Carleton College
Northfield, Minnesota · Private Nonprofit · 20.4% acceptance rate
ROI Score: 84/100 · Strong Value
Carleton scores 84 (Strong Value) -- a respectable result for a selective liberal arts college in rural Minnesota, though below the Exceptional Value tier occupied by Williams and Colby. The 6-year median earnings of $43,400 and 6.0-year payback period reflect Carleton's profile as a heavily graduate-school-oriented institution: Carleton consistently ranks near the top among liberal arts colleges for the percentage of graduates who earn PhDs, and many of those students are mid-program at the 6-year Scorecard mark. The 10-year earnings of $75,525 and the strong 5-year repayment rate (92.8%) suggest the long-term trajectory is solid. Completion rate is 89.6% -- good but slightly below the Williams/Bowdoin/Colby cluster. Data completeness is 0.8 rather than 1.0, and 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 25% of all schools we track, 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 |
| Median 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 sticker price at Carleton College is $68,892/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $25,407/year, or roughly $101,628 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $7,881/year, while families earning over $110,000 pay $44,082/year.
The median graduate leaves with $16,750 in federal loan debt, translating to an estimated monthly payment of $178 on a standard 10-year repayment plan. Against median earnings of $75,525 ten years out, the debt-to-earnings ratio is 0.39 - well within manageable territory.
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. These figures are competitive for a selective liberal arts college and are below Vassar ($15,953/$14,548) and Middlebury ($12,723/$8,229) at the lowest bracket. 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. These are among the most competitive middle-income figures in this dataset for a school at Carleton's selectivity level. A family at $60,000 annual income would expect roughly $38,000 in total four-year net cost -- substantially below Williams and Middlebury at the same income level, despite Carleton being in the same selectivity and academic quality tier. 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. This is below Williams ($49,594) and Middlebury ($49,824) at the same income bracket, making Carleton the more affordable choice for high-income families among the top LACs in this batch. The 6.0-year payback period and $43,400 median 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. The data completeness caveat (0.8) means these figures carry slightly more uncertainty than the other schools in this batch.
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 -- the largest program in the dataset and notable for a liberal arts college of 2,086 students. 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 -- above Vassar ($80,037) and approaching Middlebury ($80,158), though below Williams ($110,814) and the research university programs. 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 (median $18,233 vs. Williams CS's $12,208) 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 one-year earnings are below the Williams ($80,888) and Middlebury ($85,879) economics figures, likely reflecting both a smaller recruiting footprint in finance and consulting and a higher graduate school routing rate among Carleton economics graduates. The four-year figure of $87,193 shows reasonable trajectory. For students who are considering Carleton over Williams or Middlebury for economics, the one-year earnings gap is real and should factor into the decision if immediate post-graduation employment in finance or consulting is the goal.
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 | Nat'l Avg |
|---|---|---|
| 1-year repayment | N/A | 52.0% |
| 3-year repayment | N/A | 62.0% |
| 5-year repayment | 92.8% | 68.0% |
| 7-year repayment | 93.1% | 72.0% |
Completion Rate
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; ACT 32-34 is slightly below the Williams and Middlebury ranges, making Carleton a realistic target for students at the lower end of top-LAC competitiveness. 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. Unlike some peer LACs, Carleton does not have a strong donor-legacy preference pattern and is known for merit-based evaluation. 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.
Carleton's Scorecard peer group includes Grinnell (ROI 83, $36,700 median 6-year earnings, $17,648 net price), Trinity University (ROI 85, $48,900 earnings, $23,464 net price), and College of the Holy Cross (ROI 85, $55,500 earnings, $38,782 net price). Carleton's ROI of 84 is marginally above Grinnell (83) but below Trinity and Holy Cross (both 85). However, Carleton's 6-year earnings of $43,400 are above Grinnell ($36,700) and approach Trinity ($48,900) at a lower net price ($25,407 vs. $23,464). Holy Cross posts the highest earnings in the group ($55,500) but at a net price of $38,782 -- considerably above Carleton. Grinnell at ROI 83 and $17,648 net price is the strongest affordability case in the peer group for low-income students, with generous financial aid comparable to Carleton's. Within the broader liberal arts landscape, Carleton competes most directly with Macalester (ROI 64, $36,900 earnings, $32,149 net price) -- a crosstown Minnesota rival where Carleton has a meaningful advantage on both ROI and earnings.
| 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 -- more accessible than Williams (8.25%), Middlebury (10.75%), and Vassar (18.57%), though Carleton's academic profile and rigor are comparable to the most selective LACs. Pell Grant participation is 16.5%. Enrollment is 2,086, similar to Williams. 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
Carleton College delivers above-average financial returns for its graduates. At a net cost of $25,407 per year ($101,628 over four years), graduates earn a median of $75,525 ten years after enrollment. That puts the payback period at roughly 6 years - a solid return on the investment.
The data highlights several strengths: strong earnings premium over high school graduates, a 89.6% graduation rate, manageable debt relative to earnings.
Median debt of $16,750 is very manageable against $75,525 in annual earnings - well within the financial advisor rule of thumb that total debt should not exceed first-year salary.
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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.