Financing Your Education: Advice, Insights and Resources

FINANCING YOUR EDUCATION: advice, insights, and resources

2018-2019 COST OF ATTENDANCE

INCIDENTAL FEES BEYOND TOTAL COST

FULL-YEAR TUITION

$

TRANSCRIPT (ONE-TIME)

$

STUDENT ACTIVITIES FEE

$

340

HEALTH INSURANCE

$ 1,781

ROOM (RESIDENCE HALL)

$

6,755

(FOR THOSE NOT COVERED BY A

MEALS (PREMIER UNLIMITED)

$

7,240

FAMILY PLAN)

TOTAL

55,530

Colgate University is committed to making your education affordable.

50

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.

$ 69,865

EST. PERSONAL EXPENSES/BOOKS $

2,410

What does that mean for you and your family?

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

AVERAGE AWARD FOR STUDENTS RECEIVING FINANCIAL AID

STUDENT

$ 2,000

COLGATE GRANT

$ 48,561

PARENT

$ 15,002

STUDENT LOAN

$ 2,500

WORK-STUDY

$ 2,800

TOTAL FAMILY CONTRIBUTION $ 17,002 TOTAL

$ 53,861

AVERAGE FOURYEAR DEBT LOAD IS $14,947

(Class of 2018)

At Colgate, we meet 100 percent of the demonstrated need for each student. We believe education should be affordable, and in fact, the average debt load after four years for the Class of 2018 is $14,947, significantly less than the national average of more than $39,000.

So what is “demonstrated need”?

USE THE NET PRICE CALCULATOR AT COLGATE.EDU TO HELP ESTIMATE YOUR AID ELIGIBILITY.

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 noncustodial 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.

demonstrated need. For example, of the members of the Class of 2022 who are receiving financial aid, 62 percent had family income of $100,000 or less.

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.

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.

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.

All the best,

Who should apply for financial aid?

42% PERCENTAGE OF THE CLASS OF 2022 RECEIVING FINANCIAL AID

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

Gary L. Ross Vice President and Dean of Admission and Financial Aid

$48,561

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:

100% of admitted student need and never "gaps."

STUDENT LOAN

$48,561

$53,861 Colgate Financial Aid at a Glance $53,861 TOTAL AWARD

42 42

100%

$14,957

Colgate guarantees housing for all four years.

Colgate guarantees housing for all four years.

A breakdown of the average financial aid package for the Class of 2022: COLGATE GRANT

TOTAL AWARD

A few stats about how Colgate provides financial aid to students Percentage of Class of 2022 receiving financial aid: At Colgate, work-study is often based on 10–12 hours of employment per week.

Average four-year debt incurred by a Colgate student: Colgate Percentage of Class of 2022 receiving financial aid: At Colgate, work-study ismeets often based on 10–12 hours of employment per week.

Colgate meets

$14,957

$2,500 $2,800

WORK-STUDY

$2,500 $2,800

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 and never "gaps."aid. financial GPA does not impact Colgate financial aid.

A breakdown of the average financial aid package for the Class of 2022: COLGATE GRANT

$48,561

STUDENT LOAN

$2,500 $2,800

Visit colgate.edu/financialaid to use our Net Price Calculator and for answers to frequently asked questions.

TOTAL AWARD

$53,861 Percentage of Class of 2022 receiving financial aid:

At Colgate, work-study is often based on 10–12 hours of employment per week.

Visit colgate.edu/financialaid to use our Net Price Calculator and for answers to frequently asked questions.

TOTAL AWARD

$53,861

WORK-STUDY

How to Apply COLGATE’S FIRST-YEAR DEADLINES EARLY DECISION I November 15 EARLY DECISION II January 15

On campus or abroad, your family contribution remains the same When Mason Jones ’18, of Bentonville, Ark., started looking at colleges, he knew he needed to find a school with a strong financial aid program.

“It played a major role in my decision. Colgate’s offer was the largest package I received from any school, and just the fact that so much of it was made up of grant money kind of sealed the deal,” said Jones, an English and sociology double major. “I could see myself affording to go to Colgate and not regretting the decision. For some of the other schools I was applying to, that wasn’t the case.”

The aid package also helped pay for his participation in a faculty-led off-campus English study group to London, England.

REGULAR DECISION January 15

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.

Colgate supports access to a quality education for students from all socioeconomic backgrounds.

To apply for financial aid from Colgate, applicants should complete the CSS PROFILE online at collegeboard.org/ profile (Colgate School Code 2086). U.S. citizens and permanent residents must also submit the Free Application for Federal Student Aid (FAFSA) (Colgate School Code 002701). The FAFSA is the only application required to be considered for federal funds.

All financial aid applications are

complete online beginning in October, using current household asset information and income from completed tax returns previously filed with the IRS.

Additional financial aid materials may be required if your application is selected for federal or institutional verification. For additional questions, contact accounting and control at 315228-7421, or by e-mail at stuaccounts@ colgate.edu.

available for families and students to

U.S. 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 U.S. citizens and 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 7/2018

phone: 315-228-7401 fax: 315-228-7544

admission@colgate.edu colgate.edu