Average Annual Tuition at Colby College
The latest data we have for Colby College's annual average net costs are from 2018. These costs and and the average Maine schools include tuition, fees, living expenses, books, and fees minus the average grants and scholarships for federal financial aid recipients.
|In-state Tuition||Out-of-state Tuition||Median Debt||Avgerate Net Cost|
As you can see, annual costs at Colby College have risen over the last few years, and are projected to continue to skyrocket based on our analysis.
Actual Costs Projected Costs
Colleges and universities across the United States experienced cost (tuition + living) increases of 2.5% in 2019. This most recent inflation figure was down slightly from the 2.9 percent in 2018 and 3.4 percent in 2017, but still underscores the rising costs of sending your children to higher education.
These rising costs are hitting closer to home in Maine as well. Maine's' higher education costs rose by 14.9% in just the last 10 years, ranking as the 46th highest state.
Colby College Financial Assistance
21% of students enrolled at Colby College receive some form of Federal loan assistance. You can view Colby College's student aid calculator here.
Use a 529 Plan to Offset Rising Education Costs
One of the most sound investments you can make to help pay for your child's higher education is by using a 529 plan. These funds grow in a tax-free environment, and generally have a 3-5% rate of return. The only catch is that all funds need to be used for higher education, and if not... there are monetary penalties imposed when withdrawn for other uses.
The NextGen 529 is managed by Merrill Lynch for the state of Maine. The direct sold version of the 529 plan, the Client Direct Series, is available through Merrill Edge and currently offers 11 investment options through BlackRock (including iShares). The advisor-sold plan, the Client Select Series, currently offers 37 investment options through multiple fund families.
|State Plan Name:||NextGen College Investing Plan|
|Maximum Contribution:||up to $425,000 per beneficiary across accounts|
|Fees:||No enrollment or account maintenance fees; program management fees vary per portfolio, from 0.00% to 0.63%.|
Maine School Statistics
We've analyzed all other higher education schools in ME, and wrapped it up nicely into a report for you. View our ME analysis report.
There are 12 other accredited private schools located in the state of Maine. You can view all ME schools here.