Website Accessiblity

Applying For Federal Loans

US Citizens & Permanent Residents

Suggested FAFSA Deadline: April 30, 2014

April 30th is the suggested deadline to submit the FAFSA.   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 loans for the Fall semester.

Step 1: Prepare & Complete Your FAFSA

File your federal income tax return approximately 3-4 weeks prior to submitting your FAFSA.  Also, if you do not have a federal PIN, request one via www.pin.ed.gov so that you may complete your FAFSA (Free Application for Federal Student Aid) electronically.

Complete the FAFSA at www.fafsa.ed.gov indicating the Tepper School federal code, E00074.

NOTE:  Most FAFSA filers have the option of using an IRS data retrieval tool when filing the FAFSA. The tool is generally available approximately 3-4 weeks after having filed your federal income tax return. It is HIGHLY RECOMMENDED that you use the IRS data retrieval tool when completing the online FAFSA. Students who do not use the IRS data retrieval tool (or are not able to use the tool because they are ineligible to use it) may be required to to submit verification materials to the school, including a federally-required tax transcript from the IRS.

Step 2: Financial Aid Information Form

Complete a Tepper School Financial Aid Information Form (pdf) and email it to tepper-aid@andrew.cmu.edu or fax it to 412-268-2904.

Step 3: Financial Aid Award Letter

Receive a Financial Aid Award Letter via email from the Tepper School Financial Aid Office approximately 10-14 business days after submitting both the FAFSA and the Tepper School Financial Aid Information Form. Incoming students receive their award letters via the email address they have provided in their application for admission. Continuing students receive their award letters via their Andrew email account.

Step 4: Federal Loan Entrance Counseling

First-time at Tepper federal Direct Loan Borrowers Only

Complete Federal Loan Entrance Counseling via www.studentloans.gov using your federal PIN from Step 1 above. Be sure to indicate that you are a graduate/professional student. When you select your school from the drop down menu, you will have 3 choices for Carnegie Mellon University. It is important that you select “Carnegie Mellon University-Tepper” as your school.

Step 5: Stafford Loan Application

First-time Federal Direct Stafford Loan Borrowers Only

Complete a Master Promissory Note (MPN) via www.studentloans.gov using your federal PIN from Step 1 above. When you select your school, you will have 3 choices for Carnegie Mellon University from the drop down menu. It is important that you select “Carnegie Mellon University-Tepper” as your school. Please note that you are not able to indicate a loan amount on the MPN. The amount of your loan eligibility is provided to you via your Financial Aid Award Letter (see Step 3) and you subsequently indicate the loan amount(s) you want to borrow by submitting the Tepper School Loan Processing Form (see step 8).

Step 6: Perkins Loan Application

First-time Federal Perkins Loan Borrowers Only

If a Federal Perkins Loan is indicated in your Financial Aid Award Letter (Step 3) and you are a first-time Perkins borrower at Tepper, complete Perkins Loan Entrance Counseling and a Perkins Promissory Note via our servicer's website www.ECSI.net using school code Z9, but only after being contacted by the HUB to do so, generally around the start of classes in the semester in which you are first offered a Perkins loan. These documents are not available to students prior to being contacted by the HUB.

Step 7: Grad Plus Loan Application

All Federal Direct Graduate Plus Loan Borrowers Only

Apply for a Grad Plus loan no earlier than June 1st via www.studentloans.gov using your federal PIN from Step 1 above. In order to initiate a credit check, select "Request a Direct Plus Loan." When you select your school, you will have 3 choices for Carnegie Mellon University from the drop down menu. It is important that you select “Carnegie Mellon University-Tepper” as your school. If you receive a favorable credit decision, you must  then select "Complete Master Promissory Note" to apply for the loan. You may borrow up to the amount indicated in your Financial Aid Award Letter (Step 3). Credit decisions for Grad Plus Loans expire after 90 days.

Step 8: Loan Processing Form

All borrowers need to complete the Tepper School of Business Loan Processing Form (pdf) and fax it to 412-268-2904. This form is required in order for your loans to be processed.

Please Note: Verification

Students may be asked to submit verification of any information used to determine their eligibility for federal financial aid. This process is called "verification" and may be required by the US Dept. of Education or may be initiated by the school.

VERIFICATION OF FEDERAL FINANCIAL AID APPLICATION INFORMATION

The Tepper School of Business performs verification of information submitted by a student in his/her application for federal financial aid if the student is selected by the federal Central Processing System (CPS) for verification and is awarded need-based federal financial aid. The Tepper School may also select students for verification on a case-by-case basis if there is reason to believe that the student has submitted incomplete, inaccurate, or inconsistent information in their application materials. The Tepper School also performs verification prior to making professional judgment decisions that impact a student’s expected family contribution (EFC) or in consideration of certain additional expenses that are above and beyond the School’s published cost of attendance. In cases where the student is not selected for verification but the school discovers conflicting information that impacts a student's eligibility for federal aid, the school may request documentation other than the items listed below to resolve the conflicting information. The School may request any documentation it deems necessary to determine the accuracy of information submitted in a student’s application for federal financial aid.

TIME FRAME AND CONSEQUENCES:

When required, federal verification must be completed prior to the end of the academic year or before the student ceases enrollment, whichever comes first, and generally must be completed prior to disbursement of any federal financial aid.  In situations where verification is required after disbursement of federal financial aid has occurred and the verification results do not justify receipt of federal aid that the student has already received, the student is responsible for paying back all financial aid for which he/she is not eligible. Additionally, failure to submit requested verification materials within the required time frame disqualifies a student from receiving federal financial aid for the award year.

VERIFICATION ITEMS:

The Tepper School verifies a minimum of the following information:

  • Household size
  • Number in college
  • Child support paid
  • Adjusted gross income
  • Federal income tax paid
  • Wages
  • Education credits
  • Other untaxed income reported on the tax return
If a student is a non-tax filer and not required to file a federal tax return, income earned from work is verified in addition to the first four items shown above.

STUDENT NOTIFICATION

When a student is selected by the School for verification, required documents are requested either via email to the student’s official Carnegie Mellon email account or in writing. If a student’s award changes as a result of the verification process, the School notifies the student via the student’s official Carnegie Mellon email account.  If the Tepper School discovers conflicting information that requires updates to the FAFSA, the School will either ask the student to make the change to the FAFSA via www.fafsa.ed.gov or make the FAFSA updates (if the student has authorized the School via the Tepper School Financial Aid Application to make FAFSA updates).

VERIFICATION DOCUMENTS

  1. The Tepper School Verification Worksheet, signed and dated, is required.

  2. A federal tax transcript from the Internal Revenue Service (IRS) for the year that corresponds with the FAFSA is required. Please note that a signed copy of the federal income tax return is not sufficient documentation.

  3. A Statement of Educational Purpose to be Signed at the Institution OR A Statement of Educational Purpose to be Signed with Notary

  4. Other supporting documents may be required by request of the School.

FRAUD OR ABUSE

If the verification process reveals possible fraud or criminal misconduct in connection with a student’s federal financial aid application and/or verification processes, the matter will be referred to the U. S. Dept. of Education for investigation.

QUESTIONS

Questions about federal financial aid verification policies and procedures may be emailed to tepper-aid@andrew.cmu.edu.

 

Footer Navigation