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Financial Aid FAQ

What types of financial aid are available for Tepper graduate students?

Financial aid may include scholarships & fellowships and / or federal education and private education loans loans.

Part-time students enrolled in at least 18 units of coursework during a semester are eligible to apply for federal and/or private education loans to cover tuition and other allowable education-related costs.

International students are not eligible for US federal financial aid but, each academic year, international students may apply for private (non-federal) education loans to cover tuition and allowable education-related costs. A creditworthy cosigner who is a US citizen or a permanent resident of the US is required.

Is a tuition payment plan available?

Yes. Carnegie Mellon University participates in a monthly tuition payment plan through Tuition Management Services. Students pay a small fee to enroll in the plan. The plan allows students to make monthly tuition payments generally over a period of 10 months.

Is there a deadline for applying for US federal financial aid for 2013-2014?

April 16th is the suggested deadline for US students to submit the Tepper School Financial Aid Application to the Tepper Financial Aid Office and the Free Application for Federal Student Aid (FAFSA) to the federal processor using federal code E00074.

Students who do not meet the suggested deadline may still apply. The deadline is set to ensure that students have time to file their federal income tax returns before applying for financial aid and to ensure timely disbursement of financial aid for the Fall semester.

How and when will I be notified of my financial aid eligibility?

Scholarships & Fellowships: Students who are selected to receive a scholarship during the admissions process are notified at the time of admission to the MBA program.

Federal & Private Education Loans: Students who plan to borrow federal loans may expect to receive their financial aid award letters via email within two to four weeks of having submitted the FAFSA and Tepper School Financial Aid Application. Notification times for private education loans vary by lender.

Review the steps for applying for federal loans and applying for private education loans for more details.

Will I be ineligible for federal loans if my income/assets are high?

No. Although students may not be eligible for need-based Perkins loan, students without financial need are still eligible to apply for federal Direct Stafford and federal Direct Grad Plus loans, neither of which is based on financial need.

Should I borrow federal or private education loans?

Whether a student borrows federal loans or private loans or a combination of both is very individual and requires the student to research the option that is best for him/her.

US Citizens & Permanent Residents: Eligible students’ financial aid is packaged with maximum federal loan eligibility but students may opt to borrow all or a portion of their loan eligibility using private, non-federal education loans. Federal education loans offer a fixed interest rate, certain deferment options (unemployment, economic hardship, etc.), forbearance, public service employment loan forgiveness, and other federal benefits that private loans may not offer. On the other hand, the interest rate and fee structure of private education loans may be better for some borrowers. Students should thoroughly research the best option before deciding which type of loan(s) to borrow.

International students are not eligible for US federal financial aid but, each academic year, international students may apply for private (non-federal) education loans to cover tuition and allowable education-related costs. A creditworthy cosigner who is a US citizen or a permanent resident of the US is required.

May I borrow student loans to cover costs besides tuition?

Yes. Eligible students may borrow up to the estimated average cost of attendance less financial aid from all sources. This cost of attendance includes allowable costs for estimated tuition and fees, room and board, health insurance, transportation, notebook computer, loan fees, and miscellaneous expenses. Students who apply for federal loans are advised of their maximum eligibility via their financial aid award letters.

Do I need to pass a credit check to qualify for a loan?

Federal Direct Stafford and Federal Perkins loan borrowers do not undergo a credit test for consideration for these loans.

Grad Plus Loans: Students who apply for Federal Direct Grad Plus Loans are required to pass a credit test in order to qualify for the loan. The credit decision expires in 90 days. Students enrolling in the Fall may not apply for a Federal Direct Grad Plus Loan until June 1 or later.

Private Loans: Students who apply for private education loans must pass the individual lender’s credit requirements in order to qualify for the loan. In some cases, this may include borrowing with a credit worthy, eligible cosigner, which is always required for an international student borrower

Are international students eligible for scholarships?

Yes. International students are considered for Merit scholarship at the time of admission and, if selected to receive a scholarship, are notified in their offer of admission. There is no separate application process for scholarship consideration. Scholarships are credited against tuition charges for each semester in which the student is awarded.

Second Year International Students: With few exceptions, students who receive scholarships at the time of admission generally receive the same amount of scholarship in the second year, provided they continue to meet the academic requirements of the program and/or scholarship however, there is no additional scholarship consideration given to second year students. Some scholarships provided to students in the first year are replaced by endowed funds in year two but these funds are not “in addition to” scholarships awarded in year one.

Where can I find external scholarship opportunities?

All students may search for external scholarships online at http://www.cmu.edu/fso/outside-databases/index.html

International students may look on the CMU Fellowships and Scholarships website for scholarships that international students may apply for. See http://www.cmu.edu/fso/intl-students/index.html.

Does the Tepper School offer tuition or fee waivers?

No. The school does not offer tuition or fee waivers.

 

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