When considering the cost of attending college, it’s important to consider the types and amounts of financial aid that may be available. Financial aid may come from the federal or state governments or from Carnegie Mellon. It can be in the form of grants, scholarships, work-study or student loans. Applicants who apply for financial aid will be considered for all forms of financial aid.
Determining Financial Aid Eligibility and Award Amounts
Several data points are considered when determining how much financial aid you may be eligible for. Financial aid formulas factor in the cost of living in your hometown, how close your parents are to retirement, how many people are in your family, how many siblings attend college, the assets that you have available to your family and dozens of other pieces of information to determine how much your family can contribute. Income is just one part of your financial aid application. For the best idea of what your financial aid award may look like, we encourage you to complete our financial aid estimate form. The chart below illustrates the average financial aid award by a family's income range.
Those families who fall within higher income ranges in the above chart, who qualify to receive aid, are likely to have more than one student enrolled in college.
Here are financial aid statistics for the 2018-19 first-year class (U.S. citizens and eligible non-citizens only):
- 76% of financial aid applicants received need-based financial aid
- 49% of enrolled U.S. citizens and permanent residents received need-based financial aid
- $32,107 - average financial aid package
- $39,792 - average grant award