Cover Remaining Costs
Whether you’re a new or returning student, the financial aid notification you receive will outline financial aid eligibility for the coming year and may indicate there are remaining costs for your family to cover. To cover these costs, families can take advantage of a combination of financing options.
Payment from Educational Loans and Future Earnings
- If you are a dependent student and your parents are creditworthy, they may borrow under the Federal Parent PLUS Loan program. Repayment can be deferred until you graduate.
- If you have good credit or a co-signer with good credit, private lenders offer alternative loans. Each lender determines the terms of the loan.
- Home equity loans may offer competitive interest rates with alternative loans. Compare loan fees and interest rates to get the best deal possible. Note: If you’re interested in this option, you should discuss it with your mortgage lender.
- Depending on the criteria, you may be eligible for loan forgiveness programs, where a portion or all of your federal loans may be forgiven — or reduced — as a benefit of committing to an organization (like the military, Peace Corps, etc.).
Payment from Current Earnings and Assets
- You and your family can break the remaining semester costs into monthly payments through the Installment Plan offered by the Bursar’s Office.
- You can also utilize existing assets to reduce the amount of borrowed loans and interest. Examples include previously purchased college education savings bonds, savings accounts, stocks, mutual funds, etc.
- If a student works full-time over the summer and/or part-time during the semester, you can save up money to help pay for college and other expenses. Students can gain valuable work experience while still in school. Studies show that working limited hours helps improve your GPA — win, win.
Military Education Benefits
Being a child of a military veteran, a veteran yourself, or joining programs like the Reserve Officers’ Training Corps (ROTC) can give you access to scholarship opportunities and aid assistance programs. Learn more about the program details for Army, Air Force and Navy.
Tax Advantages for Indiana Residents
If you’re from Indiana, a tax credit of up to $1,000 may be available for contributions made under Indiana’s College Choice 529 Savings Plan. If you’re from another state, check to see if they offer tax advantages for contributions to similar plans.
Tax deductions may be available to families that pay qualified tuition and fee expenses. The Bursar’s Office issues 1098-T forms in January of each year with qualified amounts. Consult your tax preparer for additional information.
The interest you pay on qualified educational loans may also be tax-deductible.
Other Purdue scholarships and private scholarships from outside organizations can be great resources to cover your remaining expenses. Be on the lookout for opportunities where you can qualify. Learn more about our scholarships.