Carleton operates a need-based financial aid system, not a merit-based system. This means that we work to meet 100% of every student's demonstrated financial need, rather than distributing scholarships or grants based on any past achievements.

Most Carleton financial aid is in the form of need-based aid. However, Carleton participates in three merit scholarship programs: the National Merit Scholarship Program, the National Achievement Scholarship Program, and the National Hispanic Recognition Program. Students who are finalists in these programs are eligible for Carleton scholarships of $2,000 per year.