Limiting Student Debt
- Grinnell College meets 100 percent of demonstrated institutional need for all admitted domestic students. Institutional need is calculated using the FAFSA Estimated Family Contribution (EFC), a minimum student income contribution of $2,500, and a non-custodial parent contribution if applicable. Grinnell is moving to meet the full demonstrated need of select international students, who historically were eligible to receive an aid package covering up to 85 percent of their need.
- Grinnell awards merit aid to top admitted students.
- As part of the culture of alumni support, Grinnell also raises specific funds from alumni to reduce, at the time of graduation, the indebtedness of seniors who have demonstrated a solid work ethic both academically and co-curricularly. For the 2012 graduating class, almost $200,000 was awarded in loan reduction scholarships.
- The average indebtedness for the Class of 2012 after loan reduction scholarships are awarded is $12,350 for need-based loans and $16,200 for all types of loans.
- Grinnell limits the amount of loan used to meet a student's institutionally determined need. Need-based grants and work-study (up to a maximum of $2,200) make up the remainder of the packages, which meet the full demonstrated institutional need of all admitted students. Grinnell remains committed to a need-based loan cap, but does reserve the right to make modest annual increases due to increasing costs and economic conditions. Institutional need for new students entering in the Fall of 2013 will be fully met with a maximum of $3,500 in loan for year 1, $4,500 for year 2, $5,500 for year 3, and $5,500 for year 4, a total need-based loan expectation of $19,000.
- Eligible students may designate one summer devoted to either an approved college-sponsored internship or summer research at Grinnell. The expected summer earnings contribution of $2,500 will be eliminated for this one designated summer.
- Up to the first $3,000 of outside scholarships reduces the self-help portion (work, loan, and summer earnings expectation) of the financial aid package. Any amount received in excess of $3,000 half reduces remaining self-help and half reduces Grinnell need-based grant assistance.
