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What is the Student Budget Plan?
Purdue's Student Budget Plan provides a convenient method for paying educational expenses through regularly scheduled payments over a period of 5 months for each semester. The plan is designed for persons wishing to budget both tuition/fees and University housing or for persons wishing to budget tuition/fees only.
How to Enroll in Student Budget Plan?
Use the worksheet to determine the amount you need to budget. If for example, the total amount needed to budget is $5,000 for the entire school year, $2,500 would be applied to each semester. Monthly payments for this example would be $500.
A nonrefundable application fee of $35 is required with each application. Upon receipt of the application fee and any required back payments, Purdue will establish an account and mail a confirmation to the applicant showing the payment schedule for the contract.
Monthly billings for the Student Budget Plan will be mailed to each participant in the program. The billing statement will indicate current payment, as well as any unpaid amounts due.
Student Budget Plan Terms and Conditions
Applicants may apply for SBP after the student has been admitted to Purdue by returning the application, $35 application fee, and any required back payments (refer to the payment schedule). Full year applications received by March 26 will not require any back payments. Applications received between March 27 and June 24 will require back payments to catch up to the regular payment schedule.
Applications for a spring semester only contract received by August 26 will not require back payments. Contracts received between August 27 and October 24 will require back payments.
Refer to the payment schedule to determine the number of back payments required based on the application date.
All contracts require a nonrefundable application fee of $35.
Upon receipt of the application fee and any required back payments, Purdue will establish an account and mail a confirmation to the applicant showing the payment schedule for the contract.
Students in study abroad and co-op programs are not eligible to participate in Student Budget Plan during those semesters. First-time international students are not eligible for the Student Budget Plan.
A full year contract will require equal monthly payments beginning May 1 and ending February 1 of the following year. The first five scheduled payments will be applied to fall semester. Payments received after the September due date will be applied to spring semester.
Payments are expected to be made on a regular basis for the term of the contract unless the contract is cancelled.
Monthly billings are sent to the address given on the application. This address is not updated by changes to the registrar address information. The billing statement will indicate current payment, as well as any unpaid due.
The total amount budgeted cannot exceed the total of tuition/fees and University housing. Monies are applied first to tuition/fees, then to housing.
Students participating in the Student Budget Plan will also receive University tuition/fee invoices, showing a credit for the Student Budget Plan for the following semester, in July (Fall semester) and November (Spring semester). The bottom portion of this invoice must be returned even if the amount due is $0 to complete the student's registration.
If the payments received do not cover all expenses for the semester, the student will receive supplemental billings for balances due on tution/fees in mid-September and mid-February. If housing costs exceed the amount available in Student Budget Plan funds, this will be reflected on subsequent housing statements.
The budgeted amount may be increased, decreased, or cancelled by notifying the Bursar's Office in writing. To increase the Student Budget Plan contract, all required back payments, based on the new contract amount, must be paid at the time of the request. Contracts for the fall semester can be revised until July 1. Spring semester contracts can be revised until November 1.
If a contract does not show payment activity prior to July 1 for the fall semester or November 1 for spring semester, the contract will be cancelled.
Refunds of any monies paid to the Student Budget Plan will be made according to Purdue's normal policies and procedures for refunding student fees and housing. That policy dictates that refunds will be made to the student.
Purdue's Student Budget Plan is not a loan program, therefore, there are no finance or interest charges.
Special Financial Aid Considerations
Student Budget Plan contracts and financial aid awards are treated as separate sources of funds. FINANCIAL AID WILL NOT BE CREDITED AS PAYMENT ON STUDENT BUDGET PLAN CONTRACTS. Anticipated financial aid amounts should be deducted from total expenses when deciding the amount to budget. (see SBP Worksheet) If the amount of financial aid is changed, the Student Budget Plan contract may be revised by notifying the Bursar's Office.
In assigning sources of funds to expenses, the Student Budget Plan contract amount is used first for tuition/fees, then for housing. If the combination of Student Budget Plan plus financial aid exceeds tuition/fees and University housing, the overpayment on Student Budget Plan is refunded to the student in mid-September and mid-February.
Special Housing Considerations
If you use the Student Budget Plan for both tuition/fees and University housing expenses, you should check "Pay Plan II" on the Residence Hall Agreement, and indicate Student Budget Plan.
Due to special billing procedures for Hawkins and Young Graduate Houses and Purdue Village, it is recommended that the Student Budget Plan be used for tuition/fees only, and separate arrangements be made for those housing expenses.
IMPORTANT: If you budget housing expenses in the Student Budget Plan, you will still receive monthly statements from University housing. Housing statements will show a credit for the Student Budget Plan until mid-September and mid-February. If housing costs exceed the available Student Budget Plan funds, they will be reflected in the "Net Amount Due" on the housing statement. Housing statements are mailed to the student at their University housing address.
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