Cover Remaining Costs
If you are a prospective student and would like to see how much aid you may qualify for, complete our Net Price Calculator.
If you are admitted to Purdue and completed the Free Application for Federal Student Aid (FAFSA), by early April you should receive an award letter from the Division of Financial Aid.
If you are a returning Purdue student, you will receive your award letter sometime in mid-June.
Whether you’re a new or returning student, the award letter you receive will outline financial aid eligibility for the coming year and may indicate there are remaining costs for your family to cover. To cover these costs, families can take advantage of a combination of financing options.
Payment from Educational Loans and Future Earnings
If you are a dependent student and your parents are creditworthy, they may be able to borrow under Federal Parent PLUS Loan program. Repayment can be deferred until you graduate.
If you have good credit, or a co-signer with good credit, private lenders offer alternative loans. Each lender determines the terms of the loan.
Home equity loans may offer competitive interest rates with alternative loans. Compare loan fees and interest rates to get the best deal possible. Note: If you’re interested in this option you should discuss it with your mortgage lender.
Depending on some criteria, you may be eligible for loan forgiveness programs, in which a portion or all of your federal loans may be forgiven — or reduced — as a benefit of committing to an organization (like the military, Peace Corps, etc.).
Payment from Current Earnings and Assets
You and your family can break remaining semester costs into monthly payments through the Installment Plan offered by the Bursar's Office.
You can utilize existing assets to reduce the amount of borrowed loans and interest. Examples include previously purchased college education savings bonds, savings accounts, stocks, mutual funds, etc.
If you work full time over the summer and/or part time during the semester, you can save up money to help pay for your college and miscellaneous expenses. You can gain valuable work experience while still in school, and studies show that working while in school actually helps improve your GPA — win, win.
Payment from Programs Offering Education Benefits
Being a child of a military veteran, a veteran yourself or joining programs like the Reserve Officers’ Training Corps (ROTC) can give you access to scholarship opportunities and aid assistance programs.
Offsetting the Investment with Tax Advantages
If you’re from Indiana, a tax credit of up to $1,000 may be available for contributions made under Indiana's College Choice 529 Savings Plan. If you’re from another state, check to see if they offer tax advantages for contributions to similar plans.
Tax deductions may be available to families that pay qualified tuition and fee expenses. The Bursar’s Office issues 1098-T forms in January of each year with qualified amounts. Consult your tax preparer for additional information.
Interest you pay on qualified educational loans may also be tax deductible.
Other Purdue scholarships and private scholarships from outside organizations can be great resources to cover your remaining expenses. Be on the lookout for opportunities you can qualify for. Learn more on our scholarships page.