Colby offers its own programs of study in Dijon (France), St. Petersburg (Russia) and Salamanca (Spain). Colby financial aid may be used for these study-abroad experiences, as well as for other programs approved in advance by the Off-Campus Study Office. In recent years, students have taken their financial aid to universities in countries such as Canada, France, Brazil, Australia, and Nepal.

Colby financial aid also may be used for certain domestic exchange programs, including Clark Atlanta, Claremont-McKenna, Howard, Pitzer, Pomona, and Scripps. Colby students also may use financial aid to attend the Williams College-Mystic Seaport program, the Woods Hole Sea Semester, the Colby-in-Washington program, and the Washington Semester at American University.

In any of these courses of study, a student's aid is based on the actual cost of the program up to a maximum of Colby's student expense budget plus, for applicable programs, the $1,000/semester off-campus study fee. The evaluation of the aid application includes consideration of necessary personal expenses, currency exchange rates, and the offer of a loan to replace term-time earnings. Staff in the Student Financial Services offices work closely with Colby students studying away.