Carleton College says new students and returning first-, second-, and third-year students will no longer be expected to take out federal or institutional loans to cover the remaining cost of attendance. The no-loan policy will use grants, scholarships, and student employment after a family’s expected contribution is accounted for.
The change was made possible by more than $80 million in donations over the previous ten months, and the college is seeking additional support to sustain it. It does not solve the broader cost of college, but it shows how financial aid can change the choices students face after graduation.