For any applicants out there that are planning on applying for financial aid here are some details on the process:

Our preferred deadline for financial aid applications is February 15, 2012.  If we receive your application and/or documents after February 15th it is possible that your initial financial aid award will be an estimate and is subject to change as our staff reviews additional documents.

We require the following documents to apply for financial aid for the fall of 2012: the 2012-13 Free Application for Federal Student Aid (FAFSA), the 2012-13 CSS PROFILE, and copies of relevant 2011 tax documents (1040s, W-2s, and certain schedules) be submitted via IDOCS.  Instructions on using the IDOCS service are provided once you complete the CSS PROFILE.

Feel free to comment with any questions about the financial aid process.

Here in the Office of Admission we are gearing up for our fall travel season.  A couple of our directors have already hit the road with most of us joining them within the next week.

Before heading out I wanted to point out a resource we have available on our website for students curious about how Carnegie Mellon's financial aid system plays out.  We offer a financial estimate form on our website.  This form requests estimates of financial data that will eventually be included in your financial aid application such as income and taxes paid.  We then use the estimates you provide us to create an estimated financial aid package.  The more accurate your estimates are the more accurate our estimated package can be.  While this won't tell you exactly what your financial aid package would be, it can provide some guidance in the process.

Now that we are a little bit removed from the application deadline, I figure that it is time for another entry on financial aid.  My earlier entry focused on the actual process of applying for aid and this entry is going to highlight what components are used to form a Carnegie Mellon financial aid package.

A financial aid package from Carnegie Mellon is comprised of several different types of aid.  First up is grant money in the form of federal, state, or institutional grants.  The first two types are government-sponsored grants and the third is provided by Carnegie Mellon itself.  Grant money is 'gift' money and does not need to be repaid to the provider.

The second type of aid is federal loan money.  Loan money, unlike grants, is the type of aid that does need to be repaid (plus interest).  The amount of aid money that can be offered to each student in a financial aid package is capped, so don't expect a $30,000 financial aid package compromised entirely of loans.  For instance, for Subsidized Stafford Loans the limit for a first year student in the fall of 2010 is $3,500.  (This information is accurate as of August 2009 and is subject to change July 1, 2010.)

The third type of aid is in the form of federal work study.  In exchange for work study money, a student works for the university during the academic year.  There are a variety of jobs that students can take on campus, ranging from working as an Andrew Ambassador in our office to working for an academic department or staffing a desk outside of the athletics facilities.

The final type of aid you may see in a Carnegie Mellon financial aid package is a Carnegie Scholarship (previously known as the Presidential Scholarship).  Carnegie Scholarships are awarded to artistically and academically talented middle income students who qualify for little or no need-based financial aid.  In essence, these scholarships have both a need and merit component.  In order to be eligible for a Carnegie Scholarship, you must apply for need-based financial aid (the process for which is outlined in an earlier entry).

All right, did you follow all of that?  Just a few numbers to give you for some context as well:

~ Average Need Based Package last year: $27,348

~ Average Grant last year: $22,482

~ Average Presidential Scholarship last year: $7,704

If any of the above information is confusing or requires clarification (or if you just have something you want to discuss) please post a comment below.

As we get closer to our January 1 application deadline, I've been hearing more and more questions about applying for financial aid.  As a member of our office's financial aid team, I hope to shed some light on the aid application process for you.

First off, it is important to note that we follow a need-blind admission policy (meaning that we do not admit US citizens or permanent residents of the US based on ability to pay).  Additionally, it should be noted that there is no financial assistance available for international students.

You should apply for financial aid AFTER January 1, 2010.  Our preferred deadline for financial aid applications is February 15, 2010.

At Carnegie Mellon we require the following documents from Fall 2010 applicants to apply for financial aid: the Carnegie Mellon 2010-2011 Financial Aid Application, the 2010-2011 Free Application for Federal Student Aid (FAFSA), signed copies of both parent and student 2009 Federal Tax Returns, and copies of your parent's W-2 Forms.

Two other steps that may or may not apply to you: if your state requires additional documentation to apply for a state grant be sure to apply - Carnegie Mellon will not provide additional assistance to replace lost state grant funds, if your parents are divorced or separated we require an additional Noncustodial Parent Information Form.

Our federal student financial aid school code is 003242, which is a number you will need during the process.

Feel free to comment with any questions about the financial aid process and look for another post detailing what makes up a Carnegie Mellon financial aid package.