Composition of Aid Offer
The composition of an aid offer depends on several factors, including the extent of a student's financial need, eligibility for other aid resources, the availability of funds, and the date of application. Students who have applied for aid are automatically considered for all sources of financial aid, including federal, state, and institutional grants, loans, and employment.
Financial Need
Colgate meets 100% of any student’s demonstrated financial need. Financial need is the difference between the cost of attendance and the expected family contribution (EFC), as determined from the CSS Profile. .
Student Aid Index (SAI)
The SAI is the eligibility index used to determine eligibility for federal aid (e.g. Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Direct Subsidized Loans , etc.). It is based upon the information provided by the student and their contributors on the FAFSA.
Expected Family Contribution (EFC)
The Expected Family Contribution (EFC) is based on the information provided on the student's CSS Profile, such as their family’s income, assets, and siblings enrolled in an undergraduate degree program. It is composed of the student contribution and the parent contribution.
The EFC is used to determine eligibility for need-based financial aid from Colgate University. The EFC is not the student’s bill; rather, the EFC is an approximate amount of what the family will contribute towards educational costs for the academic year.
Student Contribution
The student contribution is based on the student's current assets and earnings from an earlier tax year. A minimum contribution is expected of all students.
Parent Contribution
The parent contribution is calculated from the CSS Profile and other documents submitted to apply for financial aid. Parent income, assets, the size of your household, and the number of siblings under age 24 who are enrolled full-time in their first undergraduate degree program are taken into consideration.
In the case of divorced or separated parents, both parents must submit a CSS Profile and each parent's information will be used in the assessment calculation of the total expected family contribution.
Net Price
Net Price is the difference between Colgate’s Cost of Attendance and grants and scholarships. Grants and scholarships are financial aid resources that do not need to be repaid. Other resources, such as work-study and loans, are not factored in to calculate the net price but can be used to help cover educational costs.
Estimated Cost of Attendance
The Cost of Attendance includes estimates for charges that will be billed by Colgate as well as estimates for personal costs a typical student will have during the academic year. Billable costs — what Colgate charges – includes tuition, fees, housing, and food. Non-billable costs (such as personal expenses, books, and travel costs) may vary from student to student, based on their individual circumstances.
Estimated costs do not include the fee for health insurance coverage, which is required for all Colgate students. If not already covered by health insurance, the student will be billed for health insurance coverage through Colgate; in either case, families need to cover that cost. Students who feel they may need assistance with the cost of Colgate's health insurance should contact the Office of Financial Aid. No provision is made for expenses that are not directly related to college attendance.
Student's Bill
Prior to the beginning of each term, the Office of Student Accounts bills for direct charges including tuition, fees, housing, food (meal plan), and student health insurance (if applicable). Neither the EFC nor the SAI is the amount a student will pay to Colgate; instead, the difference between the assessed charges and a student’s anticipated financial aid credits is the balance due. The deadlines to pay balances throughout the term are indicated in emails and billing notifications sent to students and their Authorized Users.
To help cover educational costs, monthly payment plans, loan programs, and pre-payment plans are just a few options open to all students. These resources are described on the Financing Options page.