<p>What is the next step in the financial aid process? Am I supposed to fill out forms for the loans listed in my Financial Aid Package???</p>
<p>You JUST got your package? That is LATE.</p>
<p>Anyway, the loans are incredibly confusing. My family was not sure whether to wait until July 1st (the date where things change) to fill out an MPN. My parents called the financial aid office, and they said we could fill it out now. So we did it to get it over with.</p>
<p>This website from CMU should help [Carnegie</a> Mellon - Student Loans](<a href=“http://www.cmu.edu/hub/fa/fa_studentloans.html]Carnegie”>http://www.cmu.edu/hub/fa/fa_studentloans.html)</p>
<p>Note: We’re not really sure if we did this too early. I would call the financial aid office and make sure it’s OK to go.</p>
<p>Hope this helps</p>
<p>I didnt get it yet… If I had to guess, they are waiting for freshman to drop(a few do every year) to open up financial aid. My family has an EFC of zero, and since I applied early decision, they have to fulfill 100% of my financial need. I think this is what happened with housing, since I got my housing information very close to June 1st, and ended up with a single like requested.</p>
<p>They only have to fulfill 100% of your need for your freshman year, as I discovered yesterday when I received my FA information. We called FA and they said that after freshman year there is no guarantee they’ll meet 100%. >__<</p>
<p>Sidenote @metal: they don’t e-mail you if you’re a sophomore, did you check your SIO under Finances?</p>
<p>Kate’s experience is also our experience…CMU is “sneaky”, upperclassmen often complain how the fin aid package that looked so wonderful in the freshman year looks quite different in subsequent years. Also, they did go paperless…parents did not receive the package by snail mail-- it was on SIO…and boy was I shocked when my D forwarded it by email…guessing the endowment took a hit …yeech!</p>
<p>My D’s sophomore and junior packages were progressively less attractive…still meeting unmet need, but the mix changes…loans and work study amounts had increased as a percentage of the total aid offered relative to grants and scholarships in both the second and third year packages…not complaining…it’s their money and they are free to do what they want…but I wish they had been clear about that upfront. </p>
<p>@Steelers-- the only thing you have to do paperwork wise is initiate the loan process if you want to accept any or all of the loans offered. The links are on the HUB. You do NOT have to do anything if you decline the loans-- which I think I told you when you posted about this over a month ago…so not sure what you mean by the new post that you just received the package?
Your invoice will arrive July 1-- and if you did NOT borrow any money, then that amount will show on the invoice. You have until August 15 - they would modify the invoice again if you have borrowed.
Also, there is a Tuition Management Plan - I highly recommend it - you can pay monthly with no interest charge. The amount to TMS shows as a credit on the CMU invoice. You then pay TMS instead of CMU.</p>
<p>@ archguy-- the loan application process is very different this year-- you have to sign the master promissory note through the federal government…you need the PIN from FAFSA-- really a streamlined process. so you might give the HUB a call rather than Admissions/Fin aid b/c they might have given you the wrong info. I’m not convinced the older process works for new students.</p>
<p>Well, obviously, they cannot give you a loan if you don’t actually apply for one. But the loan is assumed in your bill unless you decline it (or until you fail to apply, I guess).</p>
<p>Oh, and thanks for the warning about financial aid deteriorating over time. By the way, I did ask about this at an accepted students financial aid seminar and they assured me it would be comparable in subsequent years, so if we have the same experience as you, it will be more deceptive than unclear.</p>
<p>with your original application or soon after;
should have completed FAFSA and CMU’s Application for FA, prior July 1.</p>
<p>If accepted to CMU with FA:
complete FAFSA updates, if any.
Apply for Stafford/PLUS loans, AFTER July 1. Not before. Absolutely after July 1. Because the Feds and schools work on a academic year which goes from fall to summer terms/semesters. If you apply for a loan before July 1, You will not be seen/recognized by either the school or the feds (enrolled for fall not summer) and you must file again after July. You can apply as late as the beginning of Summer term to qualify for the ‘current’ academic year- example, we filed FAFSA late (october) and did not use the loan $ until Jan-we footed the fall’s bill and let the loan foot Jan’s. </p>
<p>Subsequent years, FAFSA and App for loans can be completed after July 1.</p>
<p>@theatremom</p>
<p>Well, we drove that point home this time with S and got it in an email response.
Comparable…I guess it subjective. </p>
<p>There were no loans or work study in D’s fireshman package.
Second year…minor tiny amount of unsubsidized loans.
Third year-- max of subsidized and unsubsidized loans plus max work study-- so clearly comparable means met the need-- but I have mixed feelings about calling it comparable when now there are loans and work study that are substantial.
But like I said- it’s their party- I cannot complain. But I hardly thought this was “comparable”.</p>
<p>Nothing much we can do about it…</p>
<p>That said, D and all her SCS, Tepper, MCS, CIT and Design friends have had lucrative summer internships both on and off campus. Anyone who wanted a paid summer internship has one…and every single one of her friends who just graduated has a great job lined up and/or is going to graduate school in the fall (we asked about in April when we had brunch with some of her friends). So in the long run, CMU affiliation delivers…and in my mind, is worth the price and any loans being taken to obtain the degree.
I’m sure this last point will generate some controversial replies…</p>
<p>I’m doing website copywriting for a very large corporation this summer, and they’re paying me about $500/wk. They said CMU was what stood out to them, as they know the program is legit. It’s a good thing for my resume too. So… it had name brand effectiveness for me at least. I’m gonna be using my summer earnings to help pay off some loans ahead of time.</p>
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<p>Uh Oh. Youve GOT to be kidding me… Also, no, not there yet. Yes I contacted them. They say they are still revising financial aid offers.</p>
<p>Also… , The whole CMU being sneaky thing. This cant happen or I will have to take a year off of school. My parents arent helping me at all with paying …</p>
<p>I already have 11K in loans a year. I really , really cant take another hit.</p>
<p>@LongPrime Thanks for the tip about when to apply
@ mom2012 I received my FA Package in an email last month. It finally showed up on my WAIITP page this week.</p>
<p>THe email is official…don’t worry about it.</p>
<p>The WAI Page is not as accurate anymore…stick to the Now that I’m enrolling page…it will also show your housing assignment soon. YAY!</p>
<p>@ metal…
if you still don’t have a package that is worth a call to the HUB.
It’s kind of late of them to keep you waiting.</p>
<p>Good luck - I hope it’s a favorable package!</p>
<p>Just got the package. They covered everything again, but they are now knowledgeable of my $2500/year scholarship, so they gapped me $2501… CMU fin aid is kind of annoying because they count work study, which is pretty much impossible for me to do because im slow understanding course materials. Last year i used the scholarship money to cover it, but this year I might have to try to hold down a job anyway…</p>
<p>For what it’s worth, my financial aid package has been steadily increasing. But it didn’t start out very high and has only increased by a few thousand a year.</p>
<p>I know someone else who also got an aid increase. I wish they would cut down on the massive amount of loans I get though… I almost did off-campus housing because I was placed on the open assignment housing list(its like a guaranteed waitlist), but decided against it because A. I dont want to have to wait for the bus when its 20 degrees out for a half hour B. They gave me a prime single. It would have cut down on the loans. I DID cut the meal plan, because honestly, most of the food is cheaper if you just pay with cash, and I dont want a panini twice a week.</p>
<p>Singles are nice (my d had one in Roselawn) but keep in mind they are the most expensive housing on campus. But if you don’t have a meal plan that should help.</p>