Cost to Attend Colby College

C
Colby College
Waterville, Maine

Annual Costs

Undergraduate Tuition

Tuition for Colby College is $56,930 for the 2020/2021 academic year. This is 91% more expensive than the national average private non-profit four year college tuition of $29,844. Colby College is one of the 100 most expensive colleges in the America, coming in 44th on our Expensive 100 Ranking. The cost is 139% more expensive than the average Maine tuition of $23,837 for 4 year colleges. Tuition ranks 19th in Maine amongst 4 year colleges for affordability and is the 2nd most expensive 4 year college in the state. Price does not vary by residence.

The school charges an additional fees of $2,500 in addition to tuition bringing the total effective in-state tuition to $59,430.

Housing Costs

On campus room and board is provided by the school at a cost of $15,295 per academic year. Students electing to live off campus elsewhere in Waterville should budget at least this amount.

Books and Supplies

The estimated annual cost for books and supplies is $850.

Other Living Expenses

If living on-campus, students should budget for $850 in additional living expenses. Off-campus students should budget for $850 in other miscellaneous living expenses.

Total Costs

The annual tuition and living expense budget to go to Colby College was $76,425 for the 2020/2021 academic year. The cost is the same for all students regardless of Maine residence status as there is no in-state discount.

Citation: Price data from the U.S. Department of Education's 2020 IPEDS survey response for Colby College and represent reported costs for the 2020-2021 academic year.

Costs and Tuition for Colby College
Estimated Budgets
Maine Resident Total Budget $76,425
   In-State Tuition$56,930
   Other Fees$2,500
   Room and Board$15,295
   On-Campus Other Budget$850
   Books and Supplies$850
Non-Resident Total Budget $76,425
   Out-of-State Tuition$56,930
   Other Fees$2,500
   Room and Board$15,295
   On-Campus Other Budget$850
   Books and Supplies$850
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What it Really Costs

Depending on many factors including student and parent income and assets, the total cost of attendance may be less than the $76,425 published price if scholarship or grant aid is made available to you.

Net Price

The net out-of-pocket total cost you end up paying or financing though student loans is known as the net price. The reported Colby College net price for in-state students is $18,552* for the 2019/2020 academic year. This net price includes housing and meal expenses.

Pell Grants and other Grant Aid

43% of Colby College students received grant aid in 2019/2020. The average total aid amount was $55,737. 18 percent of students received aid in the form of Pell Grants from the U.S. Federal Government. The average Pell Grant awarded for 2019/2020 was $4,966. To apply for a Pell Grant to attend Colby College, the first step is to fill out the Free Application for Federal Student Aid (FAFSA).

Net Price and Financial Aid for Colby College
Financial Aid Summary
Average Annual Net Price$18,552*
Percent of Students Receiving Grant Aid43%
Average Total Grant Aid$55,737
Percent of Students Receiving Pell Grants18%
Average Amount of Pell Grant Aid$4,966

Average Net Price by Family Income

The average net total cost of attendance for different levels of family income after federal, state or local government, institutional grant and scholarship aid are awarded. Data last published for the 2019/2020 academic year.

Family Income Avg. Net Price
$0 to $30,000$2,648
$30,001 to $48,000$2,361
$48,001 to $75,000$5,536
$75,001 to $110,000$12,188
$110,000+$49,197

Average Financial Aid Mix - $76,425 In-State Total Cost

CollegeCalc has estimated typical coverage of the annual in-state tuition and living expenses of $76,425. Breakdown is based on average grant aid and federal loan aid which will vary based on your family income.

74%
6%
20%
Grants and Scholarships
74% - $55,737

Money granted to you by the U.S. Department of Education, Colby College or other organizations. These are not loans and do not need to be repaid.

Federal Loans
6% - $4,795

Low interest student loans funded by the U.S. Department of Education. This amount will need to be repaid.

Out of Pocket
20% -  $15,043

Covered by family savings, work or private student loans which you will have to repay.


*Reported Average Annual Net Price for students receiving grant or scholarship aid reported to the U.S. Department of Education's Academic Year 2019/2020 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school's net price calculator for further understanding of your potential net price.

Note that for colleges with no reported on-campus room and board, the average net price has been increased to account for living expenses. This number may not only reflect the net price paid to the school for tuition.

Is it Worth the Cost?

To make a comparative assessment if Colby College is worth the price, measures of it's relative value for tuition dollar can be examined. We've calculated an academic national percentile rating of 91/100 for Colby College. Considering an average net price paid of $19,699, this leads to an overall value ranking of 79/100. This places the school 12th on our national Best Value Colleges ranking as a provider of a very high value education compared to actual overall price paid.

Tuition Comparison to Similar Private Colleges in the Region

School Cost vs. Colby College
Tufts University4.6% more expensive
Boston College3.7% more expensive
Wellesley College2.1% more expensive
Middlebury College1.7% more expensive
Skidmore College0.2% more expensive

Cost of a Degree

When considering ability to pay for college, the annual cost is often discussed but it's the "all in" multi-year degree cost which matters in the end. Let's take a look at what it could really cost for four years at Colby College.

Estimated 4 Year Cost at Published Tuition

At the current published rates, an estimated total tuition, fees and living expense price for a 4 year bachelor's degree at Colby College is $305,700 for students graduating in normal time. This methodology for estimating the 4 year cost is a straight multiple of the most recent reported annual total cost and does not factor in tuition increases during the time you're in school. It also assumes you receive no grant or scholarship aid and pay the full list price.

A potentially more accurate but less conservative estimate of a degree cost can be made by using the school's annual $19,699 in-state net price as the basis. Applying this cost over 4 would estimate the cost of a degree at $78,796**

If you end up on the "five year plan" and need an additional year to graduate, your five year cost could be as high as $382,125 or $98,495 using an average net price.

**Based on a 4 year multiple of Average Annual Net Price for students receiving grant or scholarship aid reported to the U.S. Department of Education's 2019/2020 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school's net price calculator for further understanding of your potential net price.

Other Costs

Student Loans and Debt

The second consideration after understanding the cost of college is determining how to finance it. Some students are fortunate enough to have some form of family financial assistance, but student loans end up financing a significant portion of higher education in the U.S. 12% of Colby College students receive U.S. Federal Student Loans with an average annual Federal Loan aid amount of $4,795.

Example Loan Payments and Costs

How much are student loan payments for Colby College? Obviously this varies based on a number of factors - offsetting financial aid you receive, percentage of fee you pay upfront while enrolled and the interest rate on your loans. We've modeled a sample student loan based on current Stafford loan rates to give you an approximate idea.

The following are the costs for a loan if you borrowed $78,796, 100% of the estimated average net price for a four year program and paid nothing while enrolled. The total of all payments including interest would sum $94,523.90. This could be your effective total out of pocket cost of an education at Colby College. Note that this calculation assumes you don't pay full list price tuition, are part of the reported 43% of students at this school who receive financial aid and you are paying an average annual net price of $19,699. If you do not financially qualify for a reduced net price, your student loan payments could be significantly higher than this example. Use our Colby College student loan calculator below to change loan assumptions and recalculate.

Student loans are not free money and must be repaid. You cannot dismiss student loans by via bankruptcy.

Colby College Student Loan Payments
Example Payments
Monthly Loan Payment$787.70
Amount Borrowed$78,796.00
Interest Rate3.73%
Term10 years
Number of Monthly Payments120
Total Interest Cost$15,727.90
Sum of All Payments over 10 years$94,523.90

Affording Student Loan Payments and Post Graduation Salary

Can I afford to attend Colby College? In the end, the answer comes down a determination if you will earn enough to comfortably pay back a student loan with your post graduation salary. This is an extremely important point to consider. In order to afford student loan payments and still meet all your other costs of living, it is recommended not to borrow more than you can pay back using 10% of your monthly income earned after graduation. If you're considering attending Colby College, you need to carefully consider if it will be realistic to make the post graduation loan payments based on your expected salary.

Using the 10% of salary threshold, an annual income of $94,523.90 would be needed to afford a $787.70 monthly payment in the example $78,796.00 loan modeled above. You will need to determine if it is at all realistic that you will be earning this type of salary after graduation. This assumes a loan payback over 10 years. You can change the terms of this example loan using the student loan calculator below.

Estimated Future Cost and Expected Tuition Increase

What will it cost to send your child to Colby College in the future? In the past four years, this school's published in-state tuition and fee total rose from $47,060 to $56,930. This amounts to an average annual price increase of 4.2%. Nationally, university tuition prices are rising around 5% per year. Looking out five, ten, fifteen or eighteen years, these are CollegeCalc's estimates how much you could expect to pay for a 4 year degree assuming tuition increases at the national average rate. Estimated future prices are based on the current 4 year cost of $305,700.00. Use the college savings plan calculator below to perform a more comprehensive analysis on future costs and how much you will need to save for Colby College.

Annual4 Year Degree
Estimated Cost in 5 years for students enrolling in 2027$105,102$420,409
Estimated Cost in 10 years for students enrolling in 2032$134,140$536,560
Estimated Cost in 15 years for students enrolling in 2037 $171,200$684,802
Estimated Cost in 18 years for students enrolling in 2040 $198,186$792,744

Tuition History

What was tuition at Colby College five, ten, fifteen or twenty years ago? Hop into our time machine and take a look. Pay attention to how aggressive the school has been with price increases in the past as it provides indication as to how the school may raise tuition in the next few years. Historical tuition and fees for all available data years back to 1987 follows.

YearTuitionAnnual Increase
2012$41,0203.5%
2011$39,640-5.1%
2006$41,7704.9%
2005$39,8005.9%
2004$37,5704.9%
2003$35,8004.4%
2002$34,2904.7%
2001$32,7504.2%
2000$31,4223.3%
1999$30,4204.2%
1998$29,19031.5%
1997$22,1905.7%
1996$20,9905.8%
1995$19,83011.2%
1994$17,8406.1%
1993$16,8108.7%
1992$15,4600.8%
1991$15,3308.6%
1990$14,12011.9%
1989$12,6207.9%
1988$11,7007%
1987$10,930

Calculators

Use the calculators below to formulate a college savings plan for Colby College or model a student loan.

College Savings Calculator

Plan and Save for College

Discover how much will you need to start saving now to afford Colby College in the future.

Student Loan Calculator

Estimate Loan Payments

Modify the loan assumptions to fit your financial situation and likely tuition price. Then calculate your payoff and loan payments for a Colby College student loan.

Prepayment Option

About Colby College

Colby College is a four year private college located in Waterville, Maine.  Full time enrollment is 2,155 and part time is 0. Learn more about getting accepted at Colby College at CollegeSimply.

Only undergraduate degrees are offered at this school.

Address
Colby College
4000 Mayflower Hill Drive
Waterville, Maine
04901-8840

For Profit / Not For Profit Status

Colby College is a private not for profit institution.

Colby College cost and financial aid data source: U.S. Department of Education https://nces.ed.gov/collegenavigator/?id=161086 IPEDS survey data. Data last updated February 2022 and reflects academic year 2020/2021 costs reported by the school.