# Carleton College

## Examples of Determining Cost, Need, and Financial Aid Packages

At Carleton College, each family is analyzed individually to determine their cost of attendance, their need, and their financial aid package. Although we start with the standard need analysis, each family is treated separately to take into account their unique financial situation. The descriptions below run through the processes our office goes through to calculate two individual awards.

### Determining the Cost of Attendance

The cost of attendance (COA) is determined by adding the individual costs of tuition and fees, room and board, books and supplies, personal expenses, loan fees, and travel expenses. Some loans, primarily the Perkins loan, do not have associated fees and therefore, do not have additional costs. Travel expenses are variable, and are determined by the state of home residence. The two examples below indicate the costs of two hypothetical students for the 2012-13 academic year.

 Michael from Oregon Jessica from Minnesota Tuition and fees \$44,445 \$44,445 Room and board \$11,553 \$11,553 Books and supplies \$1,502 \$1,502 Travel expenses \$1,000 \$150 Cost of attendance \$58,500 \$57,650

### Determining Need

The expected family contribution consists of the student contribution and the parent contribution, both of which are determined separately in the need analysis. Michael was expected to contribute the minimum student contribution of \$2,000. His parents were expected to contribute \$12,650. Jessica was expected to contribute \$2,700. Jessica's parents are divorced. It was determined her mother was able to pay \$2,000 towards college expenses while her noncustodial father could contribute \$3,300 toward her college expenses. The determination of need is shown below:

 Michael Jessica Cost of attendance \$58,500 \$57,650 Student contribution -2,000 -2,700 Parent contribution -12,650 -2,000 Non Custodial Parent Contribution -3,300 Demonstrated Need \$43,850 \$49,650

It is 100% of the demonstrated need that Carleton College will then meet through a combination of grants, loans, and student employment. Therefore, Michael's financial aid package would be \$43,850 while Jessica’s would be \$49,650.

### Awarding the Financial Aid Package

In awarding a financial aid package, the Student Financial Services Office would first determine if students are eligible for various programs, and then award those students that assistance. In the cases of these two students, both were eligible for a Perkins Loan and Michael was eligible for a Direct Subsidized Stafford Loan. Jessica was further qualified for a Pell grant, SEOG, and, since she was a Minnesota resident, a Minnesota State Grant. Both also qualified for student employment since they had remaining need. After all the above financial aid is awarded, then any remaining need is met by giving a Carleton grant or scholarship. The financial aid packages are shown below:

 Michael Jessica Direct Stafford Loan* \$3,500 Perkins Loan* \$1,000 Perkins Loan* \$4,500 Pell Grant \$1,700 SEOG \$3,000 MN State Grant \$4,224 Student Employment \$2,225 Student Employment \$2,225 Carleton Grant \$37,125 Carleton Grant \$34,001 Total Award \$43,850 Total Award \$49,650