There are two primary sources of financial aid available to you as an undergraduate student in CMU’s Global Campus: Federal Direct Student Loan (subsidized and/or unsubsidized) and Federal Pell Grant.
A Federal Direct Student Loan may be subsidized or unsubsidized. A subsidized loan means that the Federal government pays the interest while you are in school, during periods of payment deferment, and during the grace period. An unsubsidized loan means that you must either pay the interest quarterly, even while you are in school, or capitalize the interest. The interest on Federal Direct loans is variable with an 8.25% cap.
As an undergraduate student earning your first bachelor's degree, you may also be eligible for a Federal Pell Grant. The amount of your Pell Grant is determined by your calculated EFC (see section on Calculating Your Financial Aid Award). Any grant assistance you receive is considered “gift assistance” and does not have to be paid back.
Determining your eligibility
You must be an admitted, degree-seeking student with at least half-time enrollment in order to receive financial aid. You cannot be in default on a previous federal student loan. Each financial situation is unique. The information you provide on your financial aid forms (e.g., FAFSA) will determine the amount of financial aid for which you are eligible.
See Financial Aid Checklist