Hotkeys for Word 365 for changing font colors?

Solution 1:

The options for changing font colors are a bit unclear but as I understand it, once you are in Customize Keyboard go to:

Categories: Format > Commands: Color: > Color (menu) and select the color you want

Click on the "Assign" button and press your preferred keyboard shortcut. As long as the shortcut you want isn't already assigned to another command it will be allowed. There are about a dozen named colors for you to choose from.