Colgate financial aid is awarded based on financial need; the university does not offer academic merit aid.
The amount of a student's aid award is determined by federal eligibility (where applicable) and demonstrated financial need based on the information a family submits on the CSS PROFILE and/or other required or supporting documents. Along with factors such as family income and assets, the following affect a student's eligibility for Colgate Grant: the number of siblings enrolled in undergraduate study; the cost of a sibling's educational program, if significantly lower than Colgate's cost; and/or having siblings whose awards contain merit aid or athletic scholarship.
Financial need is defined as the difference between the cost of attendance at Colgate University and the amount of money the student and parent(s) can contribute from income and assets. Students are automatically considered for all sources of financial aid for which they may be eligible, including federal, state, and institutional grants, loans, and employment.
The composition of an aid award depends on several factors, including the extent of a student's financial need, eligibility for other aid resources, the availability of funds, the date of application, and whether or not a student has recently been academically dismissed or disciplinarily suspended from Colgate.
Financial aid awarded at Colgate is considered supplemental to the resources of the family, including the student, and aid received from other sources. Colgate University does not offer financial assistance to students who voluntarily declare themselves independent of their parents, nor are we able to offer assistance if parents decide they no longer wish to support a student at Colgate.
Colgate grant assistance is awarded for full-time study and is limited to a maximum of eight terms of enrollment for students who matriculate as first-year students, regardless of whether or not they received aid in any given term. Courses transferred to complete Colgate degree requirements will reduce this eligibility.
Student Contribution
An expected student contribution is based on the student's previous year's earnings and assets. A minimum contribution from summer earnings is expected of all students.
Parent Contribution
An expected parent contribution is generally based on the previous year's earnings and assets. A minimum contribution is expected of all parents. Often the annual parent contribution is paid in two installments, with one-half paid prior to each semester; but our Financing Options page provides some other alternatives as well.
Cost of Attendance
The cost of attendance used for the determination of financial aid eligibility is based on students' fixed, on-campus expenses (tuition and activity fee); an allowance for room and meals; and allowances for those variable expenses not billed to the student account (books, travel, supplies, and personal needs). The cost of attendance does not include health insurance, which is required of all Colgate students. If the student is not covered by the family's health insurance, the student will be billed for health insurance through Colgate; in either case, families need to cover that cost. No provision can be made for expenses that are not directly related to a student's college attendance.
Adjustment of Awards
Colgate reserves the right to modify the financial aid listed in an aid award upon receipt of information affecting eligibility for financial aid. This can include but is not limited to changes in government funding, awards from other sources, or the number of siblings in college, where changes were not known at the time of the aid decision.
Disbursement of Financial Aid
Unless otherwise noted, the amount(s) listed in the aid award are annual awards, with one half applied to the student account each semester. One notable exception is work study, which involves direct payment to the student on a bi-weekly basis, so long as the student has completed an I-9 form at Colgate (authorizing work within the United States) and submitted valid wage vouchers.
All financial funds from either Colgate or outside agencies are processed as received. Prompt application for loans and other outside awards insures availability of funds at the beginning of each semester. However, students should be prepared to provide personal funds to meet necessary initial expenses such as books and supplies. If for some reason a student is unable to work during the summer and thus does not have the funds needed to purchase books, a book advance against future work-study earnings can be arranged through the Office of Student Accounts.
Refunds
If the total resources applied to the student account exceed a student's charges, a refund may be due. Ordinarily, refunds will be returned to students automatically -- either by direct deposit or check -- shortly after the relevant aid funds have been credited to the student's account, usually at the end of the Drop/Add Period.
In certain situations students may request an early refund of credit: Students participating in off-campus study programs should request refunds by sending an e-mail to the Office of Financial Aid at least three weeks prior to departure. Students who are fully aided (i.e., they are receiving outside awards or taking loans to cover their entire family contribution) should contact the Office of Financial Aid at least one week before classes begin, to request a partial refund to cover the cost of books (residual credit will be refunded automatically at a later date).
Refunds required as a result of withdrawal or leave of absence will be made in accordance with the policy outlined in the Colgate University Catalogue.
Reapplying for Financial Aid
U.S. and Canadian students need to reapply for financial aid annually. (Non-Canadian international students should check here for information about financial aid beyond the first year.) If a student continues to demonstrate need and remains eligible for assistance, financial aid will be provided. Information on reapplying for financial aid will be sent to an aided student's Colgate e-mail account in February. Students are required to complete the appropriate financial aid forms each year by April 1st. Failure to submit a timely application for grant aid may change the composition of a student's financial aid award. Colgate Grant aid is not guaranteed for late applications.
Effects of Academic Dismissal and Disciplinary Suspension
Students returning from academic dismissal or disciplinary suspension will see the composition of their aid package change. A work-study job and maximum loans will be packaged first. Colgate Grant will be awarded to meet remaining need.
Study Groups
Colgate Grant recipients can receive additional assistance for one Colgate-directed off-campus study group and one Colgate-directed extended study program. Institutional grant aid is awarded to meet the extra costs after loans have been increased to the maximum eligibility level. However, if prior to receiving the study-group award a student chooses to increase a loan beyond the level noted in the initial award for the year, Colgate will continue to provide only the level of grant that would have been available had the additional loan not been taken; the student remains responsible for the portion of the extra study-group costs that would ordinarily have been awarded in the form of additional loan. Only federal aid is transferable for non-Colgate programs. Students participating in Colgate's off-campus study groups or extended study programs must be sure to complete all necessary applications prior to departure to ensure availability of funds. As noted under "Refunds," above, arrangements for refunds of anticipated credit balances should be made with the Office of Financial Aid at least three weeks prior to departure.
Appealing an Award Students who have concerns about their awards should contact the Office of Financial Aid as soon as possible after receiving notification of the award. A Request for Review form will be sent upon request; the form must be completed and returned before a review can be conducted. A student who wishes to reject any part of an award must do so in writing to the Office of Financial Aid.
Confidentiality
All financial records are protected in accordance with the Family Education Rights and Privacy Act (FERPA) of 1974, as amended.
Financial Aid Awards
Colgate Grant
This is our institutionally funded grant, available to students without regard to citizenship.
Athletic Scholarship
This is an institutional, athletic award offered without regard to citizenship to selected student-athletes in certain sports. Recipients and scholarship amounts are determined by the relevant Colgate coach.
Federal Pell Grant
This is a federally funded grant, available only to U.S. citizens and eligible noncitizens. If funding for this program is reduced, Colgate may not be able to replace this deficit. Awards higher than estimated will reduce Colgate Grant.
Academic Competitiveness (AC) Grant (if funding continues)
This is a federally funded grant, available only to U.S. citizens and eligible noncitizens. If funding for this program is reduced, Colgate may not be able to replace this deficit. Awards higher than estimated will reduce Colgate Grant.
National Science and Mathematics Access to Retain Talent (SMART) Grant (if funding continues)
This is a federally funded grant, available only to U.S. citizens and eligible noncitizens. If funding for this program is reduced, Colgate may not be able to replace this deficit. Awards higher than estimated will reduce Colgate Grant.
New York State Tuition Assistant Program (TAP)
This is a grant awarded to eligible New York State residents only. By filing the FAFSA, New York State residents will be linked to the TAP application. If funding for this program is reduced, Colgate may not be able to replace this deficit. Awards higher than estimated will reduce Colgate Grant.
Federal Perkins Loan
This is a federal loan administered by Colgate and available only to U.S. citizens and eligible noncitizens. Federal Perkins Loans carry a 5% interest rate, the government pays the interest that accrues during enrollment, and repayment begins nine months after the student is no longer enrolled at least half time. If a Perkins Loan is included as part of a financial aid award, the certified loan amount will be indicated. First-time borrowers will receive application instructions during the summer; students who have borrowed through this program in a prior year do not need to reapply. Loan proceeds are disbursed electronically to the student account.
Federal Direct Loan
This is a federal loan, available only to U.S. citizens and eligible noncitizens. If a Direct Loan is included as part of a financial aid award, the certified loan amount will be indicated. First-time borrowers will receive application instructions during the summer; students who have borrowed through this program in a prior year do not need to reapply. Loan proceeds are disbursed electronically to the student account. Federal Direct Loan amounts will generally increase each year, depending on institutional packaging policies and federal guidelines.
For 2011-12 the interest rate for subsidized Direct Loans is fixed at 3.4%, the government pays the interest that accrues during enrollment, and repayment begins six months after the student is no longer enrolled at least half time. There is an origination fee of 0.5%.
In the unsubsidized portion of the program, the same conditions apply as stated in the previous paragraph except that the federal government does not pay the interest for the student during school attendance; the student is responsible for paying the interest, currently fixed at 6.8%.
Depending on federal eligibility, students may borrow up to $3,500 for the first year of college, up to $4,500 for the second year, and up to $5,500 for the third and fourth years. In many cases an additional $2,000 in unsubsidized loan is available each year as well. Colgate will always award as much subsidized loan as possible before awarding unsubsidized loan; however, in some cases the student is eligible for an unsubsidized loan only.
U.S. citizens and eligible noncitizens not initially awarded a Federal Direct Loan may contact the Office of Financial Aid to learn how to apply.
Work-Study
Work-study awards are available to students without regard to citizenship. Certain U.S. citizens and eligible noncitizens will have their work-study funds paid from federal sources; all other students will be paid from institutional sources only.
If a student's aid award contains a work-study job, further information about work-study, including details about how to apply for jobs, will be sent to the student's Colgate e-mail account toward the end of the summer.
Work-study awards increase each year. Earning the award amount cannot be guaranteed as it is dependent on such variables as job availability, hours, and academic schedules. To maximize the chances of securing the number of work hours needed to earn the amount listed in the award letter, work-study students should apply for jobs before the third week of classes, as they receive first preference for jobs only during that time.
As remuneration for jobs is earned on an hourly basis and paid bi-weekly, the sum indicated in an award letter cannot be deducted from a student's university term bill. Students who have a work-study award greater than the amount of their allowance for books, travel, and personal expenses may need to contribute the difference toward their billed expenses.
The Department of Homeland Security requires that all employees complete an I-9 form. If a student has not previously been paid for working at Colgate, the form needs to be completed before the student can be set up for on-campus employment.
If a student was not awarded a work-study job, the student may still be considered for on-campus employment during enrollment at Colgate. More information about employment can be found here. While work-study eligible students will have priority in hiring, limited job opportunities may exist for those not otherwise eligible.
Outside Aid Policy
While the combination of outside award(s) and financial aid from Colgate cannot exceed our annual cost of attendance, Colgate allows a student to receive the maximum possible benefit from an outside award by reducing first the portions of the aid award for which the student and family are responsible. Thus, any outside award(s) will first be used to offset family contribution, job, and/or loan. Only after those elements have been entirely offset will the outside award reduce a student's Colgate Grant.
Entitlement awards from state or federal sources -- including veterans' benefits -- as well as tuition subsidies based on a parent's employment are not covered by this policy and reduce Colgate Grant dollar for dollar.
Colgate Grant will not be increased to compensate for outside aid for which a student does not properly apply. Any outside scholarship(s), even those paid directly to the student, should be sent to the Office of Financial Aid for processing, to ensure compliance with federal regulations.