BYU head coach Dave Rose made the announcement Tuesday, saying the program is grateful for Carlino's contribution to the Cougars' success during his three seasons at the school.
Carlino averaged a career-best 13.7 points this season to go with an average of 4.3 assists and 1.7 steals. He had 15 points in the Cougars' 87-68 loss to Oregon in the second round of the NCAA tournament last month.
Carlino ends his BYU career among the school's all-time leaders in assists (seventh), steals (sixth) and 3-pointers (sixth). He's 27th on the all-time scoring list.
The school said Carlino plans to graduate in June.