Who Receives Financial Aid, How is it Determined & What Types of Financial Aid are Offered?

Carnegie Mellon works closely with families who are eligible for financial aid to develop a comprehensive financial aid offer tailored to their circumstances. Student financial aid offers may be comprised of scholarships and grants, student employment, and loans. CMU aims to meet the full demonstrated financial need of all undergraduate students applying for aid. 

Need-based aid is offered to students who demonstrate financial need and meet other eligibility criteria. Eligibility for federal and state financial aid programs is determined using a Congressional formula called Federal Methodology from information reported on the FAFSA. Institutional financial aid is determined by Institutional Methodology, based on data collected through the CSS PROFILE.

Carnegie Mellon also commits millions of dollars annually toward financial need. Of those grant dollars, roughly 12% are funded from generous donors contributing to the CMU endowment.

In 2022-2023:

• $163.1 million was awarded in total aid. 
• 41% of CMU students received need- and non-need-based grants.
• $124.8 million in CMU grants were awarded.
• 2,628 students received need-based grants.
• The average financial aid offer for students with need was $59,017.

2022-2023 Financial Aid Sources:

Pell Grants

Often a measure of a school’s economic diversity, Pell Grants are given to families with high need based on the FAFSA.

In 2022-2023:

• 1,099 CMU undergraduates received Pell Grants.
• 293 of those recipients were first-year students (17.2% of the first-year class).
• In total $6.1 million in Pell Grants were received. 

The average CMU grant amount awarded to Pell Grant recipients in 2022-2023 was $71,778. The average amount of financial aid offered to Pell Grant recipients in 2022-2023 was $77,086.

Are CMU Graduates Able to Pay Off Their Loans?

At CMU, loans are part of the financial and bill payment equation. From the Class of 2023 (full-time undergraduate students who earned a bachelor’s degree between July 1, 2022 and June 30, 2023), only 30% borrowed federal student loans to support their educational expenses. 

In the U.S. undergraduates from the Class of 2022 who took out student loans borrowed $20,371 on average, according to data reported to U.S. News & World Report. Those who graduated in 2022 from a ranked private college borrowed an average of $23,627, compared to CMU Class of 2022 graduates who borrowed an average of $19,580.

Source: U.S. News & World Report, September 2023 (https://bit.ly/usnewsworldrepoprt2023)

Federal Loan Debt at Graduation

3-Year Federal Loan Default Rate

CMU graduates have a low 3-year loan default rate compared to similar universities - including other private, non-profit institutions and those in the Association of American Universities (AAU).

Sources: CMU IRandA Common Data Set, 2022-23 & CMU Student Financial Services.

Taking a Closer Look at the Value of a CMU Education

Undergraduate tuition, fees, living expenses(housing and food), health insurance, and miscellaneous (estimated) expenses create the cost of attendance. 

Carnegie Mellon is committed to making an education accessible for students from all socio-economic backgrounds by applying $124.8 million of CMU dollars (in 2022-2023) for need-based financial aid. 

Where Do My Tuition Dollars Go? CMU Operating Revenue/Support  (Unrestricted FY 2023)

About 41% of the university's billion+-dollar operating revenue is provided by undergraduate and graduate tuition and auxiliary services (primarily housing and dining). The other major source of revenue is research. 

University Operating Revenue Sources

CMU Core Expenses (FY 2023)

CMU spends 44% of its core expenses on instruction; when added to research and academic support, you see that a little over 80% of these expenses go directly toward educational services for students. That's a good return on investment. 

University Core Expense Sources

Source: CMU Finance Division Annual Report 2022

2024-2025 Undergraduate Tuition, Fees & Living Expenses

The rates below reflect first-year undergraduate students living on-campus in a CMU residence hall. Fees and other expenses vary for returning students, commuters and students living off campus. Health insurance coverage is also required. For all cost of attendance scenarios, see the Student Financial Services website.

Undergraduate Cost of Attendance

A Military Friendly Campus

Carnegie Mellon University is designated a "military friendly" campus according to www.militaryfriendly.com. With over 220 CMU students, faculty and staff identifying themselves as veterans, members of the military community contribute to the vitality and hard-working spirit of our campus. 

For almost 30 years, CMU has hosted a Naval ROTC program, Steel City Unit. CMU's renowned educational experience provides veteran and ROTC students with the tools to solve complex problems and shape the world before, during, and after their military experience. 

What Types of Financial Aid are Available to Military Veterans & Families? 

2020-2021 Yellow Ribbon Funding: $685,602

2020-2021 Veteran's Education Benefits VA Direct Funding: $1.63 million

Veteran and military students utilize federal benefits, including Yellow Ribbon funding and fee remissions. In fall 2020, Carnegie Mellon had 90 Post 9/11 GI Bill beneficiaries, 54 of whom were veterans; and in spring 2021, CMU had 92 beneficiaries, 56 of whom were veterans. CMU is a Yellow Ribbon Program participant. 

ROTC Students: Financial Aid

In 2020-2021 23 of 29 ROTC students received full scholarships

Carnegie Mellon Naval ROTC (NROTC) students participate in the Steel City NROCT Unit, one of 63 units and consortiums at 77 schools across the United States. CMU students active in the Army or Air Force participate in a joint ROTC program through the University of Pittsburgh. All undergraduate ROTC scholarship recipients receive an institutional grant of $8,000 for room and board from Carnegie Mellon - this is in addition to the scholarship funds provided by the Navy, Army and Air Force. 

Campus Services & Local Environment

Along with many local veterans' organizations around Pittsburgh, there are three student organizations on campus: the Heinz Veterans Association, the CMU Student Veterans and Family Association, and the Tepper School of Business Military Veterans Association. CMU is also one of 2,165 colleges and universities that participates in the "8 Keys to Veterans' Success," which is a voluntary initiative through the Departments of Education, Veterans Affairs and Defense. The program involves universities that have committed to supporting veterans as they pursue their educational and employment goals. CMU is also one of 196 schools designated as a Military Spouse Friendly® school, and is committed to providing support for spouses of services members. A website dedicated to CMU's veterans and military community is available at www.cmu.edu/veterans. 

Sources: CMU ROTC & Veterans Affairs Coordinator & U.S. Department of Education.