At Carleton, financial aid is related to demonstrated financial need rather than to quality of achievement. However, students must be making normal progress toward graduation in order to have their aid renewed. See Section on Academic Regulations. National Merit and Achievement and Hispanic Finalists designating Carleton as their college choice are eligible for consideration for a Carleton-sponsored Merit or Achievement Scholarship. The College neither requires nor expects them to be repaid.
Institutional grants represent a reduction in the comprehensive fee.
Each year the College receives Perkins Loan funds from the federal government to be loaned to students with exceptional financial need. Since Federal Perkins Loan funds are insufficient to meet the loan requirements of all financial aid recipients, they are made available to students on the basis of financial need, with students having the greatest need receiving priority. Repayment begins nine months after the student ends his or her studies. The interest rate is five percent per year, and repayment may extend over a ten-year period. The Federal Stafford Loan Program enables students with demonstrated need to borrow directly from lenders as a means to finance their educational expenses.