Colgate Eliminates Tuition for Families With Incomes Less Than $80,000

HAMILTON, N.Y., June 1, 2021 /PRNewswire/ -- Colgate University will be tuition free for families with an income of less than $80,000, thanks to today's launch of the Colgate Commitment: An Initiative in Access and Affordability.

This new policy provides full-tuition support for the lowest-income students, aligns income and tuition costs for families with incomes between $80,000 and $150,000, and expands an existing no-loan initiative for families, which will now include those with an income of $150,000 or less, beginning with the Class of 2026. This move puts Colgate in a small group of universities — including Brown, Duke, Harvard, and Stanford — that publicly pledge to be tuition-free for their lowest-income students.

The Colgate Commitment also targets middle-income families who often choose a college based on net costs. Because such families might rule out a school like Colgate based on perceived cost, the University commits to charge only a small percentage of family income for tuition. Families with annual income levels between $80,000 and $125,000 will, on average, now pay just 5% of their income toward tuition. Families with annual income levels between $125,000 and $150,000 will, on average, pay 10% of their income toward tuition. All levels of the Colgate Commitment assume typical asset levels for those incomes.

"Families and their students need to know that the cost of a transformative education at Colgate is affordable. I hope this new commitment, along with its strong alumni support, shows that Colgate cares about attracting the best and brightest students regardless of their financial situation," said Dean of Admission Tara Bubble.

Overall aid spending at Colgate has doubled in the past 10 years, and with this new commitment, the University will now be spending $68.8 million on financial aid for the 2021/2022 fiscal year. Initial funding of $1 million for the Colgate Commitment has been provided by generous members of the Alumni Council and Presidents' Club, through the Colgate Fund. The University will seek an additional $25 million in gifts to the endowment during the next three years to fund the program in perpetuity.

"I can say without a doubt that increasing access to a Colgate education is an initiative that so many alumni are tremendously proud to support," said Colgate Alumni Council President Christian B. Johnson '02. "We know first-hand how Colgate can change lives, and now we are all part of a movement to make it even more affordable for generations to come."

Jones and Wood Family Vice President for Admission and Financial Aid Gary Ross '77 said, "As an alumnus myself, I know what incredible opportunities await talented students at Colgate, and this commitment will absolutely increase access for anyone seeking small class sizes, tremendous research opportunities, and an unrivaled alumni network of career support."

This announcement comes on the heels of Colgate's record-breaking admission season, which saw a 104% increase in applications for the Class of 2025. This increase is attributable to a variety of factors, including the no-loan initiative, which replaces federal loans with Colgate grants in aid packages. That initiative launched in fall 2020 for students with family incomes up to $125,000.

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SOURCE Colgate University