Frequently Asked Questions
Q: How do I apply for financial aid?
A: Carleton requires two forms to apply for financial aid. The Free Application for Federal Student Aid (FAFSA) is a federal application, and required for federal assistance. In addition, the College Board PROFILE is required to determine a student’s need and eligibility for assistance at Carleton. More specific instructions can be found at the following sites:
Q: Why does Carleton require the College Board Profile?
A: Carleton primarily uses the College Board Profile since we believe it produces a more refined and accurate assessment of a family’s need and their requirement for funding from Carleton.
Q: How can I find out if my financial aid application is complete?
A: Prospective applicants should contact the Office of Student Financial Services. Returning students should check the Hub.
Q: Does Carleton offer merit based scholarships?
A: Financial aid at Carleton is primarily need-based. However, Carleton does participate 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.
Q: I am a National Merit finalist. How do I qualify for a scholarship?
A: If you have been named a National Merit finalist and have listed Carleton as your college choice with the National Merit Corporation, you will qualify for a National Merit Scholarship of at least $2,000 each year. Please note that although Carleton is a college sponsor, National Merit actually awards these scholarships according to their rules and procedures. With that in mind, it is important that eligible recipients maintain communication with National Merit.
Q: Will Carleton match the grant assistance offered by another college?
A: No. Financial aid at Carleton is based on financial need, and will not be influenced by assistance offered by another college. However, if the differences in aid awards are due to changes in the family’s financial circumstances that were previously not communicated to Carleton, the application may be reviewed again when the additional information is provided.
Q: Do I have to apply for financial aid every year?
A: Yes, if you receive assistance beyond National Merit or Campus Employment you need to file for financial aid each year. You can find instructions on how to reapply for financial aid for the upcoming academic year here.
Q: Will my financial aid package change after my first year?
A: Carleton is committed to being affordable and meeting the full demonstrated financial need of students for all four years of attendance. In most cases, we will attempt to keep aid awards as constant as possible in subsequent years. However, as significant changes in a family’s finances occur (both positive and negative) an aid award may also change to reflect those circumstances.
Q: What happens if my parents’ financial situation changes in the middle of the year?
A: If there is a significant change in your family’s financial situation, you may submit a request for a review of your new financial situation. The request must be in writing and should explain what changes have occurred. The request should contain specific changes (dollar amounts, dates, etc.) along with documentation to verify the request.
Q: If I do not qualify for need-based aid, what other aid is available?
A: Even if you do not qualify for need-based aid the following may be available to help with financing Carleton: Student employment, Unsubsidized Stafford Loan, Parent Loans for Undergraduate Students (PLUS Loans), SELF Loan from Minnesota, and various alternative loans. For information regarding other loans options go here.
Q: Are student employment earnings taxable?
A: Yes. However, you must earn a certain dollar amount before tax withholding will take effect. During academic terms, the amount of federal tax withheld, if any, is minimal. Wages earned during breaks are subject to both FICA and Medicare taxes, as well as federal and state withholdings.
Q: Where do I find my W-2?
A: Your Carleton W-2 is available on the Hub.
Q: Why is my loan not reflected on my student account?
A: Need-based loans require Entrance Counseling, a Master Promissory Note (MPN), and a signed copy of your award letter submitted to Student Financial Services for your loan to be reflected on your student account.
Q: I have not completed the Master Promissory Note (MPN) for my federal loan. Where do I find the link to complete the MPN?
A: Go here for links to the MPNs for Perkins, Stafford, and PLUS Loans.
Q: I have not completed Entrance Counseling for my federal loan. Where do I find the link to complete Entrance Counseling?
A: Click on the loan you need to do entrance counseling for:
Q: Does Northfield Option affect my financial aid award?
A: No. Northfield Option will not change the amount of financial assistance you receive since there are expenses when living off campus.