<p>If you are accepted on ED 1, what are your chances of getting a fin aid package?</p>
<p>“Carnegie Mellon will meet the full demonstrated need with a combination of grants, loans and work-study as calculated by the university for all students admitted under early decision. However, we do not guarantee to meet full need for students who are deferred or denied admission under Early Decision and later admitted under Regular Decision.”</p>
<p>“Note: Carnegie Mellon bases your eligibility in part on the federal need-analysis formula and programs established by Congress. Congress may change the formula and programs through legislation or regulation. Changes in the formula or programs may affect your Carnegie Mellon aid eligibility.”</p>
<p>Financial Aid is one of the benefits of Early Decision. Did you not send in your information to receive a financial aid estimate in the mail before you applied?</p>
<p>I did send them estimate and got a response as well. Family contribution is very high almost 60-70%. However I was not sure if CMU would offer something, it is a possibility that because ED is binding, CMU might not offer anything.
At the same time some other school to which I applied and got a decision prior to CMU ED have offered me good aid .</p>
<p>It doesn’t make any sense for CMU or any school to offer ED admission to someone needing financial aid without also offering a FA package; for one thing it would ruin their admission yield stats. They offer you ED admission because they really want you, and are willing to take a financial “loss” on you, so it’s in their interest to make you a FA offer you can accept.</p>
<p>Vonlost-- that may be true for any other school- but it’s not how CMU sees it.</p>
<p>As several of us who are regulars on this thread have written countless times, CMU is quite transparent in their approach to financial aid. They put their money where they want.</p>
<p>They will meet ED “need” but need as determined by their model in combination with the FAFSA and CSS Profile. They consider (sadly) lots of variables such as your home value (they just started using the CSS Profile last year).</p>
<p>CMU (like any school) can meet aid through grants, loans, work study. If you don’t walk on water the way CMU sees it- you can get the maximum of student loans (both sub and unsub) and work study before they add the grants. (This by the way is what Cornell Does - and they even add “student self help” - summer earnings).</p>
<p>My advice to students is to ask to see the package before the Dec 31 deadline that is required to apply to other schools. A parent can call (because afterall, why should a 17 year old kid have to make this kind of a call) and ask about the package and express concern if there is any. Reiterate that CMU was the first choice, but info on the package is needed.</p>
<p>It’s also very important for the OP to understand what an EFC means as calculated by the FAFSA model. Sadly, both ED and RD students are often shocked at the expectation for middle class families to contribute as much as 20 - 30% of their gross income! (That is often higher than the mortage and pension contributions families are able to make in a year).</p>
<p>OP - Have your family go to FAFSA.gov and run the estimator.
Hypothetically - let’s say your EFC is $22,000.
CMU’s total cost of attendance is $54,000.
That means in theory as an ED you start with 30,000 need- which can be adjusted up or down depending on what the CSS Profile and CMU institutional analysis reveals.
even with a 30,000 need-- you could get9000 in loans, 2500 in work study leaving potentially only 19000 in grants. </p>
<p>But as most of us will tell you - if you did the “early estimate” that CMU offers, the actual package will be spot on as long as your numbers of income were accurate. Verification is required via W2s and tax forms later in the spring.</p>
<p>“They will meet ED “need” but need as determined by their model in combination with the FAFSA and CSS Profile.”</p>
<p>That’s how full-need schools do it (those that use FAFSA and Profile). 
You are indeed describing the “standard model.” Students don’t have to respond to the ED admission offer until they see the ED FA offer. </p>
<p>However, CMU does not meet full need (see <a href=“http://www.cmu.edu/ira/CDS/pdf/cds_2010_11/h_financial_aid.pdf[/url]”>http://www.cmu.edu/ira/CDS/pdf/cds_2010_11/h_financial_aid.pdf</a>), and they do offer merit aid to those they want the most. My mistake. :(</p>
<p>We actually can’t answer the OP’s question with available data, but the CDS says that ED + RD freshman applicants together who were determined to have need have a 96% chance of getting a FA package (783/814), and 82% of need was met. (ED yield is not in the CDS.) I don’t see how families do it; it’s hard enough coming up with the school’s calculated EFC, let alone the other 18% of need that wasn’t met; grandparents?</p>
<p>Families make it work somehow not only at CMU but elsewhere.
It’s amazing what can be cut from a family budget when a S/D leaves for collge.</p>
<p>We have this discussion on this thread every December and we repeat it again in May.
The COA at CMU includes about $2500 in discretionary personal spending and $1500 for books. That alone can be cut way way way back. Neither of my kids spend that kind of cash on “fun”.</p>
<p>Personal home expenses cut-- when S or D moves out -there’s food not purchased at home and potentially car insurance bills decline. Families don’t eat out while kids are in school. They stop contributing to 401Ks for a few years. They don’t take vacations. it can work if you are committed to your kids’ education.</p>
<p>Somehow- a middle class family (very widely defined income for 2 earner family 100- 175k??) can figure a way to cut back. The EFC is a shock under FAFSA models - it’s not 10% but 20-30% of your gross income. </p>
<p>Now a family with income under $80,000 has EFC around $6500 (assuming no assets)-- they may not get the best package- it may include loans and work study. And in the end- sadly in the US economy, many such families do end up electing state schools.</p>
<p>CMU on CC has a "is it worth it " thread every April to May – and students, alumni and parents chime in a resounding yes.
CMU students do get summer internships and they get jobs.
There’s no shortage of employment opportunities for CMU students. I doubt we can say that for the other schools attempting to offer high scholarships to the caliber of students that gain acceptance at CMU.
This isn’t an the snob view - but just one parent who is thrilled to be in debt and have given up lots of frills in my life so my two kids can do better than I did ! No regrets – the sacrifices our family made are worth it. Both S and D have enjoyed a quality education, thrived in a nurturing environment, conducted research, joined clubs and are having the time of their life. They have both had spectacular summer internships as have all their friends. ROI on CMU tuition most certainly positive! </p>
<p>That said, if this is your first kid applying to college, regardless of whether it’s RD or ED, you may be shocked at how much college costs and what institutions using government models think you should pay for this experience.</p>
<p>Vonlost - CMU meets full need to ED applicants only.</p>
<p>“Carnegie Mellon will meet the full demonstrated need with a combination of grants, loans and work-study as calculated by the university for all students admitted under early decision. However, we do not guarantee to meet full need for students who are deferred or denied admission under Early Decision and later admitted under Regular Decision”</p>
<p>I have to agree w/mom2012and14 on “is it worth it”. My S will graduate in May and all semester was being flown to interviews in NY, DC and WA. He received multiple job offers. A friends S graduated a couple years ago from a smaller college, did not get a job, and ended up in grad school.</p>
<p>Yes, but what are the majors for students that parents feel in the end it justified such a high cost? My guess would be the computer science, engineering majors perhaps are the ones being recruited heavily. Just a thought.</p>
<p>Many of S friends have gotten offers. Majors are ECE, CS, Math and another is going to medical school.</p>
<p>Kleibo
My post explained that policy to you.
Emphasis on meeting full need …“DEMONSTRATED”…they have their own model.
Grants, loans and work study.</p>
<p>You’re not reading. Don’t expect to get a package that is based on what you think you can or should be paying.</p>
<p>Art, Drama, Music and ArchE students are also employed. (they have their own version of the TOC just for these majors)
Tepper students employed. BOC</p>
<p>What’s left? HSS - we don’t have any regular CC HSS parents or students aside from completely Kate posting here. She’s a junior creative writing major.</p>
<p>mom2012and2014 - you don’t need to be giving me lessons on FA - I am very AWARE of how it is done. Please don’t assume you are THE authority on such things. All I did was post what was on the website because Vonlost said that CMU did not meet full need. What I had posted had nothing to do with your post. You need to READ.</p>
<p>Kleibo
Posting their policy might be confusing to the OP - that’s why I tried to clarify in my original post.
In isolation that policy might mislead the OP and other families applying to college with their first/oldest child into thinking that all is just fine and dandy.
I realize regular posters on CC and those with kids already in college know that “meeting demonstrating financial need” is unfortunately nonsense and utter sticker shock for the entire middle class. It’s really sad!</p>
<p>That boilerplate language means “need” as far as the college sees it. That can be just the EFC as FAFSA calculates it (which is bad enough), or as the CSSPROFILE does (which is even worse – as home equity and/or even pensions can be considered) or an individual school’s “model” - and that is boilerplate for “we call it as we see it”!
A school defines “demonstrated financial need” and that differs greatly from what families genuinely believe and know they can contribute. I suppose it is their money and their party -so who are we to argue. But I am just saying that no ED family should think - oh we can probably swing $1000 a month - -and find themselves surprised when they complete the FAFSA, CSS Profile and CMU sees they are sitting on $1.5 million home in LA or Boston and say - "We think you can cough up $3000 or even $4000 a month!
That is really how it works - .
We can argue of course that a family sitting on a $1.5 million home should be full pay- that would be my personal bias - but that’s probably b/c I only sit on a $200,000 home and our family hasn’t contributed a dime to our 401(k) since D started school nearly 4 years ago. I’m not bitter= thrilled both S and D are getting a phenom first rate education and equally impressed with the responsiveness of admins and faculty to all the issues and concerns that have popped up over the years with both kids. I plan to donate to CMU when the kids graduate.</p>
<p>EDs – you can enlighten us all as to whether your “need” was met and how much in loans and work study your packages included.</p>
<p>Bossr - I just asked D and S how their friends were doing on the job market.</p>
<p>So far everyone looking for a job has multiple offers. Majors, Tepper, ECE, Physics, Mat Sci, CS, MechE, Design, Art (with a computer joint degree). Several also sending out grad school aps and simultaneously job hunting just in case grad school doesn’t work out (that’s what my D is doing - she is sort of late to the job hunting process- didn’t go to TOC b/c she was focusing on grad school aps - just now sending out cover letters). two friends sent out over 20 med school aps and are getting invites to interviews.
The2 Tepper people had more offers than they could handle. Had to turn away invites to travel.</p>
<p>Of course that is all anecdotal.
The real stats should be available through the career center.</p>
<p>mom2012and2014 - you have done a good job in explaining CMU’s aid, but this is the way it is done at many top schools. At least for ED, there is a chance for meeting demonstrated need. That is not happening in RD, unless they really want you. And CMU also uses statistical modeling, where they will give aid based on numerous factors. If they happen to want to grow the math department that year, they may give more aid to math acceptees. If they are trying to slim down the CS dept, less aid. </p>
<p>We did get an estimate from CMU. The grant was $12,000 or so more for ED than RD. So glad my son was accepted ED or he would not be able to attend.</p>
<p>IN the end, some kids - depending on lots of factors - will get great aid during ED and some will get more on loans (Perkins and Stafford) and less aid.</p>
<p>Everyone accepted ED should have already sent in their estimate forms to CMU so they can at least get an idea of what they might expect to get in aid.</p>
<p>@kleibo
I just got my estimate form today. I got really scared when I saw the RD numbers, not knowing that they gave me both ED and RD estimates for comparison. They gave me 2.5k in work study and >8k in loans but nonetheless I am very happy about what I got. I had over 15k more grant aid from ED than RD. Hopefully the amount stays the same when we get the finalized financial aid…:)</p>
<p>I like spaghetti -that’s great news. And yes, while $8,000+ per year is alot for loans after you graduate you can consolidate your loans and extend your payments to 300 months depending on how much your consolidated loan is. I think it has to be over $30,000 to get extended payments. $32,000 for 300 months is about $250 a month. Now do I think you will take 25 years to pay off your $32,000 -no, but why not take the longest time possible and the lowest payment when you initially graduate and then as you make more, you send in more and pay the debt down earlier.</p>
<p>I may get flamed for this, but I don’t think $30,000 - $35,000 in undergraduate debt is that bad. I believe that kids that graduate from CMU can make enough money to support themselves and pay back their debt. </p>
<p>I like spagetti - if you know - do you know what you’re EFC is?</p>
<p>Do any of you suggest that, we should apply to other colleges as well? We got ED for tepper and not sure what would be the finaid. We have sent the estimator information to CMU and are now completing CSS and FAFSA.
In some other posts I read that we should not apply to other schools as we got ED from CMU, however I don’t know if new application to other school will be treated negatively by CMU? what are the repercussions?</p>
<p>No you can not apply to other colleges now and you must withdraw all applications from colleges that you have applied to already.</p>
<p>The ED agreement is a contract. From the acceptance letter:</p>
<p>“Because you have been accepted to Carnegie Mellon under the early decision plan, you should make plans to withdraw applications from other colleges or universities.”</p>
<p>The repercussions is that your acceptance can be rescinded if CMU finds out.</p>
<p>The FA Estimator had been available on the CMU website since September. I’m really puzzled why alot of ED applicants did not get their estimates before they applied.</p>