Colby College reported a 3.8% tuition increase for the 2022-23 academic year, as detailed in their recent disclosure, according to the latest disclosure from the National Center for Education Statistics.
For the current year, students paid $63,520 to attend the four-year private nonprofit institution, an increase of $2,300 from the $61,220 charged during the 2021-22 academic year.
Approximately 7% of the undergraduate student body are residents of Maine, while about 79% come from other states and 14% are international students.
Data indicates that 48% of full-time undergraduates who enrolled at Colby College in 2022-23 received financial aid. A total of 281 students were awarded grants or scholarships amounting to $18.7 million, and 44 students took out loans exceeding $620,881.
Across the entire undergraduate population, 1,013 students received grants or scholarships totaling $58.4 million. Additionally, 200 students borrowed $1.2 million in federal student loans.
Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.
According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.
Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.
Available data sometimes exceeds 100% due to rounding and administrative calculations.
The following data includes only full-time students who began an undergraduate program at the Colby College in the 2022-23 school year.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 74 | 11% | $486,580 | $6,575 |
| State / local grant or scholarship | 7 | 1% | $16,000 | $2,286 |
| Institutional grants or scholarships | 278 | 41% | $18.2 million | $65,296 |
| Grant or scholarship aid total | 281 | 42% | $18.7 million | $66,387 |
| Federal student loans | 41 | 6% | $218,136 | $5,320 |
| Other student loans | 9 | 1% | $402,745 | $44,749 |
| Student loan aid | 44 | 7% | $620,881 | $14,111 |
| Total student aid | 326 | 48% | $19.3 million | $59,128 |
Information in this story was obtained from the National Center for Education Statistics. The source data can be found here.
