Examples of Determining Cost, Need, and Financial Aid Packages
We carefully review each financial aid application. We start with a standard need analysis and from there, assess individual family situations. Here’s an example of how that process could work for two different hypothetical students.
Step 1: Determining the Cost of Attendance
While tuition, fees, housing, food, and the amount we budget for other expenses like books remain the same, we account for the fact that travel expenses will vary based on where students are coming from. This is factored into your total cost of attendance (COA).
| Determining the Cost of Attendance | ||
|---|---|---|
| Jamie from Oregon | Nasim from Minnesota | |
| Tuition and fees | $62,634 | $62,634 |
| Housing and food | $15,990 | $15,990 |
| Books and supplies | $1,876 | $1,876 |
| Travel expenses | $1,100 | $250 |
| Cost of attendance | $81,600 | $80,750 |
Step 2: Determining Need
Your expected family contribution consists of the student contribution and the parent/guardian contribution. Expected contributions are determined by the information families provide in the FAFSA and CSS profile. Jamie is expected to contribute the minimum student contribution of $2,000. Jamie’s parents are expected to contribute $12,750.
Nasim is expected to contribute $2,700. Nasim’s parents are divorced. It is determined her mother is able to pay $2,000 towards college expenses while her noncustodial father can contribute $3,300 toward her college expenses.
| Determining Need | ||
|---|---|---|
| Jamie from Oregon | Nasim from Minnesota | |
| Cost of attendance | $81,600 | $80,750 |
| Student contribution | -$2,000 | -$2,700 |
| Parent contribution | -$12,750 | -$2,000 |
| Non-custodial parent contribution | $0 | -$3,300 |
| Demonstrated need | $66,850 | $72,750 |
Step 3: Awarding the Financial Aid Package
First, we determine if students are eligible for any federal or state grant or loan programs. In our example, both Jamie and Nasim are eligible for a Direct Subsidized Loan. Nasim also qualifies for a Pell grant (income-based), Federal Supplemental Educational Opportunity Grant (SEOG), and, since she is a Minnesota resident, a Minnesota State Grant.
Both also qualify for up to 8-10 hours of student employment (our maximum to provide for balance) per week since they have remaining need after grants and loans are factored in.
Last, any remaining need is met by a Carleton grant or scholarship.
| Determining Financial Aid | |||
|---|---|---|---|
| Jamie from Oregon | Nasim from Minnesota | ||
| Direct Subsidized Loan* | $4,500 | Direct Subsidized Loan* | $4,500 |
| Pell Grant | $2,145 | ||
| SEOG | $3,000 | ||
| MN State Grant | $9,461 | ||
| Student Employment | $2,700 | Student Employment | $2,700 |
| Carleton Grant | $59,650 | Carleton Grant | $50,944 |
| Total Award | $66,850 | Total Award | $72,750 |
*We cap loan amounts at $4,500 for first-year students to keep total debt manageable.