Examples of Determining Cost, Need, and Financial Aid Offers
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 three 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 |
|||
|---|---|---|---|
|
Alex from Minnesota |
Cameron from Arkansas |
Jordan from Virginia |
|
|
Tuition and fees |
$72,069 |
$72,069 |
$72,069 |
|
Housing and food |
$18,393 |
$18,393 |
$18,393 |
|
Books and supplies |
$2,040 |
$2,040 |
$2,040 |
|
Travel expenses |
$250 |
$750 |
$950 |
|
Cost of attendance |
$92,752 |
$93,252 |
$93,452 |
Step 2: Determining Need
Your family contribution consists of the student contribution and the parent/guardian contribution. Contributions are determined by the information families provide in the FAFSA and CSS profile.
|
Determining Need |
|||
|---|---|---|---|
|
Alex from Minnesota |
Cameron from Arkansas |
Jordan from Virginia |
|
|
Cost of attendance |
$92,752 |
$93,252 |
$93,452 |
|
Parent contribution |
-$4,400 |
-$12,100 |
-$44,605 |
|
Demonstrated need |
$88,352 |
$81,152 |
$48,847 |
Step 3: The Financial Aid Offer
First, we determine if students are eligible for any federal or state grant or loan programs. In our example, Alex, Cameron, and Jordan are all eligible for a loan.
All three examples 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 |
|||
|---|---|---|---|
|
Alex from Minnesota |
Cameron from Arkansas |
Jordan from Virginia |
|
|
Carleton Grant |
$80,732 |
$70,677 |
$39,372 |
|
Low-interest Loan* |
$4,500 |
$6,500 |
$5,500 |
|
Student Employment |
$3,120 |
$3,975 |
$3,975 |
|
Total Financial Aid Offered |
$88,352 |
$81,152 |
$48,847 |
*We cap loan amounts at $4,500 for first-year students to keep total debt manageable.