Student Loan Information 

Federal Loan Eligibility

U.S. Citizens and eligible non-citizens may apply for federal student loans. Students need to be enrolled on at least a half-time basis (18 units or more) as a regular degree-seeking student. Continuing students must meet the academic progress guidelines of their program of study to be eligible for any type of federal financial aid. Distance MSIT students may borrow to cover only the cost of tuition, fees and laptop, if applicable.

Federal Subsidized Stafford Loans*

The Stafford loan program is a need-based, federally subsidized program that enables eligible graduate students to borrow a maximum of $8,500 every two semesters. Interest is subsidized by the federal government while the student is enrolled on at least a half time basis, during the six month grace period, and during periods of deferment. New federal Stafford loans have a fixed interest rate of 6.8 % for the life of the loan; loan origination and federal default fees of up to 4% may be deducted from the loan proceeds. The loan term can be either one or two semesters in length. When borrowing a two-semester loan, students receive half of the total loan amount less appropriate loan fees each semester. Repayment of principal and interest begins six months after the borrower graduates or six months after the borrower drops below half time status (18 units). Continuing students must meet the academic progress guidelines of their program of study to be eligible for any type of federal financial aid.

Federal Unsubsidized Stafford Loans*

The unsubsidized Stafford loan is similar to the subsidized Stafford loan, except the interest for the unsubsidized Stafford loan is not paid by the federal government. Borrowers may make quarterly interest payments or have the interest capitalized at the time of repayment. Eligible graduate students may borrow a combined maximum total of $20,500 every two semesters from the subsidized and unsubsidized Stafford loan programs. The interest rate, fees, loan term, academic progress requirements and repayment information is the same as stated above for the subsidized loan.

Graduate Student PLUS Loans*

The Graduate Student PLUS Loan allows eligible students to borrow up to the published cost of attendance less financial aid from all other sources. PLUS loan borrowers are required to pass a basic credit test. Students who are denied the loan because of adverse credit history, may obtain an endorser. The PLUS loan interest rate is fixed at 8.5%. 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 can be either one or two semesters in length. When borrowing a two-semester loan, students receive half of the total loan amount less appropriate fees each semester. Repayment begins on the date of the last disbursement, however if the student is enrolled on at least a half-time basis, the loan is eligible for in school deferment.

*All Stafford and Grad PLUS loan borrowers must complete federally required loan entrance counseling the first time they borrow as a Carnegie Mellon University graduate student. 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.

Alternative Loans

Alternative loans are loans extended to students by private lending institutions on the basis of creditworthiness. Applications are available through many banks and lenders; the school, in most cases, must certify your eligibility. A cosigner is required in some cases.

Alternative (Non-federal) Loan Lenders