This information is intended to help you understand the composition of your financial aid offer and the terminology used.
Composition of Aid Offer
The composition of an aid offer depends on several factors, including the extent of a student's financial need, eligibility for other aid resources, the availability of funds, and the date of application. Students who have applied for aid are automatically considered for all sources of financial aid, including federal, state, and institutional grants, loans, and employment.
Financial Need
Financial need is the difference between the cost of attendance and the expected family contribution (EFC), as determined by the CSS Profile. Colgate meets 100% of any student’s demonstrated financial need.
Expected Family Contribution (EFC)
The Expected Family Contribution (EFC) is based on information provided on the student's CSS Profile, such as their family’s income, assets, and siblings enrolled in an undergraduate degree program. It is composed of the student contribution and the parent contribution.
The EFC is used to determine eligibility for need-based financial aid from Colgate University. The EFC is not the student’s bill; rather, it is an estimate of the family's contribution to educational costs for the academic year.
Student Contribution
The student contribution is based on the student's current assets and earnings from an earlier tax year. A minimum contribution is expected of all students.
Parent Contribution
The parent contribution is calculated based on the CSS Profile and other documents submitted when applying for financial aid. Parent income, assets, the size of your household, and the number of siblings under age 24 who are enrolled full-time in their first undergraduate degree program are taken into consideration.
In the case of divorced or separated parents, both parents must submit a CSS Profile, and each parent's information will be used in calculating the total expected family contribution. If a parent is remarried, the parent's spouse's information must be included on the CSS Profile for a complete financial aid application. Additionally, if a parent lives with a partner (e.g., a boyfriend or girlfriend) in a shared household, that partner's information must be included on the CSS Profile.
Student Aid Index (SAI)
The SAI is the eligibility index used to determine eligibility for federal aid, like the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant, and Federal Direct Subsidized Loans. It is based on the information provided by the student and their contributors on the Free Application for Federal Student Aid (FAFSA).
Net Price
Net Price is the difference between Colgate’s Cost of Attendance and grants and scholarships. Grants and scholarships are financial aid resources that do not need to be repaid. Other resources, such as work-study and loans, are not factored into the net price calculation but can help cover educational costs.
Estimated Cost of Attendance
The Cost of Attendance includes estimates of charges that will be billed by Colgate, as well as estimates of personal costs a typical student will incur during the academic year.
- Billable costs: What Colgate charges — includes tuition, fees, housing, and food.
- Non-billable costs: Personal expenses, books, and travel. May vary from student to student, based on their individual circumstances.
Estimated costs do not include the health insurance fee, which is required for all Colgate students. If not already covered by health insurance, the student will be billed for coverage through Colgate; in either case, families will need to cover that cost. Students who feel they may need assistance with the cost of Colgate's health insurance should contact the Office of Financial Aid.
Expenses not directly related to college attendance are not included in a student's estimated cost of attendance.
Student's Bill
Prior to the start of each term, the Office of Student Accounts bills for direct charges, including tuition, fees, housing, food (meal plan), and student health insurance (if applicable). Neither the EFC nor the SAI is the amount a student will pay to Colgate; instead, the difference between the assessed charges and a student’s anticipated financial aid credits is the balance due. The deadlines to pay balances throughout the term are indicated in emails and billing notifications sent to students and their Authorized Users.
To help cover educational costs, monthly payment plans, loan programs, and pre-payment plans are just a few options open to all students. These resources are described on the Financing page.