Federal Direct Subsidized Loan Program (need-based)
Provides low-interest loans to need-eligible students through the U.S. Department of Education. Interest (4.99% for 2022–2023) is paid by the federal government while the student is enrolled. Repayment begins 6 months after a student’s studies end.
Federal Direct Unsubsidized Loan (non-need based)
For students not eligible for the subsidized loan program. The big difference from the federal subsidized loan: You start paying interest (4.99% for 2022–2023) while enrolled in college. To be eligible, students must complete the FAFSA.
Student Private Alternative Loan
If a student elects to borrow a private alternative loan, they may choose any private alternative loan program or lender. We have evaluated a number of lenders and listed lenders offering good terms in the Carleton Alternative Lender List. Carleton does not endorse any particular lender(s) and receives no benefits from any on our lender list.
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.
| Alternative Financing Worksheet | |
|---|---|
| Total Cost of Attendance (including tuition, food, housing, required fees, books, supplies, transportation and other personal expenses. The current Comprehensive Fee is $75,600 which does not include books, supplies, personal and travel expenses) | $_________ |
| How much will the student contribute? (include summer earnings and savings) | $_________ |
| How much will parents contribute? (from income and assets) | $_________ |
| Financial aid received (grants and scholarships, work study, and need-based loans) | $_________ |
| Other resources (grandparents, other relatives, education savings plans, outside scholarships, etc.) | $_________ |
| Amount not covered and to be considered for alternative financing = | $_________ |