First, before you begin taking out loans, research scholarship and grant opportunities. This is funding that you don't have to pay back and will help you lower the amount you have to borrow.
If you do have to borrow money, you are able to apply for student loans by filling out a FAFSA (Free Application for Federal Student Aid). Once you complete this application, the Department of Education and CMU determine which aid you are eligible to receive.
There are two types of student loans from the federal government: subsidized and unsubsidized. For subsidized loans, the government pays the interest while the student is in college or in deferment. With unsubsidized loans, interest begins accruing as soon as the loan is taken out.
Sometimes, you may need to take out an additional loan to cover other school-related expenses. This is only advised when absolutely needed. Consider your needs and balance it with what you will have to pay back in interest.
There are federal loan limits. Undergraduate students who are listed as a dependent by their parents or guardians cannot borrow more than $31,000 in federal loans (subsidized and unsubsidized). Independent students cannot borrow more than $57,500, and graduate/professional students cannot exceed $138,500.
Your student loans at CMU
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When you're unable to pay
What is CMU Doing to Make College Affordable?
Financial aid and scholarship funding to students has increased by 87 percent since 2010, with $309 million available to students. Tuition here has seen the lowest cumulative increase among all 15 state universities over the past seven years.