Accepting Summer Loans
Refer to the recommended apply by dates based on different types of loans and application processes.
Private Loans
To allow adequate processing time for a private loan to credit your summer bill, we recommend that you apply by April 1, 2013. The application is completed through the chosen lender's website. It is imperative that private loans are applied for in advance because normal proessing time is 4-6 weeks. Students must complete the summer aid application (available late-March on myPurdue) and be a credit-worthy borrower or have a credit-worthy cosigner for Purdue to certify a private loan for summer. Most private lenders require at least half-time enrollment (Undergraduate/Professional - 6 credit hours; Graduate - 4 credit hours), but some do not.
Related information:
- What to look for in a private loan product
- List of private lenders used by other Purdue students - also indicates lenders who do not require half-time enrollment
- Compare private loans to other types of loans
- Estimate summer costs and expenses
Purdue, Stafford, and Graduate PLUS Loans
To allow adequate processing time for a Stafford or Graduate PLUS Loan to credit your summer bill, we recommend that you apply by April 26, 2013. If you are eligible, you may accept offered loans through your myPurdue account under the Financial tab. A Master Promissory Note (MPN) or Loan Entrance Counseling may be required to be completed online at www.studentloans.gov for Stafford or Graduate PLUS Loans. Purdue Loans require a promissory note to be signed at www.ecsi.net/prom3P. Students must complete the summer aid application (available late-March on myPurdue), enroll at least half-time (Undergraduate/Professional - 6 credit hours; Graduate - 4 credit hours) over the summer, and meet eligibility requirements to borrow any of the above loans.
Related information:
- Compare loan terms
- Estimate summer aid eligibility (West Lafayette and Technology Statewide or Regional Campus)
- Estimate summer costs and expenses
Parent PLUS Loan
To allow adequate processing time for a Parent PLUS Loan to credit your summer bill, we recommend that you apply by April 19, 2013. The application, and promissory note if required, is completed by the parent online at www.studentloans.gov. Students must complete the summer aid application (available late-March on myPurdue), enroll in 6 or more credit hours over the summer, and parents must be credit-worthy or have a credit-worthy endorser to borrow the Parent PLUS Loan.
Related information:
- Compare loan terms
- Estimate summer aid eligibility (West Lafayette and Technology Statewide or Regional Campus)
- Estimate summer costs and expenses