Yes, being need aware contributes to Colby giving FA above typical for the endowment per student. However, there are others on the list with similar ballpark FA to Colby that are need blind, such as #6 Amherst. Amherst has an endowment per student of ~$1.6M, compared to $500k for Colby. In a typical year, investment gains on endowment at Amherst are larger than sticker price for all attending students.
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