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November 19, 2018

Colby College caps cost for middle-income families at $15K

PHOTO / Tim Greenway
PHOTO / Tim Greenway
With ambitious growth plans on and off campus, Colby College President David A. Greene stands in front of the Center for Discovery, Global Impact and Achievement under construction in this 2017 file photo. The college announced on Nov. 15 it will launch a financial aid program in 2019 that enables students from middle-income families to attend the liberal arts school in Waterville while paying no more than $15,000 a year.

Colby College will launch a financial aid program in 2019 that enables students from middle-income families to attend the liberal arts school in Waterville while paying no more than $15,000 a year.

The Fair Shot Fund, underwritten by the donation of an anonymous alumnus, will allow Colby to cap the cost to families earning up to $150,000 annually, the college said Nov. 15 in a news release.

For families earning less than that amount, the maximum cost will be proportionately less.

The price of attendance for the current academic year, including tuition, room and board, is $69,400, according to the Colby website.

The college says it provides aid to meet 100% of students' demonstrated financial needs, and last year began a program that eliminates costs for families with annual earnings up to $60,000. The Fair Shot Fund is made possible by one of the largest gifts toward financial aid in the college's 205-year history, Colby said.

Currently, 87% of families in the country fall below the $150,000 annual income threshold, according to the college.

"Too many families are forced to compromise on their children's college education because the best option for them isn't affordable," Colby President David A. Greene said in the release.

"With this new program, when Colby is the right educational choice for a student from a middle-income family, it will also be among the most affordable choices."

Colby has 1,900 students and is one of the state's most academically competitive colleges.

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