Loans

Learn more about Federal Direct Loans and who is eligible for them. 

Loan Fees & Interest Rates 

• See current loan fees and interest rates.  

Steps to Apply  

• Submit the Free Application for Federal Student Aid (FAFSA) at studentaid.gov and submit all documents requested by the Division of Financial Aid (DFA); check for required documents via the online Financial Aid Self-Service system at myPurdue. 
• DFA will provide a Financial Aid Notification that can be used to determine the loan period, the type of eligibility and the amount of eligibility. 
• The borrower needs to determine how much they want to borrow and will have the option to accept the full amount offered or reduce the loan amount at myPurdue. 
• First-time borrowers need to complete a Direct Loan Master Promissory Note (MPN) and Loan Entrance Counseling at studentaid.gov. Red flags will appear in myPurdue, even if these requirements have been completed, until we begin processing loans in May. 

Application Deadline

• Summer: Loan deadlines depend upon the module(s) of enrollment. Loans must be accepted by the date indicated for the latest module you attend.
• Module 1: June 9, 2025, at noon. 
• Module 2: July 7, 2025, at noon. 
• Module 3: Aug. 4, 2025, at noon.
• Fall: Aug.-Dec. requests for 2025-26 Federal Direct Loans may be processed if accepted by Friday, Nov. 21, 2025, at noon. 
• Spring: Jan.-May or academic year Aug.-May requests for 2025-26 Federal Direct Loans may be processed if accepted by Friday, April 10, 2026, at noon.
• Learn how to accept your aid.

Learn more about PLUS Loans and who is eligible for them. 

Loan Fees & Interest Rates 

• See current loan fees and interest rates. 

Steps to Apply 

• Students must submit the Free Application for Federal Student Aid (FAFSA) and submit all documents requested by the Division of Financial Aid (DFA); check for required documents via the online Financial Aid Self Service system at myPurdue. 
• For Graduate PLUS, DFA will provide the student with a Financial Aid Notification that can be used to determine the loan period, the type of eligibility and the amount of eligibility; the borrower must determine how much they want to borrow. Graduate PLUS borrowers must complete a separate application online at studentaid.gov.
• For Parent PLUS, DFA will provide the student with a Financial Aid Notification that can be used to determine the loan period and the type of eligibility. The parent borrower can borrow the difference or determine how much they want to borrow up to the student’s Cost of Attendance. Parent PLUS borrowers must complete a separate application online at studentaid.gov.
• DFA will certify borrower eligibility with the Direct Loan service provider. The loan service provider approves the loan once the borrower has completed a PLUS Master Promissory Note (MPN) at studentaid.gov (if not already on file). 
• Parent/Graduate PLUS Loan funds are normally sent electronically to Purdue’s Office of the Bursar by the loan service provider. Funds are applied first to fees, then to any on-campus housing costs billed through the Bursar. Any remaining PLUS funds are sent to the student or borrower as indicated on the PLUS application. Please note that it is important that students keep their addresses up-to-date via myPurdue and read all emails from facontact@purdue.edu.

Application Deadline

A Guide to Loan Period Enrollment Dates for the 2025-2026 Academic Year

PLUS Loan Borrowers: If you plan to borrow between May 2025 and May 2026, the Award Year used on the application is 25-26. In the enrollment period, enter the start month, end month and year as depicted in the table below. The application will be available on this site for the 2025-26 academic year in April 2025. If you select multiple terms, then the disbursements will be evenly split. If you want uneven disbursements, contact our office for further assistance before submitting any requests.

Dates to enter based on term

For more information about this loan and who is eligible to apply, please visit the Types of Aid page.

Loan Fees & Interest Rate

• While enrolled and throughout the 12-month grace period (which begins upon completion of the program or on the date that the student ceases at least half-time enrollment), there will be a zero (0) percent interest rate.
• After the 12-month grace period ends, there will be a five (5) percent interest rate.
• There are no origination fees.

Steps to Apply

• Submit the FAFSA every year for consideration; awards are based on the level of financial need and available funding. 
• Request a HPSL determination form by contacting the Division of Financial Aid.
• Complete and sign the HPSL determination form and provide all the required parent tax documentation.
• Once the loan is offered, accept the offer in your myPurdue portal. 
• Sign the promissory note: Please wait for up to three business days after accepting the loan for the promissory note to be generated. Check your purdue.edu email (Inbox, SPAM and Junk folders) for an email from ECSI (webmaster@ecsi.net) and follow the instructions.
• Follow the instructions below if you don’t receive a PIN to complete the Promissory note:
  1. Create an account at ECSI.
  2. Call/chat with ECSI customer service (Phone 1-888-549-3274, Ext 1) complete their verification process and ask for a PIN.
  3. Complete the promissory note.

Learn more about Purdue Loans and who is eligible for them. 

Loan Fees

• There are no additional fees associated with Purdue loans. 

Interest Rate

• Purdue loans have a fixed interest rate of 5%.  
• The borrower pays no interest while enrolled in school at least half-time or during the six-month grace period after leaving school. 

Steps to Apply

• Submit the Free Application for Federal Student Aid (FAFSA) by April 15 for consideration and submit all required documents (as noted on the student’s myPurdue account) to the Division of Financial Aid (DFA). Eligibility for this loan is based on demonstrating a high level of financial need (as determined by the FAFSA) and available funding. 
• DFA will provide the student with a financial aid notification that can be used to determine the loan period, the type of eligibility, and the amount of eligibility. 
• The borrower needs to determine how much they want to borrow and will have the option to accept the full amount offered or reduce the loan amount at myPurdue. 
• The student will be required to sign a Promissory Note 1-2 business days after accepting the loan. 

Application Deadline

• Purdue Loans may be processed if accepted within 45 days of the start of the fall semester. Learn how to accept your aid.
• Accepted Purdue Loans will credit any outstanding balance within 2 business days of accepting on your myPurdue account.  
• It will take approximately one week after accepting the Purdue Loan and signing the Promissory Note before any excess funds are refunded to the student.