Admissions and Financial Aid Committee Report January, 2011

“When projected grant and scholarship needs rise at a rate faster than the increase in the annual financial aid budget can cover (currently estimated to be at an average annual growth rate of 10%), need-sensitive criteria may be applied to a small percentage—not to exceed 15%—of the entering class. AFAC will monitor and evaluate the implementation of this policy and submit an annual review to the College Council.” Moreover, this policy, “requires the College to monitor key variables that reflect characteristics of the student body which may be affected by the use of need-sensitive criteria.” Policy on Need-sensitive Admissions (1993)

Increases: Comprehensive Fee vs. Financial Aid

History of Need Sensitivity

Range of Possible Solutions Find more money for financial aid (but from where?) Allow need-sensitivity to increase beyond 15% Adjust our calculations of what students can bear (e.g., by increasing loan burden) Change the profile of entering students Allow a myriad of undesirable practices (gapping, etc.)

A First Trade-off Access Scholarships vs. International Student Scholarships

A First Trade-off Access Scholarships vs. International Student Scholarships Proposal (already implemented for Early Decision 1): Phase out Access Scholarships for the entering class, diverting these resources in order to continue with a somewhat smaller number of international scholarships (while diversifying the geographic representation of the students recruited).

Average & Median Debt Load

Access Scholarship Admissions: Yields for Low Income Applicants By Entrance Year (Regular Decision Applicants Only) Note: Carleton Access Scholarships implemented for 2008, 2009, Reduced loans for students from families with incomes less than $75,000.

International Student Enrollments All Non-Resident Students from Total Admitted Enrolled Not Enrolled Not Admitted Total Applicants