About Private Loans
Private loan programs offer competitive interest rates and borrower benefits. To increase chances of approval and possibly improve the rate you receive, students are strongly recommended to apply with a creditworthy co-signer. Some lenders require students to apply with a co-signer regardless of your income or credit rating. Look at each loan program for these requirements. Private loans are also available for parents or guardians.
- We encourage students to pay interest while in school to reduce overall indebtedness.
- Before applying for your private loan, we recommend that you obtain a free copy of your credit report at www.annualcreditreport.com and resolve any errors that may be listed.
- Compare the interest rates, fees and repayment terms of all student loan products to determine which are best suited to your needs.
- Only borrow the amount you need to meet your educational costs.
- Federal Student Loans should be borrowed first before private loans are considered.
FASTChoice is a loan comparison service offered free-of-charge to schools by the Great Lakes Higher Education Corporation. Private loan options are available for both students and parents.
Private Student Loans
Private student loans are offered through private lenders within FASTChoice. These are through the student's name and a credit check is used to determine eligibility. By applying with a creditworthy individual (a parent or guardian), the student may improve chances of approval.
Private Parent Loans
Private parent loans are also offered through private lenders within FASTChoice. These are private loans that a parent or guardian can borrow on behalf of a student and a credit check is used to determine eligibility.
Compare & Apply
Once in FASTChoice, students and parents will be able to compare various loan programs and link directly to the lender of their choice to begin an application. Lenders will automatically notify Carnegie Mellon when an application is fully approved. Then they will request school certification electronically. When requested, provide your lender with these identifiers:
- Name of postsecondary institution: Carnegie Mellon University
- Federal school code: 003242-00
Carnegie Mellon does not endorse any lender listed within FASTChoice. You have the right to choose any lender for your private loan.
Carnegie Mellon does not accept any revenue sharing funds from any lender.