More access. More opportunity. No debt.
Beginning in Fall 2027, Carleton will eliminate loans from need-based financial aid packages, replacing them with grants and scholarships. It’s a significant step forward in Carleton’s longstanding commitment to access and affordability — and means every Carleton student can graduate without debt.
Want to learn how you can best support No-Loan for All?
Ready to donate now? Make a gift today.
A transformational step for access and affordability
Carleton already meets 100% of every student’s demonstrated financial need. With No-Loan for All, the College will become the first in Minnesota to eliminate loans for all students receiving need-based financial aid while meeting 100% of every student’s demonstrated financial need.
Unlike tuition promise programs tied to a particular family income, there is no income cutoff for No-Loan for All. Any student who qualifies for need-based financial aid will qualify for no-loan packaging.
The policy will benefit new and returning students beginning in Fall 2027.
100% of demonstrated need
Carleton will continue to meet the full demonstrated financial need of every student receiving need-based aid.
Loans replaced with grants
Federal and institutional loans in aid packages will be replaced with grants and scholarships.
No income cutoff
Unlike tuition promise programs that use income limits to define tuition costs, there is no specific income restriction for Carleton’s no-loan program; a student must only qualify for need-based aid.
No debt. More choices.
What could graduating without debt make possible?
For one Carl, it might mean choosing an internship because it’s the right opportunity, not the highest-paying one. For another, a term abroad. Graduate school. Public service. A first job that fits an ambition rather than a loan payment.
No-Loan for All is about more than changing a financial aid package. It’s about giving students greater freedom to take advantage of their Carleton education—and to decide what comes next.
“The financial aid packages my brother [Ryan McGregor ’22] and I were given made it possible for both of us to have amazing learning experiences. Graduating without being saddled with a huge debt also allowed me to give back right away.” —Eric McGregor ’19
From commitment to permanence.
Carleton has made the commitment. Now we must make it last.
Every member of Carleton’s Board of Trustees has made a gift or commitment in support of No-Loan for All, joining other early donors in committing more than $80 million toward its implementation.
Now, Carleton is seeking an additional $48 million in financial aid endowment to build the permanent resources needed to sustain No-Loan for All for future generations.
100%
trustee participation
$80+ million
committed by trustees and early donors
$48 million
still needed to sustain No-Loan for All
The goal isn’t simply to launch No-Loan for All. It’s to keep the promise.
Your support can go twice as far.
All new gifts and commitments for financial aid will be matched dollar for dollar through a challenge made possible by a small group of trustees and leadership donors.
Gifts may support Carleton’s general financial aid endowment, establish a new scholarship, or add to an existing scholarship. For each eligible gift or commitment, an equal amount of challenge funding will be added to Carleton’s general financial aid endowment.
Let’s talk about what’s possible.
A Carleton development officer can help you explore an opportunity that reflects what matters most to you and advances the long-term future of No-Loan for All.
Ready to donate now? Make a gift today.
How can I support No-Loan for All?
New gifts and commitments for financial aid can support Carleton’s general financial aid endowment, establish a new scholarship, or add to an existing scholarship. A development officer can help you explore the opportunity that best reflects your philanthropic goals.
How does the matching challenge work?
All new gifts and commitments for financial aid will be matched dollar for dollar. For each eligible gift or commitment, an equal amount of challenge funding will be added to Carleton’s general financial aid endowment. The challenge is made possible by a small group of trustees and leadership donors.
Where will the matching funds go?
Regardless of whether your gift supports the general financial aid endowment, establishes a new scholarship, or adds to an existing scholarship, the corresponding challenge funds will be directed to Carleton’s general financial aid endowment.
Will my gift count toward the Alumni Annual Fund?
No. Gifts to the Alumni Annual Fund come together to meet the immediate, everyday needs of current Carls throughout the academic year. Gifts to No-Loan for All serve a different purpose: building permanent endowment resources that will sustain financial aid for generations of Carls.
Can I establish a named scholarship?
Yes. A development officer can help you explore how a named endowed scholarship can support No-Loan for All, consider the impact you would like your scholarship to have, and determine a giving and payment structure that works for you. A scholarship can also provide a lasting way to honor a person or experience that has been meaningful to you.
Can I add to an existing scholarship?
Yes. New gifts and commitments may be added to an existing scholarship and are eligible for the dollar-for-dollar challenge. An equal amount of challenge funding will be directed to Carleton’s general financial aid endowment.
Can I support No-Loan for All through a planned gift?
Because funding for No-Loan for All is needed on a more immediate timeline, planned gifts through a will or estate plan do not count toward the initiative’s fundraising goal. Gifts and commitments supporting No-Loan for All must be received by Carleton within five years. Future gifts can still be designated to support financial aid, and a development officer can help you explore options for both current and planned giving.
How long will the matching challenge be available?
Challenge funds are limited and available while funds remain. Eligible new financial aid gifts and commitments will receive matching funds as they are made. A Carleton development officer can provide more information about the challenge and opportunities to participate.
Why is philanthropic support still needed if Carleton has already adopted No-Loan for All?
Early donors have committed more than $80 million, providing the resources Carleton needs to begin implementing No-Loan for All. An additional $48 million in financial aid endowment is needed to build the permanent resources that will sustain the policy for future generations of Carls.
Help make No-Loan for All a lasting Carleton commitment.
Early donors have made No-Loan for All possible. Now, your support can help ensure it remains part of the Carleton experience for generations to come.
Talk with a development officer today.
800-492-2275 | giving@carleton.edu
Prefer to make a gift now? Support No-Loan for All