Frequently Asked Questions About Graduate Tuition and Financial Aid
Below you'll find answers to the questions most asked by prospective and current graduate students. If you don’t find an answer to your financial aid question, please send an email to email@example.com.
What types of financial aid are available for Tepper graduate students?
Part-time students enrolled in at least 18 units of coursework during a semester are eligible to apply for federal and/or private education loans to cover tuition and other allowable education-related costs.
International students are not eligible for U.S. federal financial aid, but each academic year, international students may apply for private (non-federal) education loans to cover tuition and allowable education-related costs. A creditworthy cosigner who is a U.S. citizen or a permanent resident of the U.S. is required.
Are international students eligible for scholarships?
Yes. International students are considered for merit scholarship at the time of admission to the full-time MBA program and, if selected to receive a scholarship, are notified in their offer of admission. There is no separate application process for scholarship consideration. Scholarships are credited against tuition charges for each semester in which the student is awarded.
Second-Year International Students: With few exceptions, students who receive scholarships at the time of admission to the full-time MBA program generally receive the same amount of scholarship in the second year, provided they continue to meet the academic requirements of the program and/or scholarship. However, there is no additional scholarship consideration given to second-year students.
Is a tuition payment plan available?
Yes. Carnegie Mellon University participates in a monthly tuition payment plan through Tuition Management Services. Students pay a small fee to enroll in the plan. The plan allows students to make monthly tuition payments generally over a period of 10 months.
Is there a deadline for applying for U.S. federal financial aid?
May 15 is the suggested deadline for U.S. students in the MBA and Ph.D. programs to submit the Tepper School Financial Aid Information Form to the Tepper Financial Aid Office and the Free Application for Federal Student Aid (FAFSA) to the federal processor using federal code E00074.
Oct. 1 is the suggested deadline for U.S. students in the MSPM program.
Students who do not meet the suggested deadlines may still apply.
How and when will I be notified of my financial aid eligibility?
Scholarships and Fellowships: Students who are selected to receive a scholarship during the admissions process are notified at the time of admission to the MBA program.
Federal and Private Education Loans: Students who plan to borrow federal loans may expect to receive their financial aid award letters via email within two to four weeks of having submitted the FAFSA and Tepper School Financial Aid Application. Notification times for private education loans vary by lender.
Will I be ineligible for federal loans if my income/assets are high?
No. Students without financial need are still eligible to apply for federal Direct Stafford and federal Direct Grad Plus loans, neither of which is based on financial need.
When is tuition due?
View billing and payment information on the HUB’s website.
Do I need to pass a credit check to qualify for a loan?
Federal Direct Stafford borrowers do not undergo a credit test for consideration for this loan.
Grad Plus Loans: Students who apply for Federal Direct Grad Plus Loans are required to pass a credit test in order to qualify for the loan. Students who do not meet the credit requirements may apply with a credit-worthy cosigner.
Private Loans: Students who apply for private education loans must pass the individual lender’s credit requirements in order to qualify for the loan. In some cases, this may include borrowing with a credit-worthy, eligible cosigner, which is always required for an international student borrower.
Should I borrow federal or private education loans?
Whether a student borrows federal loans or private loans or a combination of both is very individual and requires the student to research the option that is best for him/her.
U.S. Citizens and Permanent Residents: Eligible students’ financial aid is packaged with maximum federal loan eligibility, but students may opt to borrow all or a portion of their loan eligibility using private, non-federal education loans. Federal education loans offer a fixed interest rate, certain deferment options (unemployment, economic hardship, etc.), forbearance, public service employment loan forgiveness and other federal benefits that private loans may not offer. On the other hand, the interest rate and fee structure of private education loans may be better for some borrowers. Students should thoroughly research the best option before deciding which type of loan(s) to borrow.
International students are not eligible for U.S. federal financial aid but, each academic year, international students may apply for private (non-federal) education loans to cover tuition and allowable education-related costs. A credit-worthy cosigner who is a U.S. citizen or a permanent resident of the U.S. is required.
May I borrow student loans to cover costs besides tuition?
Yes. Eligible students may borrow up to the estimated average cost of attendance less financial aid from all sources. This cost of attendance includes allowable costs for estimated tuition and fees, room and board, health insurance, transportation, notebook computer, loan fees, and miscellaneous expenses. Students who apply for federal loans are advised of their maximum eligibility via their financial aid award letters.
Does the Tepper School offer tuition or fee waivers?
No. The school does not offer tuition or fee waivers.
Where can I find external scholarship opportunities?
All students may search for external scholarships online at www.cmu.edu/fso/outside-databasesInternational students may look on the Carnegie Mellon Fellowships and Scholarships website for scholarships that international students may apply for. See www.cmu.edu/fso/intl-students.
Search for MBA scholarships on:
Where can I find more information?
- Official Transcripts and Verification of Enrollment may be requested from The HUB at Carnegie Mellon University
- www.irs.gov: View information about tax benefits for education
- www.cmu.edu/hub: Log into Student Information Online (SIO) to access your student account, invoices, grades, schedule, etc.
- www.studentloans.gov: Learn more about the federal student loan programs
- www.finaid.org: Find comprehensive information about financial aid including, loan calculators, repayment plan information, budgeting, etc.
- www.gibill.va.gov: Information about educational benefits provided by the U.S. Dept. of Veterans Affairs
- http://www.fastweb.com: FastWeb Outside Scholarships