Carnegie Mellon University Undergraduate Admission

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CMU.edu Carnegie Mellon University Undergraduate Admission

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Financial Aid

Financial Aid FAQ

 


 

What is financial need?
Financial need is the difference between the amount you and your family can reasonably afford to pay for college expenses, as calculated by the FAFSA along with other supporting documents, and the total cost of attendance.

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How do we determine eligibility for financial aid?
Eligibility for federal and state aid is determined using the Federal Methodology, a formula established by Congress.  Only the FAFSA is required to be considered for federal and state aid.

Eligibility for institutional aid is determined using an Institutional Methodology and both the FAFSA and CSS PROFILE are required to be considered for institutional aid.

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How do we determine your expected family contribution?
We use the information that you and your parent(s) provide on the FAFSA, the CSS PROFILE and 1040 and W-2 forms to determine the amount you and your parent(s) should contribute to your education at Carnegie Mellon. This amount includes a direct contribution from income, drawing down on assets and borrowing. This value is called the Expected Family Contribution (EFC).

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What’s Carnegie Mellon’s FAFSA code?
Carnegie Mellon’s FAFSA code is 003242.

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What’s Carnegie Mellon’s CSS PROFILE code?
Carnegie Mellon’s CSS PROFILE code is 2074.

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When’s Carnegie Mellon’s financial aid application deadline?
Carnegie Mellon has a preferred submission deadline of February 15th for the FAFSA, CSS PROFILE and tax documents. If your application materials arrive after this deadline it may delay your receipt of a finalized financial aid award.

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What’s a financial aid package?
Once we determine your financial need, we combine different types of financial support into a package. Typical financial aid packages include federal, state and institutional grants, loans and work-study. Carnegie Mellon does not guarantee to meet a student’s full financial need.

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Does Carnegie Mellon award merit scholarships?
We do not award any scholarships based solely on merit. Carnegie Mellon offers Carnegie Scholarships to academically- and artistically-talented middle-income students who qualify for little to no need-based financial aid. You must apply for need-based financial aid to be considered.

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What's the financial aid estimator?
Carnegie Mellon provides a Financial Aid Estimator for high school juniors or seniors and their families, in order to provide an estimate of a student’s financial aid package prior to even applying to Carnegie Mellon.

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Is there a tuition payment plan available?
Yes, our payment plan provides a way for you to divide your tuition payments into manageable monthly installments instead of paying two lump sums. The plan is administered by Tuition Management Systems.

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What if I have unmet need after financial aid?
You may wish to investigate a combination of federal and alternative loans, along with the Tuition Management Systems monthly payment plan.

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What about outside grants and scholarships?
Please review our Outside Scholarship Policy.

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When do I know if I’ve received financial assistance?
If you apply for financial aid and are offered admission to the university or are offered a spot on the waiting list, you’ll receive a financial aid notification letter shortly after you receive your decision letter.

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When do I know if I’ve been selected for a Carnegie Scholarship?
Admitted students who awarded a Carnegie Scholarship are notified in the financial aid notification letter, sent shortly after the decision letter.

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Are international students and non-U.S. citizens eligible for financial aid and payment plans?
Only U.S. citizens and permanent residents are eligible for financial aid and installment payment plans. Please review the instructions for the FAFSA for more details on federal eligibility.

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How do I use the IRS Data Retrieval Tool?
The IRS Data Retrieval Tool (DRT) allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS website. You can read more about the DRT on The Hub's website or http://www.fafsa.ed.gov.

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Review the requirements for Applying for Aid at Carnegie Mellon.

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