Carnegie Mellon University, which has the largest endowment of any private institution in the Pittsburgh area, will not feel the pains of an endowment tax passed in President Donald Trump’s “One Big Beautiful Bill.”

Though the elite university’s 2024 endowment was nearly $4 billion, CMU’s endowment per full-time equivalent student was about $256,000 that year — not reaching the minimum threshold needed to see a tax. The university enrolled 15,600 full-time equivalent students in 2023. “Carnegie Mellon University will not be impacted by the endowment tax increase on private universities,” CMU spokeswoman Cassia Crogan confirmed.

Private universities with student-adjusted endowments greater than $750,000 will see a 4% tax on their endowments, while schools with student-adjusted endowments topping $2 million will be taxed 8%. Colleges with fewer than 3,000 tuition-paying students are exempt from the tax.

Universities impacted by the 8% tax include Harvard, Yale, Stanford, Princeton and the Massachusetts Institute of Technology, with endowments ranging from from $23 billion to $51 billion.