In 2005-06, the College allotted nearly $27 million for scholarships, grants, and other aid. Furthermore, more than 88 percent of Grinnell's students received some type of financial assistance.

Most financial aid is awarded on the basis of need; however, need is not considered when determining a student's eligibility for admission to Grinnell. If a student qualifies for admission, the College makes every effort to meet the demonstrated institutional financial need.

Awards are generally mailed at the time of the admission decision. The College requires admission before an award is offered. Financial aid is awarded on an annual basis and may be adjusted in subsequent years if the family's financial situation or number of family members in college changes, the financial aid application deadline is missed, or satisfactory academic progress is not maintained.