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

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 5, 2023, at noon.
Module 2: July 3, 2023, at noon.
Module 3: July 24, 2023, at noon.
Fall: August-December requests for 2023-24 Federal Direct Loans may be processed if accepted by Friday, November 17, 2023, at noon.
Spring: January-May or academic year August-May requests for 2023-24 Federal Direct Loans may be processed if accepted by Friday, April 5, 2024, at noon.
Learn how to accept your aid.

Parent/Graduate Plus Loans

Parent/Graduate PLUS Loans

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 Grad PLUS, 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 must determine how much they want to borrow. Grad 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/Grad 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 2023-2024 Academic Year

PLUS Loan Borrowers: If you plan to borrow between May 2023 and May 2024, the Award Year used on the application is 23-24. 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 2023-24 academic year in April of 2023. 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	8/21/2023	5/4/2024
Summer Only	5/15/2023	8/5/2023
Fall Only	8/21/2023	12/16/2023
Spring Only	1/8/2024	5/4/2024

Health Professionals Student Loans

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

*Funding for the Health Professionals Student Loans for 2024-25 is tentative.

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.
No origination fees.

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 in your myPurdue portal.
Sign the promissory note 1-3 business days after accepting the loan. The promissory note must be completed prior to the disbursement of funds.

Application Deadline

Summer: The last Monday of the enrolled module for the summer term.
Fall: November 17, 2023.
Spring: April 5, 2024.
Applications for the upcoming academic year will be available online beginning in mid-April each year.

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

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	8/21/2023	5/4/2024
Summer Fall Spring	5/15/2023	5/4/2024
Summer Only	5/15/2023	8/5/2023
Fall Only	8/21/2023	12/16/2023
Spring Only	1/8/2024	5/4/2024
Summer and Fall	5/15/2023	12/16/2023