Types of Financial Aid
Scholarships and grants are a form of financial aid awarded to students for the purpose of paying all or part of their college expenses. They can be awarded on the basis of academic merit, financial need, or a combination of both. Unlike loans, scholarships and grants do not have to be repaid by the student.
For many students and families, educational loans are a necessary resource for paying for college. Student Financial Aid certifies loans for students, as well as Federal Direct Parent PLUS Loans for parents of undergraduates and Federal Direct Grad PLUS Loans for graduate students. Our highly knowledgeable staff in The HUB are available to counsel students and families about loan types and application instructions.
The Yeknik Student Loan Fund is endowed by Wayne M. and Nancy Yeknik. It is an institutional loan awarded to students who are sophomores, juniors and seniors, have a cumulative 3.0 QPA, and have financial need.
Private loan programs offer competitive interest rates and borrower benefits. To increase chances of approval and possibly improve the rate you receive, students are strongly recommended to apply with a creditworthy co-signer.
Other Types of Aid
Carnegie Mellon provides tuition benefits for faculty and staff, as well as their dependent children. Tuition benefits are considered a resource when determining financial aid eligibility. If a student receives tuition benefits, and the tuition benefits exceed the student's calculated financial need, the need-based financial aid will be adjusted downward.
Course-Based or Emergency Financial Assistance
Carnegie Mellon recognizes that there are times when students may face financial hardships during their academic career - whether it's due to unexpected course-based or academic costs or an emergency situation. In such cases, students are encouraged to reach out to their HUB liaison for support. The HUB liaisons are available to provide individualized counsel to students and families facing difficult financial situations.
Fostering Independence Tuition Waiver Program
The Fostering Independence Tuition Waiver Program provides a waiver for tuition and mandatory fees charged by most postsecondary institutions located in the Commonwealth of Pennsylvania for youth who are or were in foster care.
Affordable Connectivity Program
This government program provides eligible households with high-speed internet at no cost when program funding is paired with an eligible plan. Students can qualify based on household income, other government program participation (such as Pell Grant funding), or participating in a regional broadband provider’s existing low-income internet program.