Carleton College
Northfield, Minnesota · Private Nonprofit · 20.4% acceptance rate
ROI Score: 84/100 · Strong Value
Data: 2024-25 College Scorecard release
Carleton scores 84 (Strong Value). The 10-year earnings of $75,525 and the strong 5-year repayment rate (92.8%) suggest the long-term trajectory is solid. Repayment rate data is imputed rather than observed, which reduces confidence in the repayment sub-score. The average net price of $25,407 is competitive for a school at this selectivity level. Computer Science leads by earnings (80 graduates, $88,132 at one year) and Economics is the second-largest tracked program (37 graduates, $66,567 at one year). Carleton's strengths are academic rigor, science and mathematics preparation for PhD programs, and a campus culture that takes intellectual engagement seriously - outcomes the Scorecard cannot fully capture.
Carleton College scores in the top 10% of the schools we score, with strong earnings outcomes relative to cost.
Carleton College
Quick Numbers
| In-state tuition + fees | $68,892/yr |
| Out-of-state tuition + fees | $68,892/yr |
| Average net price | $25,407/yr |
| Total 4-year cost (net) | $101,628 |
| Median earnings (10yr post-entry) | $75,525 |
| Average earnings (6yr post-entry) | $43,400 |
| Median debt at graduation | $16,750 |
| Estimated monthly loan payment | $178 |
| Estimated payback period | 6 years |
| 6-year graduation rate | 89.6% |
| Undergraduate enrollment | 2,086 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The first number you'll see is the sticker price: $68,892/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $25,407/year, or roughly $101,628 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $7,881/year here, while families earning over $110,000 pay $44,082/year.
Among graduates who borrowed, the median federal loan debt from this school is $16,750, which works out to about $178 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($43,400) and comes to 0.39, which in our view is comfortably manageable.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $7,881 |
| $30,001 - $48,000 | $8,203 |
| $48,001 - $75,000 | $9,680 |
| $75,001 - $110,000 | $18,485 |
| $110,001+ | $44,082 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay an average of $7,881 per year at Carleton; those in the $30,001-$48,000 bracket pay $8,203. Carleton's financial aid is supported by its endowment and meets full demonstrated need. Over four years, a low-income family would expect roughly $32,000 in net costs - manageable relative to expected outcomes for CS or economics graduates.
Middle-income families ($30K-$110K)
Families in the $48,001-$75,000 range pay an average of $9,680 per year; those in the $75,001-$110,000 range pay $18,485. A family at $60,000 annual income would expect roughly $38,000 in total four-year net cost. The net price calculator should be used to verify individual packages.
Higher-income families ($110K+)
Families above $110,000 pay an average of $44,082 per year - roughly $176,000 over four years. The 6.0-year payback period and $43,400 average 6-year earnings mean the CS and economics paths are the strongest investment cases; humanities and science PhD-track graduates will have longer payback horizons.
Earnings by Major
Top 7 most popular majors at Carleton College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Computer Science | $88,132 | A |
| Biology | $30,726 | C |
| Economics | $87,193 | B+ |
| Research and Experimental Psychology | $39,238 | B |
| English Language and Literature | $20,780 | F |
| Geological and Earth Sciences | $40,371 | - |
| International Relations | $53,975 | C |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Computer Science
CS at Carleton produces 80 graduates per year. Median earnings at one year are $88,132 with no four-year figure available. Median debt is $18,233 and the debt-to-earnings ratio of 0.207 earns an ROI grade of A. The one-year earnings of $88,132 are strong for a LAC CS program. Carleton has invested significantly in CS faculty and infrastructure relative to its size, and the program benefits from the school's strong mathematical culture. The relatively high debt for CS reflects the gap in endowment resources between Carleton and the wealthiest LACs.
Economics
Economics graduates 37 students per year with $66,567 median earnings at one year and $87,193 at four years. Median debt is $19,500 and the debt-to-earnings ratio of 0.293 earns a B+ grade. The four-year figure of $87,193 shows reasonable trajectory.
Research and Experimental Psychology
Psychology graduates 29 students per year with $39,238 median earnings at one year. No four-year earnings figure is available. Median debt is $16,700 and the debt-to-earnings ratio of 0.426 earns a B grade. The one-year earnings are modest, and consistent with a heavy graduate school routing profile - Carleton psychology graduates are disproportionately enrolled in PhD programs in clinical, cognitive, or research psychology at the one-year mark. Carleton's strength in research methods and its PhD placement rates are not captured in the Scorecard data. Students using this major as a graduate school pipeline should evaluate the program on research opportunities and PhD placement rather than on one-year earnings.
Biology
Biology graduates 65 students per year - the second-largest tracked program at Carleton - with $30,726 median earnings at one year. Median debt is $17,929 and the debt-to-earnings ratio of 0.584 earns a C grade. The low one-year earnings reflect Carleton's status as a top undergraduate feeder to biology and biochemistry PhD programs; a substantial share of these graduates are in research programs rather than employment at the one-year mark. Carleton biology has a strong research integration model, with meaningful undergraduate research experience available from the first year. Students choosing Carleton for biology who intend to proceed to PhD programs or medical school are the appropriate target audience; students expecting the biology major to generate strong direct-employment earnings at graduation will be disappointed by the data.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Median of schools we score |
|---|---|---|
| 1-year repayment | N/A | 68.8% |
| 3-year repayment | N/A | 73.6% |
| 5-year repayment | 92.8% | 67.7% |
| 7-year repayment | 93.1% | 72.8% |
Completion Rate
Trends Over Time
How Carleton College’s cost and outcomes have moved across College Scorecard releases (2009-2024).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
Admissions Snapshot
| Acceptance rate | 20.4% |
| SAT Math (25th-75th) | 730-790 |
| SAT Reading (25th-75th) | 720-770 |
| ACT Composite (25th-75th) | 32-34 |
| Enrollment | 2,086 |
| Pell Grant recipients | 16.5% |
| Avg faculty salary (monthly) | $13,960 |
Carleton admits 20.41% of applicants. SAT 730-790 Math and 720-770 Reading are the mid-ranges. Carleton evaluates applicants holistically with emphasis on intellectual curiosity and writing quality. The school offers binding early decision with a higher acceptance rate in that round. Students with strong STEM backgrounds who find the Midwest campus acceptable are well-positioned here; the school also draws strong applicants from the science-focused high schools in Minnesota and surrounding states.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Carleton College (this school) | 84 | $25,407 | $75,525 |
| College of the Holy Cross | 85 | $38,782 | $90,543 |
| Trinity University | 85 | $23,464 | $71,668 |
| Grinnell College | 83 | $17,648 | $62,830 |
| Augsburg University | 53 | $23,873 | $58,829 |
| Bethany Lutheran College | 35 | $20,148 | $46,110 |
Who Thrives Here
Admitted students cluster in the SAT 730-790 Math and 720-770 Reading range; ACT 32-34 composite. Carleton admits 20.41% of applicants. Pell Grant participation is 16.5%. Carleton attracts students who are intellectually serious and interested in science, mathematics, and quantitative social science at the undergraduate level; it is not primarily a business or pre-professional school. The Northfield, Minnesota location is genuinely rural, and students who prefer urban environments should weigh that explicitly. The Carleton student culture is known for intellectual intensity and eccentricity in roughly equal measure.
The Verdict: The Investment Pays Off
For most students, Carleton College pays off. You'd pay about $25,407 a year after aid ($101,628 over four years), and the typical graduate earns $75,525 ten years after enrollment. That puts the payback - the time it takes for the earnings bump to cover what you spent - at roughly 6 years, a solid return.
What it has going for it: a strong earnings premium over high school graduates, its 89.6% graduation rate, manageable debt relative to earnings.
Median debt of $16,750 among graduates who borrowed, against average earnings of $43,400 six years after entry, gives a debt-to-earnings ratio of 0.39, under the 1.0 point at which debt would equal a full year of those earnings. Your major matters a lot here: graduates in higher-earning fields will see the better end of this.
Carleton College: Common Questions
Is Carleton College worth it?
In our view, yes - for most students Carleton College pays off. It scores 84/100 on our ROI scale. You'd pay about $25,407 a year after aid ($101,628 over four years), and the typical graduate earns $75,525 ten years after enrollment, so the cost takes roughly 6 years to earn back.
How much does Carleton College cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $25,407 a year, or roughly $101,628 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Carleton College graduates earn?
The typical graduate earns about $75,525 ten years after enrolling, roughly $33,725 a year more than the median high-school graduate ($41,800, per NCES, 2022). That earnings gap is what has to cover the cost of the degree.
How long does it take to pay off Carleton College?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at about 6 years for Carleton College. The median across the schools we track is about 12 years.
How much debt do Carleton College graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $16,750, against average earnings of $43,400 six years after entry - a debt-to-earnings ratio of 0.39. In our view that is reasonable, though your major matters: higher-earning fields will see the better end of it.
What is the graduation rate at Carleton College?
The six-year graduation rate is 89.6%, at or above the 64% national average for four-year schools (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.