROFILE (collegeboard.org/profile). Generally, this is the only financial aid application form that Colgate will require of international students prior to admission. For questions or concerns about filing the PROFILE, contact the Office of Financial Aid at finaid@colgate.edu
COLGATE MEETS 100% OF THE DEMONSTRATED NEED OF ALL ADMITTED STUDENTS
OFFICE OF ADMISSION 13 Oak Drive Hamilton, NY 13346
phone: 315-228-7401 fax: 315-228-7544
admission@colgate.edu colgate.edu