Alternative (NON-FEDERAL) student loans are available for students enrolled in the MMM program. 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 college, in most cases, must certify your eligibility. A cosigner is required in some cases. If you have any questions, please contact the Office of Financial Aid.
Alternative education loans (also called private or non-federal education loans) may be available to students who do not qualify for federal loans, or to students who wish to borrow alternative loans in lieu of federal loans. It is important to note that there is no income limit on borrowing some types of federal education loans, therefore, eligible borrowers are always encouraged to review and understand the costs, loan features and benefits of federal student loans and compare those costs and benefits to those of alternative loans before choosing to borrow non-federal loans.
The interest rates on alternative education loans may be variable or fixed and the credit requirements, loan terms, loan fees, applicable grace period, application requirements, in-school payment requirements, etc. vary from lender to lender.
The maximum eligibility for alternative education loans is the average cost of attendance less financial aid from all sources. Individual lenders may have additional limits on the amount of alternative education loans that a student may borrow.
Students may choose any alternative education loan lender they wish. Students who need help in selecting a lender may refer to our Alternative Lender List. Our list includes only those lenders who disbursed loans to Carnegie Mellon University on behalf of a Heinz College student in any of the past 5 years.