Parents or guardians of students entering Colby College next fall who earn $60,000 or less will not have to pay anything.
The school said Friday the move is part of its effort to meet 100 percent of each admitted student’s financial need without them requiring student loans. Parents and guardians also must have assets consistent with $60,000 in earnings.
That’s good news for Mainers. The state’s median household income was $53,000 last year.
“Knowing that the median household income for families in the United States is approximately $60,000, we are taking another significant step to ensure that cost does not prohibit the most talented students from attending one of the nation’s best colleges,” Vice President and Dean of Admissions and Financial Aid Matt Proto said in a statement.
About 90 percent of families with a total income of $200,000 or less have qualified for some form of financial aid at Colby in recent years. The college’s average financial aid award for enrolling students is more than $45,000. Colby committed an additional $5 million in financial aid in 2014.
Colby is charging $66,780 for tuition, room, and board in the 2017-2018 academic year.
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