Federal Direct PLUS Loan-Student Financial Aid - Carnegie Mellon University

Federal Direct PLUS Loans

PLUS Loan for Parents

A Federal Direct PLUS Loan is a non-need-based loan given by the Department of Education and is credit-based. The interest rate is fixed at 7.21%. There is a 4.292% (see current Direct Loan rates and fees) origination fee. Interest starts to accrue at disbursement; however, full repayment of principal and interest begins 60 days after the last disbursement for the loan period. The maximum repayment period is 10 years.

Parent(s) may apply for a Federal Direct PLUS Loan for up to the annual cost of attendance minus any aid. Approval for this loan is determined by the Department of Education and if approved, Carnegie Mellon will certify the amount you are eligible to borrow. If the Federal Direct PLUS Loan is not approved, the student may borrow additional unsubsidized Federal Direct Student Loan funds.

Students who do not wish to apply for financial aid but are interested in applying for a Federal Direct Unsubsidized Loan or whose parent(s) are only interested in borrowing a Federal Direct PLUS Loan are only required to complete a FAFSA (Free Application for Federal Student Aid). Please complete the Request for Federal Unsubsidized or Federal Parent PLUS Loan Only form.

If the Federal Direct PLUS Loan is approved by the Department of Education, the 4.292% origination fee is deducted from the loan proceeds each semester before being sent to Carnegie Mellon. The proceeds will be sent to us via electronic funds transfer (EFT) and will be deposited into your student account at Carnegie Mellon.

See instructions on how to apply for a Federal Direct PLUS Loan. 

Federal Direct Grad PLUS Loan

Eligible graduate students may borrow a Federal Direct Grad PLUS Loan to assist with their educational expenses.

*Parents and students should not apply for a PLUS Loan earlier than June 1 since the PLUS Loan requires a credit approval which is only valid for 90 days.