Colby College in Waterville says a new $7 million gift will boost college access for students from Maine.
The gift comes from the trust of alumni George Petrikas. Dean of Admissions Randi Arsenault said the fund will specifically provide aid to any students from Bangor or Waterville who attend Colby.
"It then moves on — if we don't have any students eligible from those two areas, then students from Kennebec, Penobscot or Somerset Counties. And again, if we don't have any students eligible from those areas, it would then move on to be available funding from any student from Maine," Arsenault said.
While the exact distribution of the funds each year isn't entirely clear, Arsenault says about $350,000 from the fund will be used for financial aid packages, which she says already meet 100% of a student's demonstrated need.
The school says it's raised about $16 million for financial aid for Maine students since 2017, and Arsenault said that applications from Maine students have been increasing.
"For us to be able to go out there, into these communities, into our home state, and share message of increasing financial aid awards, and share really simplified messages around what our financial aid packages look like, and not graduate with any debt as part of our policies with no student loans, I think those are really powerful statements that we can share with students and families throughout Maine," Arsenault said. "And hopefully get them excited and thinking about their college aspirations, and their time beyond high school."
Students from Maine currently make up about 10% of Colby's population.
