Financial Aid
Colgate financial aid offers are based on a student’s demonstrated need. An aid offer can be a combination of grant, work-study and loan.
Grant
This is an institutional, need-based grant, available to students without regard to citizenship. Grant aid is sometimes called "gift aid" because it needs to be neither earned nor repaid. Grants are based entirely on demonstrated need — they are not dependent on a student’s grade point average (GPA) or major, etc. At Colgate, a grant is typically the largest portion of an aid offer.
Loan
Domestic students with a total family income of up to $175,000 (and assets typical for that income range), will be eligible for the Colgate Commitment. If a student does not qualify for the Colgate Commitment, their Colgate aid offer may include a modest Federal Direct Loan. Colgate’s Class of 2024 had an average federal loan debt load of $12,604, while the national average was approximately $38,000.
Loans, whether federal or private, are funds that are required to be paid back to the lender, regardless of whether the student is successful in completing their program and obtaining employment.
Federal Direct Subsidized and Unsubsidized Loans are low, fixed-interest rate educational loans available only to U.S. citizens and eligible non-citizens. Federal Direct Subsidized Loans do not start to accrue interest while the student remains enrolled at least half-time in a degree seeking program. Federal Direct Unsubsidized Loans start to accrue interest immediately upon disbursement. Eligibility for Federal Direct Subsidized Loans are determined by the Free Application for Federal Student Aid (FAFSA).
- Complete the FAFSA.
- Request your loan eligibility on your Financial Aid Portal by completing the "Federal Direct Student Loan Request Form" on the Supplemental Forms page.
- First-time borrowers must log onto studentaid.gov to complete the required Entrance Counseling and the Master Promissory Note (MPN).
For students offered a loan as part of their financial aid offer, Colgate University does not automatically offer the maximum amount of Federal Direct Loans for which a student may be eligible. Federal Direct Loan amounts will increase each year, depending on institutional packaging policies and federal guidelines.
The Department of Education allows eligible students to borrow up to $5,500 in their first year, $6,500 in their sophomore year, and $7,500 in both their junior and senior years.
The Federal Direct Parent Plus Loan enables parents to borrow directly from the federal government up to the cost of attendance, minus any financial aid already packaged. Only one master promissory note (MPN) is needed throughout a student's enrollment at Colgate. It is a credit-based loan and requires a parent to submit an electronic application to the Department of Education. The department will review your credit report for adverse credit history and notify you of its decision to approve or deny your application. In the event an application is denied, families can review alternative options, such as using an endorser or appealing, on the federal student aid website.
How to apply for the Federal Direct Parent PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA).
- Log-in to studentaid.gov with your parent FSA ID (federal student aid ID) and password and complete the Direct PLUS Loan application for parents. If approved, you must also complete a Master Promissory Note (MPN) online at studentaid.gov in order for the loan to disburse. We will automatically receive your application automatically within a few business days.
The Federal Direct Graduate Plus Loan enables graduate students to borrow directly from the federal government up to the cost of attendance, minus any financial aid already packaged. Only one master promissory note (MPN) is needed throughout a student's enrollment at Colgate. It is a credit-based loan and requires a graduate student to submit an electronic application to the Department of Education. The department will review your credit report for adverse credit history and notify you of its decision to approve or deny your application. In the event an application is denied, graduate students can review alternative options, such as using an endorser or appealing, on the federal student aid website.
How to apply for the Federal Direct Graduate PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA).
- Log-in to studentaid.gov with your student FSAID and password and complete the Direct PLUS Loan application for graduate students. If approved, you must also complete a Master Promissory Note (MPN) online at studentaid.gov in order for the loan to disburse. We will automatically receive your application automatically within a few business days.
Federal Direct Loans are available to undergraduate students based on their grade level, regardless of family income, for up to:
- $5,500 for the first year of school
- $6,500 for the second year
- $7,500 for the third and fourth years
A undergraduate student's grade level is determined by their total course credits earned:
- First year in school = 0 to 5.99 course credits earned
- Second year in school = 6 to 13.99 course credits earned
- Third/fourth year in school = 14 to 22+ course credits earned
Depending on a student’s financial need determined by the FAFSA, a portion of a student’s annual loan limit may be offered in a Federal Direct Subsidized Loan.
Federal Direct Subsidized Loans are available to undergraduate students for up to:
- $3,500, for the first year of school
- $4,500 for the second year
- $5,500 for the third and fourth years
After a student is packaged with their Federal Direct Subsidized Loan eligibility, the remainder of their annual loan limit can be offered in a Federal Direct Unsubsidized Loan. In some cases, a student is eligible for a Federal Direct Unsubsidized Loan only.
If a parent’s application for a Federal Direct PLUS Loan is denied, depending on their grade level, a student may be eligible for an additional $4,000 (first and second year students) or $5,000 (third and fourth year students) in a Federal Direct Unsubsidized Loan.
Graduate students may borrow up to $20,500 in a Federal Direct Unsubsidized Loan in an academic year.
| Loan Type | Loan Limit (for dependent students, unless otherwise noted) |
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| Subsidized / Unsubsidized |
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| Unsubsidized Loan for Graduate Students | Up to $20,500 per academic year/ $10,250 per semester | ||||
| Parent PLUS | Up to the Cost of Attendance (determined by school) minus other financial aid received for same academic period | ||||
| Graduate PLUS | Up to the Cost of Attendance (determined by school) minus other financial aid received for same academic period |
A summary of this information can be found on the federal aid website.
Federal Direct Subsidized Loan
The 2024-25 interest rate for a Federal Direct Subsidized Loan is fixed at 6.533%. The government pays the interest that accrues during enrollment, and repayment begins six months after the student is no longer enrolled at least half time. There is an origination fee of 1.057%.
Federal Direct Unsubsidized Loan (Undergraduate)
The 2024-25 interest rate for a Federal Direct Unsubsidized Loan for undergraduate students is fixed at 6.533%. The government does not pay the interest that accrues during enrollment; the student is responsible for paying the interest. There is an origination fee of 1.057%.
Federal Direct Unsubsidized Loan (Graduate)
The 2024-25 interest rate for unsubsidized loans for graduate students is fixed at 8.083%. Borrowers pay an origination fee of 1.057%.
Federal Direct Parent PLUS Loan
The 2024-25 interest rate for the Federal Direct Parent PLUS Loan is 9.083% and borrowers pay an origination fee of 4.228%.
Federal Direct Graduate PLUS Loan
The 2024-25 interest rate for the Federal Direct Graduate PLUS Loan is 9.083% and borrowers pay an origination fee of 4.228%.
Loan repayment amounts can be calculated by using the federal Loan Simulator.
| Loan Type | 2024-25 Interest Rate | Origination Fee | Repayment |
| Subsidized / Unsubsidized | 6.533% | 10/1/20 - 9/30/25 1.057% |
Begins 6 months after the student is no longer enrolled at least half-time |
| Unsubsidized Loan for Graduate Students | 8.083% | 10/1/20 - 9/30/25 1.057% |
Start date is dependent on federal borrowing history; loan can be deferred while enrolled at least half-time |
| Parent PLUS | 9.083% | 10/1/20 - 9/30/25 4.228% |
Begins when the loan is fully disbursed; however, in‐school deferment may be requested |
| Graduate PLUS | 9.083% | 10/1/20 - 9/30/25 4.228% |
Graduate student borrowers of PLUS loans are placed on an automatic deferment while in school and for six months after graduating, leaving school, or dropping below half-time enrollment. |
A summary of this information can be found on the federal aid website.
Borrowers of federal direct loans have the right to cancel the full amount of their loan(s), or a portion of their loan(s) within 14 days of the loan disbursement. Borrowers should contact the Office of Financial Aid via email at finaid@colgate.edu to cancel or reduce their loans.
Work-Study
Work-study aid is available to certain students based on need, without regard to citizenship. Certain U.S. citizens and eligible non-citizens will have their work-study funds paid from federal sources; all other students will be paid from institutional sources only.
The opportunity to work on campus allows students to invest in their own educations, reducing the need for additional loans while also providing valuable work experience. The work-study amount can generally be earned by working between ten and twelve hours a week.
As remuneration for jobs is generally earned on an hourly basis and paid bi-weekly, the sum indicated in the aid offer letter cannot be deducted from the student's university term bill. Students who have a work-study amount greater than the combined estimate for their books, travel, and personal expenses may need to contribute the difference toward their billed expenses.
More information about employment can be found on the student employment webpage or by contacting Student Employment through the Human Resources Office.
Additional Aid Types
This is an institutional, athletic, merit-based scholarship offered without regard to citizenship to selected student-athletes in certain sports. Recipients and scholarship amounts are determined by the relevant Colgate coach.
Yellow Ribbon
Colgate participates in the Yellow Ribbon Program, a component of the Post-9/11 GI Bill®. Eligible military veterans can learn more at benefits.va.gov/gibill. Please note that veterans must be entitled to the maximum benefit rate in order to be — or to have their dependents be — considered for this program. This is both an institutional and federal aid amount offered only to certain eligible veterans. The Yellow Ribbon benefit may be used to help cover on-campus expenses. Recipients and Yellow Ribbon amounts are determined by Colgate and the U.S. Department of Veterans Affairs.
Other Veteran's Benefits
Veterans Administration (VA) Educational Benefits *
- Post-Vietnam Era Veterans Educational Assistance (Chapter 32)
- Dependent and Survivors Educational Assistance (Chapter 35)
- Montgomery GI Bill® (Chapter 30)
- Vocational Rehabilitation for Service-Disabled Veterans
- Montgomery GI Bill® Selected Reserves Educational Assistance Program (Chapter 1606)
- Post 9/11 GI Bill® (Chapter 33)
* Application Procedures: Application forms, information, and assistance in applying for benefits are available at benefits.va.gov/gibill.
Note, entitlement aid such as VA educational benefits reduce a student's Colgate Grant amount dollar for dollar. For further policies and procedures regarding Veteran's Benefits at Colgate, visit our Policies and Procedures page.
This is a federally funded grant, available only to U.S. citizens and eligible non-citizens. If funding for this program is reduced, Colgate may not be able to replace this deficit. Pell Grant amounts greater than estimated will reduce Colgate Grant.
This is a grant is given to only to eligible New York State residents. By filing the FAFSA, New York State residents will be linked to the TAP application. If funding for this program is reduced, Colgate may not be able to replace this deficit. TAP Grant amounts greater than estimated will reduce Colgate Grant.
If a student receives a scholarship or tuition benefit from somewhere other than Colgate, they must report it to the Office of Financial Aid using the Outside Resource Form on the Colgate Financial Aid Portal.
Outside scholarships that are awarded based on merit may often be used to offset educational costs. The combination of outside aid and financial aid from Colgate cannot exceed the annual cost of attendance. Outside aid awarded based on merit will first offset a student’s family contribution, work-study, and/or loan. Colgate Grant will only be reduced to prevent total financial aid from exceeding the annual cost of attendance.
Outside entitlement aid from state or federal sources -- including veteran's benefits -- as well as tuition benefits received from a parent's employer reduce the Colgate Grant dollar for dollar.
What if I Do Not Receive Financial Aid in My First Year?
Domestic students who did not receive institutional aid during their first year at Colgate may apply for aid in subsequent years. International students who did not receive Colgate Grant upon admission are not eligible for Colgate Grant in subsequent years.