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1 Undergraduate Student Financial Assistance Guide 201 5- 1 6 2 Contact Informa

1 Undergraduate Student Financial Assistance Guide 201 5- 1 6 2 Contact Information.....................................................................................................4 2015-16 Proposed Tuition and Fees............................................................................5 How We Determine Your Financial Aid. .......................................................................5 Eligibility for Financial Aid...................................................................................5 Federal Title IV Verification.................................................................................5 Noncustodial Parent Contribution (NCPC).........................................................5 Financial Need.....................................................................................................5 Financial Aid Package..........................................................................................6 Financial Aid Award Letter..................................................................................6 Financial Aid Alert...............................................................................................6 Academic Progress Information. ..................................................................................6 How Will You Meet the Cost of a Carnegie Mellon Education?.................................7 A Strategy for Financing Your Educational Expenses..................................................8 Financial Aid Programs.................................................................................................9 Grants..................................................................................................................9 Federal Pell Grants....................................................................................9 Federal SEOG. ......................................................................................... 9 Carnegie Mellon Undergraduate Grant. .............................................................9 State Grants.........................................................................................................9 Scholarships. ........................................................................................................9 Carnegie Scholarship Program.................................................................9 Outside Scholarships. ............................................................................. 10 Tuition Payment Plan....................................................................................... 10 Student Loans. .................................................................................................. 10 Federal Perkins Loan............................................................................ 10 Federal Direct Student Loan.................................................................. 10 Subsidized. ......................................................................................... 11 Unsubsidized..................................................................................... 11 Federal Direct Entrance Loan Counseling....................................................... 11 Federal Direct PLUS Loan................................................................................. 11 Private Loans.................................................................................................... 11 Truth in Lending Act (TILA). .............................................................................. 11 Student Employment................................................................................................ 12 Students Pursuing a Second Bachelor's Degree. ...................................................... 12 Frequently Asked Questions..................................................................................... 13 Financing Your Remaining Balance........................................................................... 15 What Can BorrowSmart Do For You?....................................................................... 15 Other Borrowing Comparisons................................................................................. 16 Student Account........................................................................................................ 17 Student Account Invoices................................................................................ 17 Charges............................................................................................................. 17 Financial Aid Credits......................................................................................... 17 Other Useful Websites.............................................................................................. 18 Private College 529 Plan. ........................................................................................... 18 Tax Information. ......................................................................................................... 18 Important Dates........................................................................................................ 19 TABLE OF CONTENTS 3 Carnegie Mellon is dedicated to helping you and your parents navigate through the financial aid process. This guide is designed to provide you with important information regarding financial aid and eligibility procedures. We encourage you to familiarize yourself with the contents in this guide, as you will find answers to many of the questions you may have regarding financial aid, including: • What is financial aid? • How do I apply for financial aid? • How is my eligibility determined? • What types of aid are available to me? In addition to answers to these questions, this guide also covers information regarding federal and private loans, payment plan, loan counseling and important dates. We hope this information is useful to you. If you have any questions, please remember we are here to help. We look forward to assisting you in achieving your educational goals. For more information, you may also visit the The HUB website at cmu.edu/hub. AN IMPORTANT MESSAGE 4 CONTACT INFORMATION The HUB Carnegie Mellon University 5000 Forbes Ave. Pittsburgh, PA 15213-3890 Phone: 412.268.8186 Fax: 412.268.8084 Email: thehub@andrew.cmu.edu Website: www.cmu.edu/hub Office Hours: Monday, Wednesday and Friday: 8:30 a.m.-4:30 p.m. Eastern Time Tuesday and Thursday: 10:30 a.m.-4:30 p.m. Eastern Time 5 2015-16 PROPOSED TUITION AND FEES Tuition $49,610 Fees $1,055 Room/Board $12,830 Books/Misc. $2,400 (estimate) _______________________________________________ Total $65,895+ HOW WE DETERMINE YOUR FINANCIAL AID Eligibility for Financial Aid Eligibility for federal and state financial aid programs is determined by using a Congressional formula called Federal Methodology. It uses your parent(s)’ and your total taxable and untaxed 2014 income, current equity in assets which you were required to report on the Free Application for Federal Student Aid (FAFSA), and size of household and number enrolled in college at least half- time, to determine the amount you are expected to pay toward your education. This amount is called your Expected Family Contribution (EFC). Eligibility for institutional grant and scholarship financial aid programs is determined using Institutional Methodology. Federal Title IV Verification The Federal Department of Education requires that Federal Title IV applicants provide documentation to verify the accuracy of the information submitted on the Free Application for Federal Student Aid (FAFSA) each year. Federal regulations include verification as part of the Federal Student Aid (FSA) program requirements and it is required for applicants for most FSA programs with the exception of students receiving only a parent or graduate PLUS loan or an unsubsidized Federal Direct Student Loan. Each university is required to have policies for verifying the reported information. At Carnegie Mellon, federal verification is performed on all applicants selected by the Department of Education and any application that the university has reason to believe is incorrect or has conflicting documentation. In addition to federal verification, the university completes an institutional review of all undergraduate students applying for aid. All students are requested to complete the College Board’s CSS PROFILE and submit signed copies of student and parent 2014 tax returns and legible copies of all W-2 forms via College Board’s Institutional Documentation Service (IDOC). Noncustodial Parent Contribution (NCPC) Carnegie Mellon believes that noncustodial parents have a responsibility to contribute to their child’s educational expenses. The Noncustodial Parent Contribution is calculated using the Noncustodial PROFILE. The CSS Noncustodial PROFILE is required if parents are divorced or separated in order to be considered for institutional funding. 6 Financial Need After we confirm your EFC, we calculate your financial need: Cost of Attendance – EFC = Financial Need Cost of Attendance is the expected dollar amount you will need to attend Carnegie Mellon for an academic year. Please see The HUB website for tuition and fee information: www.cmu.edu/hub/tuition. Financial Aid Package To help meet your financial need, we offer you a combination of awards called a financial aid package. There are two components to most financial aid packages: gift aid and self-help. Gift-aid awards include grants and scholarships and are monies given to you that you do not have to repay. Self-help awards are monies you must apply for and either repay (student loans) or work for (student employment). NOTE: If your EFC is greater than the cost of attendance, you will not be offered “need-based” financial aid. You or your parent(s) may still apply for non-need-based aid, such as the Federal Direct PLUS Loan and the unsubsidized Federal Direct Student Loan. Financial Aid Award Letter Once your financial aid package has been determined, an email will be sent to your Andrew account notifying you that your 2015-2016 financial aid eligiblity status is available on Student Information Online (SIO). We recommend that you print and keep a copy of your letter (and any revised letters) for your records. After you receive your email notification, go to SIO at www.cmu.edu/hub/sio and log in using your Andrew ID and password. Hover over ‘Finances’ and click on ‘Financial Aid Status/Award’ at the top of the page. Be sure ‘2015/2016 Academic Year’ is selected. Financial Aid Alert If we are unable to process your financial aid package due to missing documents, you will receive a Financial Aid Alert email. If you receive an email, please send all requested documents by the date specified. If you do not complete the application process and submit all requested documents, we may be unable to complete your financial aid package for the academic year. The Federal Department of Education requires that Federal Title IV Financial Aid Assistance recipients meet academic progress standards each year. For more information on academic progress information, visit www.cmu.edu/finaid/academic-progress/index.html. ACADEMIC PROGRESS INFORMATION 7 In an effort to assist you in meeting educational expenses, Carnegie Mellon has developed the “Carnegie Mellon Financing Plan.” Information for several financing programs and instructions for application completion are provided in this brochure. 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 at www.afford.com/cmu. Tuition Management Systems (TMS) Education Payment Counselors can help you decide which program or combination of programs will best minimize the amount you borrow while maximizing the payment you make each month. See page 10. We encourage you to utilize a monthly payment plan option to minimize unnecessary borrowing. If a monthly payment plan alone does not cover your balance, a BorrowSmart combination strategy is the best option for most students and families to limit debt. Combining the monthly payment option and the loan option of your choice will permit you to reduce debt while allowing reasonable monthly payments. This education payment counseling experience is offered through both the phone and web to help you determine affordable payment strategies. When considering a student's financial aid award package, Carnegie Mellon uses the Federal Direct Student Loan program as a cornerstone for eligible students. Information regarding current Federal Direct Student Loans and Federal Direct PLUS Loans is available online at www.cmu.edu/finaid/loans. HOW WILL YOU MEET THE COST OF A CARNEGIE MELLON EDUCATION? 8 Apply for All Financial Aid Be sure to apply for any available grants and scholarships since they do not require repayment. Remember, if you are an international student, you will not be eligible for any institutional, federal or state grants or federal 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 monthly payment plan when you receive your fall invoice. We recommend that you consider the following options so that you may determine which resource or combination best suits your needs. 1. Federal Direct Student Loan. For financial aid applicants, this is the cornerstone of any borrowing that takes place at Carnegie Mellon. uploads/Litterature/ finaid-guide.pdf