Loans

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

Loan Fees & Interest Rates 

• See current loan fees and interest rates.  

Application Process

Steps to Apply  

• Submit the Free Application for Federal Student Aid (FAFSA) at studentaid.gov and submit any verification documents requested by the Division of Financial Aid (DFA); you can check for required verification documents in myPurdue. 
• Review your Financial Aid Notification, which the DFA will issue, to outline your loan period, loan type, and maximum eligibility. 
• Select your loan amount. Borrowers must determine how much they want to borrow and may choose to accept the full amount offered, accept a partial amount, or decline the loan entirely in myPurdue. Refer to How to Use myPurdue for guidance.
• First-time borrowers or borrowers changing degree levels, such as moving from an undergraduate to graduate program, must complete loan requirements, including a Master Promissory Note (MPN) and Loan Entrance Counseling. A new MPN and Loan Entrance Counseling must be completed again if you change degree levels.
• Accept your loans by the deadlines listed below to ensure they are processed and disbursed on time for your enrollment period. Refer to the Accept Aid instructions for guidance on how to accept your loans.

Monitoring and Completing Requirements

Monitor myPurdue for any outstanding requirements. You may still see items listed as outstanding until federal loan processing begins (typically in June), even after you have submitted all outstanding requirements.

Loan Acceptance Deadlines

Summer: Loan acceptance deadlines depend upon the module(s) of enrollment.

• Module 1: June 8, 2026. 
• Module 2: July 6, 2026. 
• Module 3: August. 3, 2026.

Fall and Spring must be accepted one month before the end of the period for which they are requested.  Loan periods for the following terms are as follows:

• Fall Only: August- December. 
• Spring Only: January – May. 
• Academic Year: August- May.

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 2026-2027 Academic Year

PLUS Loan Borrowers: If you plan to borrow between May 2026 and May 2027, the Award Year used on the application is 26-27. In the enrollment period, enter the start month, end month, and year as depicted in the table below. The application for the 2026-27 academic year will be available at Apply for a Direct PLUS Loan as a Parent | Federal Student Aid typically in April. If you select multiple terms, then the loan will be evenly split within your estimated cost of attendance. Loan limits apply.

Dates to enter based on the 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.