Admissions and Financial AidCommittee 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

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

19.00%

20.00%

Year

Perc

ent o

f nee

d-se

nsiti

vity

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).

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ave Debt Per Student 14896 14473 15574 18166 17913 19528 19139 20036 18568 19392

Median Debt Per Student 14883 14298 15000 16672 16848 17125 17334 17125 16125 16125

2,500

7,500

12,500

17,500

22,500

Ave and Median Loan Debt in Past 10 YearsLo

an D

ebt

Average & Median Debt Load

2005 2006 2007 2008 2009 201010.00%

12.00%

14.00%

16.00%

18.00%

20.00%

22.00%

24.00%

26.00%

28.00%

30.00%

32.00%

34.00%

36.00%

38.00%

40.00%

42.00%

44.00%

Over All Yield B - $1 to $25,000 C - $25,001-$50,000 D - $50,001-$75,000

Access Scholarship Admissions: Yields for Low Income Applicants By Entrance Year (Regular Decision Applicants Only)

Note: Carleton Access Scholarships implemented for 2008, 2009, 2010. Reduced loans for students from families with incomes less than $75,000.

11

International Student EnrollmentsAll Non-Resident Students from 2001-2010

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Total

Admitted 48 70 75 83 88 74 79 86 107 103 813

Enrolled 16 32 29 25 29 28 38 34 46 41 318

Not Enrolled 32 38 46 58 59 46 41 52 61 62 495

Not Admitted 501 618 886 915 881 679 745 780 771 822 43 7641

Total Applicants 549 688 961 998 969 753 824 866 878 925 43 8454

2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

200

400

600

800

1000

1200

AppliedAdmittedEnrolled