FINANCIAL AID HOW TO APPLY FOR FOR 2023–2024 APPLICANTS
With your application done (congrats!), the next step is to apply for financial aid. Carleton offers financial aid awards that cover every admitted student’s full calculated financial need. A few things to note: • The majority of Carleton’s aid is needbased; all admitted students demonstrate a high degree of merit, and so we feel distributing limited aid dollars on a need-basis is most equitable. • Typically, aid awards consist of grants, loans, and student employment. • There are no income caps for determining eligibility for aid. • Carleton uses the CSS Profile in addition to the FAFSA (Free Application for Federal Student Aid). This gives us a more complete understanding of a family’s financial need. • Cost of attendance includes tuition, fees, housing, and meals, plus estimates for books, supplies, personal expenses, and a transportation allowance. Applying for financial aid can be a complicated process. Please don’t hesitate to reach out to the student financial aid office at financialaid@carleton.edu or at 507-222-4138 if you have questions. Try our financial aid estimators at go.carleton.edu/estimator. GET AN ESTIMATE Carleton is within your reach
How to apply for financial aid STEP 1: CHECK THE BOX If you're receiving this, you've already completed the first step: indicating your intent to apply for financial aid on your admissions application to Carleton. Check! STEP 2: CSS PROFILE • The College Board’s CSS Profile gives us a holistic understanding of a family’s financial situation and helps us determine financial need in a more equitable way. • Custodial and noncustodial parents need to complete a CSS Profile. • Create an account at CSSprofile.org and use school code 6081. Free for families making up to $100,000; above that, there’s a fee starting at $25. • Use 2021 federal tax information • Save your profile acknowledgment. STEP 3: FAFSA • The FAFSA is used to determine eligibility for federal and state aid. You must complete it to qualify for federal loans, whether subsidized or unsubsidized. • Only the primary custodial parent needs to complete the FAFSA. • Create an account at fafsa.gov and use Carleton’s school code: 002340. No fee. • Use 2021 federal tax information. If prompted, please use the IRS Data Retrieval Tool (DRT) to import your 2021 tax data directly into the FAFSA. • Save your Student Aid Report (SAR).
Meet Alex from Missouri. Alex has an older brother who is already in college. After evaluating Alex’s college savings, parental income, and family circumstances, the student financial services staff has calculated that Alex’s family can pay $19,500 this year. Alex’s Financial NEED Tuition: $62,244 Housing: + $8,439 Meal plan: + $7,551 Activity fee: + $375 Comprehensive fee $78,624 Estimated books and personal costs: + $1,876 Alex’stravelestimatedcosts: + $950 Cost of attendance $81,450 Alex’sfamilyexpectedcontribution: $19,500 ➜ Financial NEED = $61,950 Alex’s Financial AID Carleton grant: $54,750 Outside scholarship: + $1,500 Low-interest loan: + $3,000 (reduced from $4,500 due to outside scholarship) Student employment: + $2,700 ➜ Financial AID = $61,950 ➜ Alex’s NET COST = $19,500 Will I get enough aid? EXAMPLE AID AWARD MORE QUESTIONS? No problem. We're happy to help—reach out! 507-222-4138 • financialaid@carleton.edu go.carleton.edu/afford
When will I see my aid award? We’ll include your preliminary financial aid award with your offer of admission (if your aid application was complete). After you’ve confirmed your enrollment, we’ll verify your family’s income figures with tax documents before issuing a final aid award. In most cases the final award will be the same as the initial award. How will outside scholarships affect my aid award? If you receive an outside scholarship— assistance from a source other than Carleton—you must report it to our student financial aid office in writing. Our policy is to remain within your calculated need and allow outside awards to lower the self-help (loan or student employment) portion of the aid award. KEY DATES October 1: CSS Profile & FAFSA available November 15: Fall Early Decision aid documents due January 15: Winter Early Decision & Regular Decision aid documents due March 31: Transfer aid documents due Our answers to common questions
What if my parents are divorced?
If I do not qualify for need-based aid, what other aid is available? Even if you do not qualify for need-based aid, the following may be available to help with financing: Student employment, Direct Stafford Unsubsidized Loan, Direct Parent Loans for Undergraduate Students (PLUS Loans), and various alternative loans. We also encourage students to explore outside scholarship opportunities. How much debt can I expect to have when I graduate?
Our students graduate with an average student loan debt of less than $20,000, which is 40 percent less than the national average of $33,700. We limit the amount of loans in aid packages to $4,500 for first-year students, with modest increases over the next three years, to make sure debt levels are manageable for new grads.
The custodial parent (and stepparent, if applicable) with whom you live most of the time will provide the household and financial information for the CSS Profile and FAFSA. Your other parent (and stepparent, if applicable) will complete a separate CSS Profile application but does not need to complete the FAFSA. We keep financial information confidential.
When a student has two living biological or adoptive parents, both are responsible for supporting the student through college, even if they are no longer married or together.