How can I compare the true cost of attending Carnegie Mellon versus UT Austin?

Compare the schools using each college’s official financial-aid offer, not its published cost of attendance. For Carnegie Mellon, separate university grants and scholarships from loans and work-study; for UT Austin, do the same, while also confirming whether you are being billed at Texas resident or nonresident rates. The key number is your family’s estimated four-year cash cost after grants, plus realistic indirect expenses.

Start with each award letter’s direct billed charges: tuition, mandatory fees, housing, and meal plan. Subtract only gift aid that does not need repayment, such as institutional grants, scholarships, Pell Grants, or state grants. Do not treat federal loans, parent loans, or work-study as discounts; they are financing options or earnings that require borrowing or working.

Then add costs that may not appear on the bill: books and course materials, health insurance if you need the school plan, personal expenses, and travel home. Pittsburgh and Austin can differ substantially in airfare, ground transportation, and how often you expect to travel. For Carnegie Mellon, also estimate winter clothing and travel costs if those are relevant to you. For UT Austin, check whether you would live on campus all four years or move off campus, since housing arrangements can change the budget.

Make a simple four-column comparison for each year: net billed cost, estimated non-billed costs, expected family contribution from savings/income, and borrowing needed.

Compare four-year totals rather than only first-year totals. A lower first-year gap can be misleading if one school’s grant is nonrenewable, housing becomes more expensive, or your planned major has additional course, studio, lab, or technology costs.