NATIONAL MERIT AND ACHIEVEMENT SCHOLARSHIPS: Carleton sponsors 75 or more National Merit and National Achievement Scholarships in each entering class. Those selected will receive a renewable total stipend of $2,000 per year. National Merit and Achievement Finalists designating Carleton as their college choice are eligible for consideration for a Carleton-sponsored Merit or Achievement Scholarship. These scholarships represent the only "non-need" or "merit" awards available at Carleton. Other college funds are awarded on the basis of financial need.

GRANTS are gift assistance awarded to meet the financial needs of eligible students. Normally, grants are provided by a variety of sources and there is no expectation that they be repaid.

Carleton Grants represent the largest source of gift aid for students with financial need. During the 2009-2010 year, Carleton students received over $28 million from College resources to meet their needs. These grants come from gifts and endowments to the College and from the College's own operating budget. Carleton's commitment to meeting financial need is clearly at a high level by providing such a large amount of its own resources to the financial aid program.

Carleton also participates in the Federal Supplemental Education Opportunity Grant (SEOG), Federal Pell Grant, Academic Competitiveness Grant (ACG Grant), and National SMART Grant programs. Application for these programs is made by completing the FAFSA. More information about these programs and other Federal aid programs can be found through the following Web site: http://www.studentaid.ed.gov/.

Residents of Minnesota, including those at boarding schools in other states, will be considered for the Minnesota State Grant Program, also by completing the FAFSA. A more detailed description of this program is available at: http://www.mheso.state.mn.us/mPg.cfm?pageID=512.

LOANS provide students with an opportunity to participate in the financing of their own education through utilization of future earnings resulting from and enhanced by the benefits of their education.

Carleton participates in the Federal PERKINS LOAN PROGRAM. Each year the College receives Perkins Loan funds from the federal government to be loaned to students with exceptional financial need. Since Federal Perkins Loan funds are insufficient to meet the loan requirements of all financial aid recipients, they are made available to students on the basis of financial need, with students having the greatest need receiving priority. Repayment begins nine months after the student ends his or her studies. The interest rate is five percent per year, and repayment may extend over a ten-year period.

In addition to the Federal Perkins Loan Program, funds are available through the Federal STAFFORD STUDENT LOAN PROGRAM. The Federal Stafford Loan Program enables students with demonstrated need to borrow directly from lenders as a means to finance their educational expenses. Federal Subsidized Stafford loans are insured by a guarantee agency and re-insured by the federal government. Students who do not receive Federal Perkins Loans from the College are referred to this program for the loan component of their financial aid package. Repayment begins six months after the student ends his or her studies. The interest rate is fixed at 5.6%. Repayment may extend over ten years. Students who are not eligible for the Subsidized Stafford Loan may seek the Unsubsidized Stafford Loan. These loans are not subsidized or underwritten by the government and may require payments while the student is enrolled in college. The interest rate is fixed at 6.8%.

Federal PLUS loans for parent borrowers can provide additional funds for educational expenses. The interest rate for the PLUS loan is fixed at 8.5%. PLUS loans are made to credit worthy applicants by commercial lenders such as banks, credit unions, and savings and loan associations. Parents of dependent undergraduate students may borrow up to the full cost of education minus other financial aid for each dependent student. Borrowers do not have to demonstrate need. A borrower generally must begin repaying a PLUS loan within 60 days after the final loan disbursement in a given academic year. Interest begins to accumulate at the time the first disbursement is made. Normally, repayment is made over a five-to-ten-year period. The number and amount of payments depends on the size of the loan.

SELF: The State of Minnesota’s Student Educational Loan Fund (SELF) is intended as a resource for students ineligible for subsidized federal loans, students who want to borrow more than the maximum amount permitted in the Federal Stafford or Federal Perkins Loan programs, or students who do not qualify for College-administered financial aid. Legal residence in Minnesota is not required and all Carleton students are eligible for this loan. Students may borrow up to $7,500 per year. All applicants must have a credit-worthy co-signer. Further information and applications may be requested from the Office of Student Financial Services.

The TuitionPay Plan gives families at Carleton College the ability to participate in an interest-free monthly payment plan that allows for payment of the Comprehensive Fee for a particular academic year. Equal payments for a 12-month period start June 1 or equal payments for an 11-month period starting July 1. The plan has a $55 annual fee to enroll. The TuitionPay Plan may be used to cover all or a portion of annual tuition, fees, room and board. The deadline to enroll is July 25. The exact terms and conditions of the monthly payment plan are determined annually and may differ from what is described here. Famlies interested in getting more information about or an application for the TuitionPay Plan should call (800)635-0120 (outside the US call 508-235-2800) or visit the TuitionPay Plan website, or contact Carleton's Business Office at (507)222-4179.

STUDENT EMPLOYMENT is normally awarded to need-based aid recipients as a component of their financial aid award. Although a student may elect not to work during the school year and still receive other forms of assistance, most first-year students find working approximately eight hours per week manageable. College jobs are normally for work on the campus and include assignments in the food service, academic and administrative offices, the library, residence halls and facilities.