Graduate Federal Loan Programs-Student Financial Aid - Carnegie Mellon University

Graduate Federal Loan Programs

Federal Direct Student Loan

A Federal Direct Student Loan is a loan provided by the Department of Education. Graduate students are no longer eligible to receive Federal Direct Subsidized Loans. All direct student loans for graduate students are unsubsidized. The interest rate for unsubsidized loans is fixed at 3.86%. There is a 1.051% origination fee. The total amount of unsubsidized loan funds a graduate student may borrow for the academic year is $20,500. The aggregate limit for subsidized and unsubsidized loans together is $138,500. Students can access their federal student loan borrowing history by visiting the the National Student Loan Data System website.

  • We recommend that all online applications be completed and submitted no later than April 15, 2013. Applications may still be submitted after this date, but it may delay the receipt of funds.
  • Direct Loan funds will be electronically deposited into the student's account on or about August 27, 2013 for the fall semester and on or about January 14, 2014 for the spring semester.
  • If a student has been awarded a Federal Direct Student Loan, we will certify the loan upon the submission of all required documents. We will assume the amount specified in the award letter is being accepted, unless the student specifically notifies us to cancel the loan. Students may cancel all or a portion of their federal loans at any time.

Learn more about applying for a Federal Direct Student Loan.

Federal Direct Grad PLUS Loan

Federal Direct Graduate PLUS Loans are available to graduate and professional students, allowing a graduate student to borrow on his/her own behalf up to the standard graduate cost of attendance less other aid received.

A Federal Direct Grad PLUS Loan is a non-need based loan provided by the Department of Education to creditworthy graduate students. The interest rate is fixed at 6.41%. Graduate and professional borrowers who are enrolled at least half-time qualify for an automatic in-school deferment. Interest will accrue during the in-school period. A 4.204% origination fee is assessed by the Department of Education.

The funds will be sent to Carnegie Mellon via electronic funds transfer (EFT) and will be electronically deposited into the student's account. These funds are disbursed no earlier than 10 days prior to the first day of class.

Learn more about applying for a Federal Direct Grad PLUS Loan.