Limiting Student Debt
- Grinnell College meets 100 percent of demonstrated institutional need for all admitted domestic students. Institutional need is calculated using the FAFSA EFC, a minimum student income contribution of $2,500, and a non-custodial parent contribution if applicable. The College 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.
- As part of the culture of alumni support, the College 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 2011 graduating class, almost $200,000 was awarded in loan reduction scholarships.
- In the Fall of 2008, the College began limiting or capping 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. The College remains committed to a need-based loan cap with modest annual increases due to increasing costs and current economic conditions. Institutional need for new students entering in the Fall of 2012 will be fully met with a maximum of $3,000 in loan.
- Beginning in the 2007-08 academic year, eligible students may designate one summer devoted to either an approved Grinnell College sponsored internship or summer research at Grinnell College. In return, the expected summer earnings contribution of $2,500 will be eliminated for that one summer only.
- 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.
- Grinnell College awards highly selective merit assistance.
- For students entering Grinnell in the fall of 2007 or later and receiving any non need-based aid, the College will index the merit aid award at the same percentage as the comprehensive fee increase - providing the student remains in good standing and fulfills the academic standards of the merit award.
- The average indebtedness for the Class of 2011 after loan reduction scholarships are awarded is $12,300 for need-based loans and $15,720 for all types of loans.
