Understanding Your Offer
Understanding financial aid eligibility and your financial aid offer will help you and your family navigate financing decisions that need to be made while attending Carnegie Mellon. Students completing a FAFSA and/or CSS Profile will receive a financial aid offer through their My Student Aid (MSA) portal, which outlines grants and scholarships being offered, as well as Federal Work-Study and Federal Student Loan amounts for which the student may be eligible. We recommend reviewing your offer carefully, paying close attention to the cost of attendance and whether there is a gap in your funding.
It is important to note that some scholarships and grants may not be renewable each year and the amounts may be based on maintaining a certain QPA. Some scholarships may need to be applied for each year, so be sure to understand the specific criteria for each award. Additionally, you may need to complete specific steps (i.e., MPN signing and entrance counseling) before any offered loan amounts are distributed to your student account. Federal loan amounts may be decreased or cancelled at the request of the student by completing a Loan Adjustment (pdf) form and submitting it to The HUB.
Financial Aid Alert from The HUB
If you receive a Financial Aid Alert email from The HUB requesting financial aid documentation, it is important to respond as quickly as possible so any aid for which you may be eligible can be credited to your student account in a timely manner. View instructions for submitting missing or unsigned documents.
Change in Circumstances
Please remember that it is important to notify your HUB liaison of any changes to your and/or your family’s financial situation. A change in circumstances that may be appropriate for review include loss of income, change in assets, natural disaster, divorce or separation, medical expenses, change in the number of undergraduates enrolled in college, or receipt of outside scholarships. These scenarios may result in changes to your financial aid eligibility and offer. Additional documentation may be requested and can take up to 14 business days for review. If your change in circumstances results in a change to your financial aid offer, The HUB will notify you that a revised offer has been created and is available in My Student Aid (MSA).
Eligibility & Student Aid Index
Federal financial aid eligibility is determined by using a Congressional formula called Federal Methodology. It uses information reported on a student’s Free Application for Federal Student Aid (FAFSA) to determine the amount a student or family is expected to pay toward education. This amount is called the Student Aid Index (SAI).
The Student Aid Index (SAI) factors in the student's family's taxed and untaxed income, assets and benefits. Family size and the number of family members attending college are also considered.
For undergraduate students, eligibility for institutional grant and scholarship financial aid programs is determined using Institutional Methodology. Carnegie Mellon uses information collected through the CSS Profile, which collects more comprehensive and detailed information than the FAFSA. Tax documents may also be requested.
A Combination Strategy
Like any major investment, most families pay for education with a mix of current income, savings and borrowing. Finding the right balance among these resources can save money.
First, students should determine the difference between costs and any financial aid they expect to receive. This is a good estimate of the amount a family is expected to pay. Second, students and families may choose to enroll in a monthly payment plan to help budget payments of educational expenses and limit debt. And finally, students and families may choose to borrow a private loan.
Some parents and graduate students may be eligible to apply for a Federal PLUS Loan to help finance educational costs, as well.
Graduate Federal Aid Eligibility
A graduate student's federal aid eligibility is determined by financial circumstances. Students are considered for federal financial aid programs by completing the FAFSA.
Maximum Graduate Loan Eligibility
Students can calculate their estimated loan eligibility using the cost of attendance, which varies depending on the school/college. For example:
Cost of Attendance - Scholarships, Fellowships, Untaxed Tuition/Fee Stipends = Unsubsidized Federal Direct Loan Eligibility
Students who need additional funding after borrowing the Federal Direct Student Loan may wish to consider a Federal Direct Grad PLUS Loan or private loan.
