Many people assume that they cannot afford a private, highly selective liberal arts college such as Colgate. However, need-based financial aid can help bridge the gap between what a family is asked to contribute and the full cost of attendance.
For students receiving Colgate grant during their first year of college our financial aid awards typically consist of grants, a modest student loan, and a campus job opportunity, with grant funds generally representing the largest portion of the financial aid award. Students who don't
receive aid during their first year at Colgate but who become eligible for assistance in a subsequent year generally receive loans and a job first, then grant to meet remaining need, if any.
Aid packages will usually include a Federal Direct Loan, which for 2013-14 has a fixed interest rate of either 3.8% (subsidized) or 5.4% (unsubsidized), depending on the student's eligibility for federal aid. Some students may be offered a Federal Perkins Loan, which carries a fixed interest rate of 5%. The type of loan received depends on a student's federal eligibility and on the availability of funds.
A campus job award can generally be earned by working between ten and twelve hours a week, which still leaves sufficient time for academics and activities. Additional information about student employment can be found here.