Carleton Launches $50 Million Financial Aid Initiative in Partnership with the Schuler Education Foundation

About The Challenge

In 2021 Carleton announced a revolutionary funding partnership with the Schuler Education Foundation to dramatically increase access for low-income Pell-eligible and undocumented students. Over the next 10 years, the Schuler Education Foundation will fund the financial need of each incremental1 low-income Pell-eligible and undocumented student the college enrolls up to $50 million. Carleton’s policy for all students is to have their full demonstrated financial need met for all four years of college. To qualify for this generous funding, Carleton intends to raise a dollar-for-dollar match of the total amount expected from the Foundation by December 31, 2026.

Challenge Impact

This initiative recognizes and addresses the urgent need for financial aid dollars to ensure equal access for low-income and undocumented students at Carleton. Successfully meeting the goals of the Schuler Access Initiative should result in $100 million in endowment, the payment from which will be distributed as scholarships for eligible students in perpetuity via increased need-based financial aid. This will ensure that Carleton can fulfill its goal of increasing enrollment of Pell-eligible and undocumented students on campus to at least 169 or 18.5% of the student body.

Progress Update: October 2023

Thanks to funding from the Schuler Educational Foundation, secured through matching contributions by Carleton donors, 19 additional students are receiving financial aid to cover Carleton’s comprehensive fee, books, and living costs with an average grant of $75,486. The Schuler Initiative was designed so that each student will continue to receive full funding each year they are enrolled.

The college could secure a total of $50 million from Schuler provided an equal amount is donated by Carleton donors resulting in a total of $100 million. To date, the college has received commitments of nearly $35 million from generous alumni, parents, and friends. 

The generosity of Carleton parent and trustee emeritus Jack Schuler will be transformational to Carleton. Jack has a long history of supporting Carleton, and for decades, he has inspired others to do the same. Thanks to his strategic and innovative thinking, the Schuler Access Initiative is positioning Carleton to better support students today and for generations to come.

Associate Vice President for Development Dan Rustad

1Incremental students are defined as any new students added above the average number of Pell-eligible and undocumented students enrolled over three academic years (2018-19, 2019-20, and 2020-21) or 301.