Loans

There are many types of loans available for undergraduate, graduate and professional degree students. Before deciding to apply for loans, learn more about the different types of loans and review your eligibility for each type. Then, follow the steps outlined and review the loan fees, interest rates and deadlines to apply for loans.

Please note that all loans have a maximum interest rate, this means that the loan interest rates cannot exceed the interest rates listed due to regulations. You can find current interest rates by visiting studentaid.gov.

Federal Direct Loans

Federal Direct Loans 

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

Loan Fees & 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 1, 2022, at noon. 
  • Module 2: July 6, 2022, at noon. 
  • Module 3: August 3, 2022, at noon.
  • Fall: August-December requests for 2022-23 Federal Direct Loans may be processed if accepted by Friday, November 18, 2022, at noon. 
  • Spring: January-May or academic year August-May requests for 2022-23 Federal Direct Loans may be processed if accepted by Friday, April 7, 2023, at noon.  
  • Learn how to accept your aid.

Graduate Plus Loans

Graduate PLUS Loans 

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

Loan Fees & Interest Rates 

Steps to Apply 

  • 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. 
  • DFA will provide the student 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. Grad 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). 
  • Grad PLUS Loan funds are normally sent electronically to the Purdue Bursar by the loan service provider. The borrower will be notified by the Bursar’s Office that funds have arrived. Funds are applied first to fees, then to any housing costs (if the Bursar bills for housing). Any remaining Grad PLUS funds are sent to the borrower. 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 2022-2023 Academic Year

PLUS Loan Borrowers: If you plan to borrow between May 2022 and May 2023, the Award Year used on the application is 22-23. In the enrollment period, enter the start and end month and year as depicted in the table below. The application will be available on this site for the 2022-23 academic year in April of 2022. 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

When do you need the loan?Start Date End Date 
Fall and Spring 8/22/2022 5/6/2023 
Summer Only 5/16/2022 8/6/2022 
Fall Only 8/22/2022 12/17/2022 
Spring Only 1/9/2023 5/6/2023 

Health Professionals Student Loans

Health Professionals Student Loans 

Loan Fees

  • The Health Professions Student Loan program does not have origination fees. 

Interest Rate

  • The fixed interest rate is 5%. 

Steps to Apply

  • Submit the FAFSA every year with parent information by April 15 for consideration; award based on level of financial need and available funding. 
  • Once the loan is offered, accept the offer on your myPurdue. 
  • Sign the promissory note 1-3 business days after accepting the loan. 
  • Students in Veterinary Medicine or Pharmacy and Pharmaceutical Sciences must enroll in at least 12 credit hours each semester. 

Application Deadline

  • Summer: The last Monday of the enrolled module for the summer term. 
  • Fall: November 18, 2022. 
  • Spring: April 7, 2023. 
  • Applications for the upcoming academic year will be available online beginning in mid-April each year.

Purdue Loans

Purdue Loans

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 it 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.

Private Loans

Private Loans

Each private loan is different. Please see the requirements of that specific loan to find out how to apply.  

Private Loan Enrollment Dates

Below is a guide to loan period enrollment dates for the 2022-2023 academic year.

Private Loan Applicants: If the lender requests the award year, use, “22-23”.

Enrollment Periods

When do you need the loan?Start Date End Date 
Fall and Spring 8/22/2022 5/6/2023 
Summer Fall Spring 5/16/20225/6/2023
Summer Only 5/16/20228/6/2022
Fall Only 8/22/202212/17/2022 
Spring Only 1/9/20235/6/2023
Summer and Fall  5/16/202212/17/2022