A core value of Carleton has always been meeting the full financial need of all admitted students. That means, on average, a student from a family with an annual income of less than $40,000 paid a net cost of just $5,121—the rest was covered through a combination of Carleton-funded grants and scholarships, work-study employment, and federal student loans. This ensures our campus reflects the socioeconomic diversity we promote.
Financial Aid on the Rise
It’s no secret that tuition—at all colleges—increases almost every year. Less well-known is the fact that at Carleton, financial aid awards also increase each year, keeping our high-quality, distinctive education accessible to everyone. Each year we award more in financial aid dollars: Ten years ago, Carleton awarded $23 million in need-based scholarships and grants, and today that number has grown to more than $40 million.
Anatomy of a Financial Aid Award
Anatomy of a Financial Aid AwardDeciphering a financial aid award letter can be perplexing for both students and parents. Let’s take a look at an example award for a first-year student from a low-income family. A real award letter breaks down costs and aid for each term—but to keep things simple, we’ll show only the annual totals here.
FINANCIAL AID AWARD 2017–2018
Estimated Cost for 2017–2018
A. Direct Cost/Comprehensive Fee $66,414
Indirect Cost ← Additional out-of-pocket costs for the student
Personal Expenses: $823
Books and Supplies: $823
Travel Allowance: $650
Estimated cost of attendance (direct and indirect costs): $68,710
Financial Aid Awarded for 2017–2018
Grants and Scholarships ← Does not need to be repaid; usually awarded based on need
Carleton Grant/Scholarship $47,000
Federal SEOG $3,000
Federal Pell Grant $5,870
B. Total Grants and Scholarships $55,870
Loans ← Can be refused—but if accepted, must be repaid after the student leaves college
Direct Stafford Loan: Subsidized 1 $3,500
Direct Stafford Loan: Unsubsidized 1 $1,000
C. Total Loans $4,500
Student Employment ← Earnings from on-campus employment
Work, Federal Work Study $2,340
D. Total Student Employment $2,340
Total Awarded (B + C+ D): $62,710
Estimated Balance Due (A-B-C-D) $3,704 ← What the student will owe Carleton