Frequently Asked Questions
What is financial need?
How do we determine eligibility for financial aid?
How do we determine your expected family contribution?
What is a financial aid package?
What is the financial aid estimate?
Is there a payment plan available?
What if I have unmet need after financial aid?
What about outside grants and scholarships?
When do I know if I've received financial assistance?
Do international students receive financial aid?
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, other supporting documents and the total cost of that education.
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How do we determine eligibility for financial aid?
Eligibility for federal, state, Carnegie Mellon and most private aid programs is determined by using Federal Methodology, a formula established by Congress.
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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 Free Application for Federal Student Aid (FAFSA), the Carnegie Mellon Financial Aid Application and 1040 and W-2 forms to determine the amount you and your parent/s should contribute to your education at Carnegie Mellon. This value is called the Expected Family Contribution (EFC).
The EFC is comprised of a parent contribution (PC) and a student contribution (SC). The calculation of PC and SC usually includes resources from income and assets.
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What is a financial aid package?
Once we determine what you and your family can reasonably contribute to your college cost, we combine different types of financial support into a package. Typical financial aid packages include federal, state and institutional grants, loans and work-study.
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What is the financial aid estimate?
We, Carnegie Mellon, will provide an estimate of a student's financial aid package during the fall of the student's senior year. More specific information on this estimate can be found in our financial aid brochure, which is mailed to all students on our mailing list in the fall.
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Is there a payment plan available?
Yes. Our payment plan provides a way for you to divide your costs (less any grants and student loans) 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 our monthly payment plan. Tuition Management Systems can serve as one convenient source for all your payment and borrowing needs.
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What about outside grants and scholarships?
If you receive an annual total of $6,000 or less in outside scholarships (other than state or federal grants), Carnegie Mellon will NOT reduce your need-based Carnegie Mellon undergraduate grant/scholarship funds. In other words, students will retain 100% of their need-based Carnegie Mellon grants, in addition to those outside scholarship funds that total less than $6,000. In some cases, we may have to reduce a portion of your Federal Work-Study award or Federal Perkins or Stafford Loan.
If you receive more than $6,000 annually in outside scholarships (other than state or federal grants), your need-based Carnegie Mellon undergraduate grant/scholarship will be reduced by one-half the value that exceeds $6,000.
In the case of federal and state grants that were not included in our initial award, a dollar-for-dollar reduction of your need-based institutional grant/scholarship funds will occur.
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When do I know if I've received financial assistance?
If you apply for financial assistance and you're admitted, or put on the waitlist, to the university, you'll receive a financial aid notification letter shortly after you receive your letter of admission. The financial aid letter will state the dollar value of any assistance you may be receiving from Carnegie Mellon, the Federal Government and any State Governments.
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Do international students receive financial aid?
Financial aid and scholarships are not available to undergraduate international students. Undergraduate international students are also ineligible to participate in installment payment plans.
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