Federal Direct PLUS Loan (non-need based)
Federal Direct Parent Loans for Undergraduate Students (PLUS Loans) are low-interest loans available to parents (and stepparents listed on the FAFSA) to assist with meeting their family contribution. A completed FAFSA is required. A PLUS Loan can finance tuition, fees, housing, food, books, supplies, transportation, and personal expenses. PLUS Loans are not based on income or assets, and borrowers do not need collateral. The 2026–2027 fixed interest rate is 9.07% with up to a 10-year repayment schedule with no penalty for pre-payment. There is also an origination fee of 4.228%.
Beginning in July 2026, any new federal borrowers will be limited to an annual borrowing amount of $20,000 per student and $65,000 aggregate for each student. If you plan to use the Federal Direct PLUS Loan to finance all, or a portion of, the student’s education, it is important to understand these amounts.
Parent Private Alternative Loan (non-need based)
If a parent elects to borrow a private alternative loan, they may choose any parent private alternative loan program or lender. Parent borrowers are encouraged to review the federal PLUS loan options before considering private alternative loans. If a Carleton parent elects to borrow a parent private alternative loan, they may choose any alternative loan program or lender.
Review our Carleton Parent Alternative Lender List. Carleton does not endorse any particular lender(s) and receives no benefits from any on our lender list.
Learn more about Alternative Loan Applications.
Alternative Financing Worksheet
Determining the amount to borrow requires the student and family to estimate the resources available for college expenses. Loan debt should always be considered seriously and the borrower should be aware of his/her responsibilities when repayment begins.
Use the following as a guide to determine how much to seek in alternative financing at Carleton.
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Alternative Financing Worksheet |
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Total Cost of Attendance (including tuition, food, housing, required fees, books, supplies, transportation and other personal expenses. The current Comprehensive Fee is $90,462 which does not include books, supplies, personal and travel expenses) |
$_________ |
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How much will the student contribute? (include summer earnings and savings) |
$_________ |
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How much will parents contribute? (from income and assets) |
$_________ |
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Financial aid received (grants and scholarships, work study, and need-based loans) |
$_________ |
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Other resources (grandparents, other relatives, education savings plans, outside scholarships, etc.) |
$_________ |
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Amount not covered and to be considered for alternative financing = |
$_________ |