Top 10 Questions for Incoming Freshmen and Parents (Summer)
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1. When do I need to accept my student loans?
Students who want their loans to be applied to the intial invoice issued in mid-July should accept their loans by July 5 and complete all Promissory Notes and Loan Entrance Counseling at that time. Whenever a loan is accepted after the invoice is issued, a new billing statement will be created with the updated financial aid credits. Loans can be accepted throughout the entire 2014-15 academic year.
2. When is the bill issued and due?
The fall bill will be issued in mid-July and is due the first day of class for the fall semester. Any student that has set up the Installment Plan will only be responsible for paying the first installment on that date. View more information about Installment Plans at http://www.purdue.edu/bursar/payments/installment.html.
3. I have received a private scholarship – do I have to let you know, and how do I do that?
All private scholarships received need to be reported to the Division of Financial Aid. Steps for reporting the awards to us, in addition to where to send the scholarship checks, are available at www.purdue.edu/dfa/sandg/reporting.php. Once we have received notice of a private scholarship, our office will review the student's financial aid award to determine if any changes must be made. A student must remain within their total Cost of Attendance.
4. Why does it still show the Master Promissory Note (MPN) and loan entrance counseling requirements are still outstanding for 2014-15 when I’ve already completed them?
Our office will begin downloading promissory notes and entrance counseling files from Direct Lending the first week of July. Although you have already completed the requirements, they will still show as red flags on myPurdue until the files are downloaded in July. No further action is required on your part if these requirements have already been completed. Students can contact our office to have a counselor check that the requirements have successfully been completed prior to July.
5. Why isn’t the Parent PLUS Loan or private loan crediting my bill? It doesn’t show up on myPurdue.
After the Parent PLUS Loan application is completed at www.studentloans.gov, Direct Lending will check the borrower’s credit and either approve or deny the request. Files will be sent between Direct Lending and Purdue University to process the loan application. Approximate time for the loan to credit the bill after the application is completed online is 5-7 business days. A Master Promissory Note (MPN) also needs to be signed at the above-mentioned website. Private loans showing in “offered” status on myPurdue require a separate application to be completed. An application must be submitted through a bank or loan company to initiate a private loan. Private loans take approximately 4 weeks to process from the time the application is completed through the lender. Our office will begin processing private loans in July. Refer to question #4 above for more information about the Direct Loan processing timeframe.
6. What financial aid information is available at STAR for parents? Can we make an appointment to speak with a Financial Aid counselor?
All first-time students attending Purdue University are required to attend STAR. The Division of Financial Aid (DFA) and Bursar’s Office will have a joint presentation for families daily. The presentation is offered in the morning and again in the afternoon. Financial aid counselors will be available on-site for families who wish to ask specific questions after the presentation concludes. Additional information is available at www.purdue.edu/dfa/pfp/star.php.
7. I am an international student; what financial aid am I eligible to receive?
Federal, State, and Institutional financial aid is generally not available to international students. However, additional resources regarding citizenship and aid eligibility, merit-based private awards, and private loans are available at http://www.purdue.edu/dfa/international.php.
8. How does my parent apply for a Parent PLUS Loan?
- Go to www.studentloans.gov
- Click the green button that says "Sign In"
- Sign in with the parent information and PIN supplied by the federal government. It is the same PIN your parent used to sign the FAFSA. PINs can be requested at http://pin.ed.gov if you do not have one.
- Once signed in, click on "Request PLUS Loan" on the left
- Choose "Parent PLUS"
- Follow the subsequent steps to complete the application
Your parent will also need to complete a Master Promissory Note (MPN) at studentloans.gov. After signed in following the same steps as above, select "Complete MPN" on the left. Choose "Parent PLUS," and then follow the subsequent steps to complete the promissory note.
9. What is Federal Work-Study? Am I eligible to participate in the program?
Federal Work-Study (FWS) is a program for students who have demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA). FWS is included on the award eligibility notice if the student qualifies. The FWS program helps students meet some of their educational expenses through a part-time job with an eligible employer. Funds will be earned throughout the academic year and are distributed in the form of a paycheck. The FWS award ($2,500 maximum) will not credit the student’s invoice. Students can search for Work Study jobs at www.purdue.edu/webdb/JobPosting/JobSearch.cfm.
10. How and when do I get financial aid to pay for books?
The Bursar’s Office will issue a refund for excess financial aid approximately 5-7 business days before the start of the fall semester, as long as all requirements are satisfied. Students typically receive the funds 3-5 business days prior to the start of the semester if direct deposit has been set up. Otherwise, the Bursar will mail a check, and the refund may take longer to receive. Instructions for setting up direct deposit are available at www.purdue.edu/bursar/PDF/Instructions/Bursar_Authorize_Direct_Deposit.pdf. Be sure all requirements are satisfied so the refund is not delayed. A list of common reasons a refund is not issued at the expected timeframe is available at www.purdue.edu/dfa/refunds.php.