Carleton College is pleased to announce its new Access Scholarship program aimed at reducing or eliminating student loans for its neediest students, starting with the 2008-09 school year.

Carleton’s commitment of nearly $1 million to the new financial aid program over the next four years continues to demonstrate the College’s historical commitment to a diverse enrollment in the current environment of growing tuition costs nationwide. The College firmly believes that access to a Carleton education is not only an offer of admission, but should come with the financial means to make it accessible for all students.

The Access Scholarship program is targeted to those families with an annual income of $75,000 or less. The scholarship aids in reducing the loan component in each eligible recipient’s aid package. Each student’s financial need will continue to be fully met. To be eligible, students must gain admission to Carleton, apply and qualify for need-based financial aid and possess a family income of $75,000 or less.

Those families making less than $40,000 annually receive a $4,000 scholarship, or grant; those with annual incomes of $40,001-$60,000 are awarded a $3,000 scholarship and those from families with yearly incomes of $60,001-$75,000 receive $2,000 from the scholarship fund.

“These Access Scholarships will break down yet another barrier for students who have concerns about the cost of coming to Carleton,” says Rod Oto, Carleton’s associate dean of admissions and director of student financial services. “Although it may not alleviate all loans while at Carleton, recipients will graduate with a more reasonable amount of loan debt to pursue broader career choices.”

The new program, according to Oto, significantly reduces loan debt for students from these income brackets, which in recent classes exceeded $19,000 total over the four years. Those receiving the highest level of support through the Access Scholarship can expect about a 70 percent reduction in loan debt; those at the $3,000 level will see a 50 percent reduction in loan debt and those with a $2,000 Access Scholarship will experience a 33 percent reduction in loan debt.

For more information on this program or about financial aid at Carleton, please contact the Carleton student financial services office at (507) 222-4138 or visit them on the web at http://apps.carleton.edu/campus/sfs/.