financial aid faq

What is Colby-Sawyer's Title IV code?

Colby-Sawyer's Title IV code is 002572. This code should be entered on the FAFSA form so that we may receive your information.

What is financial aid?

Financial aid is designed to help students cover some of their college expenses, such as tuition. Financial aid is comprised of scholarships, grants, loans, and work-study.

What is the FAFSA?

The FAFSA is the Free Application for Federal Student Aid. This form is your application for federal student aid, such as grants, loans, and work-study. In addition, most states and schools use the FAFSA information to award non-federal aid.

Visit www.fafsa.ed.gov for more information.

What are the sources of financial aid?

Financial aid sources include federal, state, institutional, and private. Students who complete the application process by the priority deadline will be considered for institutional aid as well as the following federal programs: Pell Grant, Supplemental Educational Opportunity Grants (SEOG), Perkins Loan, Stafford Loan, and Work-Study.

What is the deadline for applying for financial aid?

Plese click here for dates and deadlines.

What if I missed the priority deadline, but I am very interested in Colby-Sawyer. Is it too late?

FAFSA applications received after the priority deadline will be subject to reduced financial assistance based on fund availability.

How is financial need determined?

Financial need is the difference between the estimated cost of attendance in a school year and the “expected family contribution” (EFC) from the family. The Financial Aid Office reviews the EFC, determines the applicant's financial need and notifies the student of available sources of funding via a financial aid award letter.

How is the EFC calculated?

When you submit the FAFSA application, the federal processing center will enter your information into a calculation and the result is your EFC. The EFC will help the Financial Aid Office determine your eligibility for federal, state, and institutional funding.

When will I receive my financial aid award?

All new accepted students who have submitted the FAFSA and have been accepted to the college are generally notified in early March. Financial aid awards will be processed on a rolling basis.

Returning students who have a complete financial aid file will be emailed an award at the end of March or early April. Again, awards will continue to be processed on a rolling basis.

Is financial aid renewable?

Students must complete the FAFSA every year. Scholarships and Grants are generally renewed, provided there is satisfactory academic progress and continued financial need.

Will I receive the same financial aid award each year?

As long as the family contribution remains the same and you meet the priority deadline, grant assistance from Colby-Sawyer should not change. However, if there is a substantial change in a family's EFC, grant assistance may vary.

Can I receive financial aid if I am less than full time?

Institutional financial aid is only available to students who are registered as full time (12-18 credits per semester) during the regular academic year. Depending on number of credits and eligibility, federal financial aid may be available to students who are less than full time. Additional financial aid is not available for students who register for more than 18 credits and incur additional charges for those credits.

How will my financial aid be affected if I choose to live off campus?

Initial financial aid awards are calculated based on full-time enrollment and on-campus residency. Need-based grant funds will be recalculated and reduced for students choosing to live off campus or with their parents.

Can I receive an athletic scholarship?

Colby-Sawyer is a Division III institution. Per NCAA guidelines, we are unable to offer athletic scholarships. All scholarships are awarded without consideration of athletic ability or participation.

Why was my Work Study eligibility reduced or removed?

Each year there is a maximum allowable budget for students; for 2013-2014, the maximum budget for a typical residential student is $51,800. If a student receives an outside scholarship or a loan that is beyond the allowable budget (combined with the aid they have already been offered), we will reduce Work Study to stay within the budget.

If a student receives an outside scholarship beyond the allowable budget and would like to instead reduce one of their loans, please contact the Financial Aid Office.

In some cases, Work Study is reduced or removed if we have received a new FAFSA for a student and their level of eligibility has changed based on federal regulation.

Why is there a negative balance on my award?

There are multiple instances in which a negative balance can occur; here are the most common:

If your total aid is more than your cost to the school, you may have a credit on your account once all of your aid is received by Colby-Sawyer; the student will be able to use these funds for books, supplies, living expenses, etc., or let the funds roll over to a future semester.

For parents who have an approved federal PLUS loan and select the “maximum amount” option on the application, we will package the loan for a higher amount than your balance to account for loan fees that the government charges before sending us the funds. In those cases, it may show a negative balance on your award, but that is actually the amount of fees we have accounted for in your loan. Once this loan is posted to your bill, it will show the actual amount that will be received by the College after these fees are removed.

*Please refer to your bill for your most accurate balance.

Why is the “estimated remaining cost” on my award letter less than my actual bill?

In most cases this is because of loan fees. If you applied for an exact amount of a loan, but the lender then charges a fee, the funds will come to Colby-Sawyer at a lesser amount. You can either pay this difference out of pocket or contact the lender to determine if you can increase your loan to account for the fees.

*Please refer to your bill for your most accurate balance.


Who should you contact with questions?

Financial Aid Office
Questions about your award letter, student/parent loans, tax verification
Phone: (603) 526-3717 or (800) 272-1015
Fax: (603) 526-3737
E-mail: cscfinaid@colby-sawyer.edu

Financial Services Office (Billing)
Questions about your tuition bill, making a payment, receiving a credit, your SmartCard, 1098T tax forms
Phone: (603) 526-3744
Email: billing@colby-sawyer.edu