Types of Aid Available
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 2012-2013 year, Carleton students received over $32 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) and the Federal Pell 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 DIRECT STAFFORD STUDENT LOAN PROGRAM. The Federal Direct Stafford Loan Program enables students with demonstrated need to borrow directly from the Department of Education as a means to finance their educational expenses. Students who do not receive Federal Perkins Loans from the College are referred to the Federal Direct Stafford Subsidized Loan Program for the loan component of their financial aid package.
Interest is paid by the federal government while the student is enrolled in college but begins to accrue interest once enrollment ceases. Repayment begins six months after the student ends his or her studies. The interest rate is fixed at 3.4% with repayment extending up to ten years. Repayment may extend over ten years. Students who are not eligible for the Direct Stafford Subsidized Loan may seek the Direct Stafford Unsubsidized Loan. These loans are not subsidized or underwritten by the government and may require interest payments while the student is enrolled in college. The interest rate is fixed at 6.8%.
Federal DIRECT PLUS LOANS for parent borrowers can provide additional funds for educational expenses. The interest rate for the Direct PLUS loan is fixed at 7.9%. Direct PLUS loans are made to credit worthy applicants by the Department of Education. 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 Direct 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.
TuitionPay Monthly Plan
An alternative payment option is the TuitionPay Monthly Plan offered by Sallie Mae, where all or part of the comprehensive fee is paid in installments interest free using US dollars. TuitionPay will accept credit card payments, although a convenience fee will apply.
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.