The student and parents or legal guardians are responsible for paying college costs. The college expects that parents will assist paying the cost to the greatest extent their income and assets will permit. The student is also expected to share in the cost of education through working, borrowing, and savings. Grinnell encourages each student where practical, to seek aid from the community, regional, and national organizations. All students applying for need-based aid are expected to apply for the Federal Pell Grant by completing the FASFA.

The FASFA is also where parental contribution from income and assets is determined. Parent contribution is determined by first deducting non-discretionary expenses such as federal, state, and local taxes, social security payments, medical and other extraordinary expenses and a basic cost of living from income and assets. With the remaining funds the parents are then expected to contribute a portion toward educational expenses. The amount of these funds are divided among the total number of students currently enrolled at the undergraduate level.

Students are also expected to apply for state grants and scholarships that may be used at Grinnell. A portion of the family's contribution is the responsibility of the student. Grinnell expects the student to contribute from income (summer employment, currently $2500), savings, and any other resources that may be available. Each year as applicable, 20 percent of the student's savings, stocks, bonds and other assets are expected to be used to assist in defraying the cost of attendance.

For institutional financial aid (which differs from federal assistance) we require the Application For Financial Aid & Scholarships included with the admission application packet. Consequently, it is likely the family's need for federal aid will differ from their need for Grinnell aid.

Grinnell presupposes that both parents or legal guardians are primarily responsible for the students educational expenses, including the ongoing responsibility to house and feed the student to whatever extent possible. Divorce or separation of the natural parents does not release either parent from this obligation. Grinnell cannot require parents to contribute the amount determined, but neither will Grinnell use its student aid resources to compensate for any part of the calculated amount that parents choose not to provide.