Financial Aid Application Process
US Financial Aid Forms Deadlines
To apply for US federal Stafford loans it is best to complete your financial aid forms at least 6-8 weeks prior to the semester(s) for which you need financial aid. We suggest that, you complete your federal income tax return before filing your financial aid forms to avoid processing delays. This suggested time frame applies to:
- FAFSA
- Heinz School Financial Aid Application
- All Promissory Notes (Stafford and/or Graduate PLUS loan applications)
- Federal Stafford Loan Entrance Counseling
If you want to apply for financial aid and do not meet the suggested deadlines time frame, you should still submit your financial aid forms for consideration for financial aid.
Heinz School Financial Aid Application
In order to be considered for federal financial aid, students must submit The Heinz School Financial Aid Application. Some types of financial aid are limited, so it is best to submit this form to the Heinz School Financial Aid Office by the above suggested deadline.
Which Financial Aid Application to submit…
- Students ATTENDING January 2008 – May 2008 - Complete 2007-2008 Heinz School Financial Aid Application.
- Students ATTENDING May 2008 –August 2008 - Complete both the 2007-2008 AND the 2008-2009 Heinz School Financial Aid Applications (unless GRADUATING in May 2008, in that case, it is not necessary to complete the 2008-2009 Heinz School Financial Aid Application).
- Students ATTENDING August 2008 – December 2008 - Complete 2008-2009 Heinz School Financial Aid Application.
FAFSA
The FAFSA will be used to determine your eligibility for federal financial aid, including Perkins loans, Stafford loans and/or PLUS loans. You may file the FAFSA electronically on the web. The electronic process has prompts that are easy to follow and the system edits your application for errors. If you are not able to file your FAFSA electronically, you may request the paper application by contacting the Heinz School Financial Aid Office. If you file your FAFSA electronically, use your US Department of Education PIN to sign your FAFSA. Please note: You must list Carnegie Mellon University - Heinz School code (E00073) on the FAFSA.
Which FAFSA to submit…
- Students ATTENDING January 2008 – May 2008 - Complete 2007-2008 FAFSA.
- Students ATTENDING May 2008 –August 2008 - Complete both the 2007-2008 AND the 2008-2009 FAFSA (unless GRADUATING in May 2008, in that case, it is not necessary to complete the 2008-2009 FAFSA).
- Students ATTENDING August 2008 – December 2008 - Complete 2008-2009 FAFSA.
SAR
After submitting your FAFSA to the federal processor, review and print your Student Aid Report (SAR) on http://www.fafsa.ed.gov/:
- 3-5 days after submission - if you used a PIN to sign your application or
- 7-10 days after submission - if you printed, signed and mailed a signature page.
If changes are required, do so online using your US Department of Education PIN. The Financial Aid Office will receive your FAFSA data electronically.
Verification
If you are selected for a process called "verification," it will be noted on your SAR. In this case, you will be required to submit to the Heinz School a signed copy of your federal income tax return (and a signed copy of your spouse's federal income tax return if you are married), copies of all W-2 Wage and Tax statements used to complete your tax return and a completed Verification Worksheet prior to disbursement of federal aid. The School has the right to request any documentation it determines necessary to verify information provided on the FAFSA and/or other application materials. Failure to submit requested documents within the award year will result in a decision to deny federal aid. If your award changes as a result of the verification process, the school will notify you within 30 days of the award change.
Financial Aid Award Letter
The Heinz School will send you a financial aid award letter after receipt of your FAFSA data from the federal processor and your Heinz School Financial Aid Application. The award letter will list all financial aid for which you are eligible. It is not necessary to return this award letter unless you want to reduce or deny any of the financial aid offered. In this case, you will need to indicate on the award letter the financial aid you wish to accept, sign, date and return the award letter to the Heinz School. If you do not return the financial aid award letter, the Heinz School will certify your federal loan(s) for the maximum loan amount(s) listed on the letter.
STAFFORD LOANS
Stafford Loan Borrowers are required to submit a Stafford Master Promissory Note (MPN). The Stafford MPN is a multi-year loan application. If you submitted a Stafford MPN in a prior semester, even if you attended a different school, it is not necessary to complete another one unless that MPN has expired. You may submit an online Stafford MPN at www.aessuccess.org using your US Department of Education PIN, click on “Stafford Loans” and “Apply Now” or you may request a paper Stafford MPN by calling the AES/PHEAA at 1-800-692-7392. Submitting your MPN online is the preferred method. Please note that all paper MPNs that are guaranteed through American Education Services (AES) should be mailed to AES Loan Division, P. O. Box 8177, Harrisburg, PA 17105-8177. Do not return your paper MPN to the Heinz School Financial Aid Office unless you are borrowing from a non-AES lender. The current interest rate for new Stafford loans is fixed at 6.8%. You may choose one of the Stafford loan lenders listed below or a lender of your choice.
Please Note: All Stafford loan borrowers must complete federally required loan entrance counseling the first time they borrow as a Carnegie Mellon University graduate student. This process may be completed online at http://www.aessuccess.org. Once at the site, click on “entrance and exit counseling”, then select “Federal Student Loan Entrance Counseling”. When selecting a school, please indicate Carnegie Mellon University-Heinz School. If you do not have access to a computer, please contact the financial aid office to make other arrangements.
GRAD PLUS LOANS
If a Graduate Student PLUS Loan is offered in this award letter, you may apply for the loan on the American Education Services (AES) website (www.aessuccess.org) using your US Department of Education PIN. Students who are denied the loan because of adverse credit history, may obtain an endorser. The current PLUS loan interest rate is fixed at 8.5%, which begins accruing upon disbursement. Borrowers are charged a 3% origination fee and, in some cases, a 1% federal default fee. The fees are deducted from the loan amount before disbursement. The loan term may be one or more semesters in length and the loan disburses equally for each semester included in the loan period. Repayment begins when the loan is fully disbursed, however if the student is enrolled on at least a half-time basis, the loan enters in-school deferment status until the student graduates or drops below half-time status. You may choose one of the following Grad PLUS loan lenders or a lender of your choice.
LENDERS
Although borrowers may choose any participating lender for the Stafford and Grad Plus loans, we have developed the following rotating alphabetical listing to help students who would like guidance in selecting a lender. These lenders are included in this listing because they provide financial and service benefits to borrowers. Students are encouraged to compare borrower benefits offered by lenders before deciding on which lender to use.
| Lender | Lender Code | Lender | Lender Code |
|---|---|---|---|
| Chase | 811571 | M&T Bank | 809478 |
| Citibank | 831067 | National City | 808942 |
| Citizen’s Bank | 833880 | PNC | 809921 |
| Academic Finance Corp. | 833864 |
Loan Approval
After all of your completed forms are submitted and the school has determined your loan eligibility, we will certify your federal Stafford and/or PLUS loan(s) and send you a loan certification confirmation letter. Shortly after loan certification you should receive a loan approval and disclosure statement(s) from your lender, one for each type of loan borrowed. Please feel free to contact the Heinz School Financial Aid Office if you have any questions about the loan application process.
