In an effort to assist you in meeting educational expenses, Carnegie Mellon has developed the Carnegie Mellon Financing Plan. You will find information concerning several financing programs here. Please read the materials concerning each program, consider the amount of money that you can afford to pay toward your educational expenses and, if you believe that additional financing is required, choose the option that best meets your needs.
Parents and students should consider taking advantage of BorrowSmart Affordability Planning & Counseling. TMS Education Payment Counselors can help you decide which program or combination of programs will best minimize the amount you borrow while maximizing the interest-free payment you make each month.
When considering a student's financial aid package, Carnegie Mellon uses the Federal Stafford Loan Program as a cornerstone for eligible students. Choosing the best lender to finance a Federal Stafford Loan is also an important decision. Although interest rates and loan terms are often the same from one lender to the next, issues such as fees assessed and the quality of service throughout the life of the loan may differ.
The best way to limit debt is to consider the interest-free Carnegie Mellon Tuition Payment Plan administered by Tuition Management Systems (TMS). If the difference between your annual educational expenses and available financial aid is greater than the amount you are able to pay on a monthly basis, you may also wish to consider the Federal PLUS Loan either alone or in combination with the Carnegie Mellon Tuition Payment Plan.
Be sure to apply for any available grants and scholarships since they do not require repayment. Once your financial aid package has been determined, either the Office of Admission or Enrollment Services will mail a Financial Aid Award Letter to your permanent address. This letter contains important information and instructions regarding your financial aid package. Please remember, if you are an International Student, you will not be eligible for any Federal or State grants or loan programs.
The balance remaining after subtracting any financial aid awarded to you can be addressed in several ways. You may wish to pay in full or via a 10-month payment plan when you receive your Fall Invoice. If not, various resources are available to assist you in financing your educational expenses. We recommend that you consider your options in the following order so that you may determine which resource or combination of resources best suits your needs.
Federal Stafford Loan - For financial aid applicants, this is the cornerstone of any borrowing that takes place at Carnegie Mellon. The Stafford Loan is a low-interest student loan with very favorable repayment terms.
The Carnegie Mellon Tuition Payment Plan - You may wish to consider the Carnegie Mellon Tuition Payment Plan administered by Tuition Management Systems. There is no interest charged on the plan. The payment plan allows you to spread your balance over 10 months for a low annual fee. A variety of other benefits are provided at no extra charge, including Life Insurance, to cover the bill payer. If you determine that the monthly payment is greater than you are able to pay, you may want to consider loans.
Federal PLUS Loan - This is a non-need based loan given by a private lender, to creditworthy parent(s).
A Combination Strategy to Limit Debt - For many borrowers, combining the Carnegie Mellon Tuition Payment Plan and the loan option of your choice is the best option. Making use of these programs together will permit you to limit debt while allowing reasonable monthly payments.
BorrowSmart Affordability Planning & Counseling can help you determine the maximum interest-free portion of your monthly payment that would effectively save you money. For more information, click here.
Using the best combination of the above resources with current income and savings is the focus of the Carnegie Mellon Financing Plan. We hope you find the strategies and information provided to be helpful in determining what works best for you.