{"id":676,"date":"2021-08-13T14:36:49","date_gmt":"2021-08-13T14:36:49","guid":{"rendered":"https:\/\/www.purdue.edu\/dfa\/?page_id=676"},"modified":"2026-03-23T14:10:50","modified_gmt":"2026-03-23T14:10:50","slug":"loans","status":"publish","type":"page","link":"https:\/\/www.purdue.edu\/dfa\/aid\/loans\/","title":{"rendered":"Loans"},"content":{"rendered":"\n<div  class=\"purdue-home-diagonal-cta-hero has-black-background\">\n    <div class=\"section has-padding-top-small has-padding-bottom-small\">\n        <div class=\"container\">\n            <div class=\"purdue-home-diagonal-cta-hero__content\">\n\n                <!-- breadcrumbs include -->\n                <div class=\"purdue home-diagonal-cta-hero__breadcrumbs\">\n                                    <\/div>\n                <!-- \/breadcrumbs include -->\n\n                \n\n                                                        <h1 class=\"third-level-page-heading purdue-home-diagonal-cta-hero__header\"><br>Loans<\/h1>\n                \n                                    <div class=\"purdue-home-diagonal-cta-hero__subtext\">\n                        \n\n<p>Loans can offer you and your family a way to pay for college while spreading the cost out over an extended repayment period. However, borrowing should be used with care while keeping an eye on total debt and repayment. We recommend that you only borrow what you need, not necessarily the total amount offered.<\/p>\n\n                    <\/div>\n                \n\n\n\n\n<!-- ed -->\n<!-- <div class=\"purdue-home-link-hero__list-container\">\n    <span class=\"purdue-home-link-hero__list-desc tablet-hidden\">\n        Jump to:\n    <\/span>\n    <ul class=\"purdue-home-link-hero__list--desktop\">\n        <li>\n            <a class=\"purdue-home-button purdue-home-button--black\" href=\"#\" target=\"_self\">Careers<\/a>\n        <\/li>\n        <li>\n            <a class=\"purdue-home-button purdue-home-button--black\" href=\"#\" target=\"_self\">Take action<\/a>\n        <\/li>\n        <li>\n            <a class=\"purdue-home-button purdue-home-button--black\" href=\"#\" target=\"_self\">Transfer<\/a>\n        <\/li>\n    <\/ul>\n    <form class=\"purdue-home-select purdue-home-link-hero__list--mobile\">\n        <label for=\"8447dae6-f4a5-4633-bb0a-e171b5507d4a\" class=\"is-sr-only\">Choose a link:<\/label>\n        <select id=\"8447dae6-f4a5-4633-bb0a-e171b5507d4a\" name=\"links\">\n            <option value=\"\" data-external=\"\">Jump to:<\/option>\n            <option value=\"#\" data-external=\"\">Careers<\/option>\n            <option value=\"#\" data-external=\"\">Take action<\/option>\n            <option value=\"#\" data-external=\"\">Transfer<\/option>\n    <\/select>\n    <\/form>\n<\/div> -->\n<!-- ed -->\n\n\n            <\/div>\n        <\/div>\n    <\/div>\n\n    <div class=\"image\">\n                    <img decoding=\"async\" alt=\"Block P on campus during the fall\" src=\"https:\/\/www.purdue.edu\/dfa\/wp-content\/uploads\/2022\/07\/Unfinished-Block-P-RJM-8909_resized.jpg\"\/>\n            <\/div>\n<\/div>\n\n\n\n<div  class=\"purdue-home-intro-text has-layout-one-left \">\n        <div class=\"section has-none-background has-padding-bottom-none\">\n        <div class=\"container\">\n            \n            <h2 class=\"purdue-home-intro-text__header header-font-acumin\">Types of Loans<\/h2>\n\n<p>Below is information about different types of loans that may be available to you. <a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" data-type=\"URL\" data-id=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more about how to apply for loans.<\/a><\/p>\n\n\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-61814ed1-d856-47c0-8bef-66a7c8be64cd\">\n                    <button aria-controls=\"content-61814ed1-d856-47c0-8bef-66a7c8be64cd\" aria-expanded=\"false\"><strong>Federal Direct Education Loans<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-61814ed1-d856-47c0-8bef-66a7c8be64cd\">\n                    \n\n<p>There are several types of&nbsp;<a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Direct Educational Loans<\/a>&nbsp;available; find them listed below.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Subsidized Direct Educational Loans<\/h4>\n\n\n\n<p>This type of loan is for undergraduate students who demonstrate financial need on their FAFSA. The U.S. Department of Education will pay the interest that accrues on Subsidized Direct Loans during certain periods.<\/p>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Unsubsidized Direct Educational Loans<\/h4>\n\n\n\n<p>This type of low-interest loan is available to degree-seeking undergraduate, graduate and professional students. There is no requirement to demonstrate financial need. The student is responsible for paying interest on the loan during all periods.<\/p>\n<\/div>\n<\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#federal-direct-eligibility\" data-type=\"internal\" data-id=\"#federal-direct-eligibility\">Eligibility<\/a><\/li>\n\n\n\n<li><a href=\"#federal-direct-award-amounts\" data-type=\"internal\" data-id=\"#federal-direct-award-amounts\">Award Amounts and Disbursements<\/a><\/li>\n\n\n\n<li><a href=\"#federal-direct-requirements\" data-type=\"internal\" data-id=\"#federal-direct-requirements\">Requirements<\/a><\/li>\n\n\n\n<li><a href=\"#federal-direct-repayment\" data-type=\"internal\" data-id=\"#federal-direct-repayment\">Repayment<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Apply<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"federal-direct-eligibility\">Eligibility<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h5 class=\"wp-block-heading\">Subsidized:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Must be an undergraduate degree-seeking student with financial needs.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Must be a U.S. citizen, U.S. national or permanent resident of the United States.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Cannot be in default on a federal education loan or owe a repayment of Federal Title IV aid.&nbsp;<\/li>\n\n\n\n<li>Enrolled at least half-time as a degree-seeking student.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h5 class=\"wp-block-heading\">Unsubsidized:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Must be an undergraduate, graduate or professional student enrolled at least half-time as a degree-seeking student.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Must be a U.S. citizen, U.S. national or permanent resident of the United States.&nbsp;<\/li>\n\n\n\n<li>Cannot be in default on a federal education loan or owe a repayment of Federal Title IV aid.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"federal-direct-award-amounts\">Award Amounts and Disbursements<strong>&nbsp;<\/strong>&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more about award amounts<\/a>&nbsp;and <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates and fees.<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"federal-direct-requirements\">Requirements: Subsidized and Unsubsidized&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Master Promissory Note (MPN):&nbsp;<\/strong>The Direct Loan Master Promissory Note is a multi-year feature of the Direct Loan program. It allows borrowers to receive future Direct Loan funds without having to complete additional promissory notes if the borrower remains eligible and completes the appropriate loan request processes. By signing only one promissory note, the delivery of Direct Loan funds will occur even faster because this process eliminates the time it takes for a promissory note to be mailed, completed and returned to the loan service provider. Borrowers use their Federal Student Aid (FSA) ID to sign their promissory note at&nbsp;<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>studentaid.gov.<\/strong><\/a>&nbsp;<\/li>\n\n\n\n<li><strong>Loan Entrance Counseling:&nbsp;<\/strong>Entrance Counseling, which should not be confused with Financial Awareness Counseling, will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower. If you have not previously received a subsidized or unsubsidized loan, the Federal Government requires you to complete loan counseling at&nbsp;<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>studentaid.gov<\/strong><\/a>&nbsp;to ensure that you understand the responsibilities and obligations you are assuming. &nbsp;<br>&nbsp;<br>You will need to log in using your Federal Student Aid (FSA) ID and will need about 30 minutes to complete the counseling session.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"federal-direct-repayment\">Repayment: Subsidized and Unsubsidized&nbsp;<\/h5>\n\n\n\n<p>Loans are in deferred status if the student remains enrolled at least half-time in a degree-seeking program. Borrowers can learn more about how interest rates, capitalization and loan fees will affect payments on our<strong>&nbsp;<a href=\"https:\/\/www.purdue.edu\/dfa\/aid\/loans\/faq\/\" target=\"_blank\" rel=\"noreferrer noopener\">loan FAQ webpage.<\/a><\/strong><\/p>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-eac7a35b-5a0f-4047-b699-b52ea2e02acc\">\n                    <button aria-controls=\"content-eac7a35b-5a0f-4047-b699-b52ea2e02acc\" aria-expanded=\"false\"><strong>Direct PLUS Loans<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-eac7a35b-5a0f-4047-b699-b52ea2e02acc\">\n                    \n\n<p>There are two types of Direct PLUS Loans: Graduate PLUS and Parent PLUS.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Graduate PLUS Loans&nbsp;<\/h4>\n\n\n\n<p>This type of loan is for graduate and professional students with good credit (or a co-signer with good credit). This loan is not based on financial need but instead is contingent on a credit check. The Graduate PLUS Loan amount is limited to the cost of attendance minus other estimated financial assistance. Interest will accrue after the full disbursement of the loan. <strong>NEW:<\/strong> Beginning in 2026-27, Grad PLUS Loans will no longer be available to new borrowers.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#direct-plus-loans-eligibility\" data-type=\"internal\" data-id=\"#direct-plus-loans-eligibility\">Eligibility<\/a><\/li>\n\n\n\n<li><a href=\"#award-amounts-and-disbursements-graduate-and-parent-plus\" data-type=\"internal\" data-id=\"#award-amounts-and-disbursements-graduate-and-parent-plus\">Award Amounts and Disbursements<\/a><\/li>\n\n\n\n<li><a href=\"#direct-plus-requirements\" data-type=\"internal\" data-id=\"#direct-plus-requirements\">Requirements<\/a><\/li>\n\n\n\n<li><a href=\"#direct-plus-repayment\" data-type=\"internal\" data-id=\"#direct-plus-repayment\">Repayment<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Apply<\/a><\/li>\n\n\n\n<li><a href=\"#options-if-the-graduate-plus-loan-is-denied\" data-type=\"internal\" data-id=\"#options-if-the-graduate-plus-loan-is-denied\">Options if the Graduate PLUS Loan is denied<\/a><\/li>\n\n\n\n<li id=\"-options-if-the-parent-plus-loan-is-denied\"><a href=\"#options-if-the-parent-plus-loan-is-denied\" data-type=\"internal\" data-id=\"#options-if-the-parent-plus-loan-is-denied\">Options if the Parent PLUS Loan is denied<\/a><\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Parent PLUS Loans&nbsp;&nbsp;<\/h4>\n\n\n\n<p>A<strong>&nbsp;<\/strong>Federal Parent PLUS Loan is a credit-based Federal Direct Loan for&nbsp;<a href=\"https:\/\/studentaid.gov\/help-center\/answers\/article\/who-should-apply-for-parent-plus-loan\" target=\"_blank\" rel=\"noreferrer noopener\">parents<\/a>* that can be used to help pay for the college education of a dependent undergraduate child. This loan is not based on financial need but instead is contingent on a credit check. <strong>NEW:<\/strong> Beginning in 2026-27, the loan amount is limited to the cost of attendance minus other estimated financial assistance with a maximum of $20,000 per year per student.<\/p>\n\n\n\n<p>*<a href=\"https:\/\/studentaid.gov\/help-center\/answers\/article\/who-should-apply-for-parent-plus-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Parent<\/a>&nbsp;means your legal (biological and\/or adoptive) parent. A spouse of the student\u2019s biological or adoptive parent (a stepparent) could apply for a PLUS loan in certain circumstances.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"direct-plus-loans-eligibility\">Eligibility<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h5 class=\"wp-block-heading\">Graduate PLUS Loans&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credit-worthy graduate and professional students are eligible to borrow in the PLUS program if they are enrolled at least half-time, are degree-seeking and do not have an adverse credit history.&nbsp;<\/li>\n\n\n\n<li>The applicant will be ineligible if the credit history indicates \u201che or she is 90 days or more delinquent on any debt or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report\u201d. The credit history will not be reviewed by the Federal Direct Loan processor until Purdue has processed the accepted PLUS award.&nbsp;<\/li>\n\n\n\n<li>The borrower must be a U.S. citizen, U.S. national or permanent resident of the United States.&nbsp;<\/li>\n\n\n\n<li>The borrower cannot be in default on a federal education loan or owe a repayment of Federal Title IV aid.&nbsp;<\/li>\n\n\n\n<li>Financial need is not a requirement to obtain a PLUS Loan, but the borrower is responsible for the interest that accrues.&nbsp;<\/li>\n\n\n\n<li>Beginning in 2026-27, Grad PLUS Loans will no longer be available to new borrowers. <\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h5 class=\"wp-block-heading\">Parent PLUS Loans&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The parent of a degree-seeking dependent student is eligible to borrow in the Direct PLUS program if the student is enrolled at least half-time and meets satisfactory academic progress requirements, and the parent does not have an adverse credit history.&nbsp;<\/li>\n\n\n\n<li>The parental applicant will be ineligible if the credit history indicates \u201che or she is 90 days or more delinquent on any debt or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report.\u201d &nbsp;&nbsp;<\/li>\n\n\n\n<li>The borrower must be a U.S. citizen, U.S. national or permanent resident of the United States.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Financial need is not a requirement to obtain a PLUS Loan.&nbsp;&nbsp;<\/li>\n\n\n\n<li>The PLUS borrower is responsible for interest that accrues on a PLUS Loan.&nbsp;<\/li>\n\n\n\n<li>Beginning in 2026-27, PLUS Loan amount is limited to $20,000 per year per student with a lifetime maximum of $65,000 per student.<\/li>\n<\/ul>\n\n\n\n<p>    <em>NOTE: A parent is defined as a biological parent or custodial stepparent.<\/em><\/p>\n<\/div>\n<\/div>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"award-amounts-and-disbursements-graduate-and-parent-plus\">Award Amounts and Disbursements: Graduate and Parent PLUS&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PLUS Loan limits are determined by the estimated cost of attendance minus any other financial aid.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Note: For the Grad PLUS program, it is assumed the student will borrow the maximum amount available in the Federal Direct Educational Loans first.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"direct-plus-requirements\">Requirements: Graduate and Parent PLUS&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Master Promissory Note: The PLUS Loan Master Promissory Note is a multi-year or serial loan feature of the PLUS program. It allows borrowers to receive future Federal PLUS Loans without completing and signing additional promissory notes if the borrower remains eligible for Federal PLUS Loan and completes appropriate loan request processes. By signing only one promissory note, the delivery of PLUS loan funds will occur even faster because it eliminates the time it takes for a promissory note to be mailed, completed and returned to the loan service provider. Borrowers will use their Federal Student Aid (FSA) ID to sign their promissory note at&nbsp;<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">studentaid.gov.<\/a>&nbsp;<\/li>\n\n\n\n<li>Entrance Counseling, which should not be confused with Financial Awareness Counseling, will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower. If you have not previously received a Graduate or Parent PLUS Loan, the Federal Government requires you to complete loan counseling at\u202f<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">studentaid.gov<\/a>\u202fto ensure that you understand the responsibilities and obligations you are assuming. You will need to log in using your Federal Student Aid (FSA) ID and will need about 30 minutes to complete the counseling session.\u202f&nbsp;<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"direct-plus-repayment\">Repayment: Graduate and Parent PLUS&nbsp;<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan repayment may be deferred in the PLUS program if the student remains enrolled at least half-time (but interest accrues). For information regarding in-school deferments and payment plans please contact the Direct Loan Servicer at&nbsp;<a href=\"https:\/\/studentaid.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">studentaid.gov&nbsp;<\/a>or 1-800-557-7394.&nbsp;<\/li>\n\n\n\n<li>Borrowers can learn more about how interest rates, capitalization and loan fees will affect payments&nbsp;<a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">on the federal student aid site<\/a>.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"options-if-the-graduate-plus-loan-is-denied\">Options if the Graduate PLUS Loan is Denied&nbsp;<\/h5>\n\n\n\n<p>If the Graduate PLUS Loan application was denied due to adverse credit as determined by the Federal Direct Loan Center, two borrowing alternatives are in place to help compensate for the denial.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>You can appeal against the credit decision with the Federal Direct Loan Center.<\/em>&nbsp;This process will require you to complete PLUS Credit Counseling at the studentloans.gov website. If you appeal the credit decision with the Federal Direct Loan Center and are granted a credit override, please email&nbsp;<a href=\"mailto:facontact@purdue.edu\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>facontact@purdue.edu<\/strong><\/a>&nbsp;and include the loan application number, any reference number given to your case by the Direct Loan servicer and your Purdue ID (PUID) number.&nbsp;<\/li>\n\n\n\n<li><em>You can apply with an endorser.<\/em>&nbsp;This process will require you to complete PLUS Credit Counseling at the studentloans.gov website. Currently, Purdue only receives notifications of approved endorsed loans if the endorser application was completed electronically. Endorsed loans require manual intervention, so if you have completed a paper endorser application, you <strong>must <\/strong>email <a href=\"mailto:facontact@purdue.edu\" target=\"_blank\" rel=\"noreferrer noopener\">facontact@purdue.edu<\/a>&nbsp;and include the loan application number, any reference number given to your case by the Direct Loan servicer and your PUID. Providing us with the above information may speed up processing if you submit your endorser application electronically. Endorsed loans also require the parent borrower to sign a promissory note after the endorser has been approved.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"options-if-the-parent-plus-loan-is-denied\">Options if the Parent PLUS Loan is Denied&nbsp;<\/h5>\n\n\n\n<p>If the Parent PLUS Loan application was denied due to adverse credit as determined by the Federal Direct Loan Center, three borrowing alternatives are in place to help compensate for the denial.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The student can receive an additional Unsubsidized Federal Direct Loan.&nbsp;<\/em>Unless you indicated in your application that you are planning to pursue the endorser option, your student will automatically be reviewed for the additional Unsubsidized Federal Direct Loan. If eligible, an offer for the additional Unsubsidized Federal Direct Loan of $4,000-5,000 (depending upon grade level) will appear on their myPurdue account within 7-10 days. If your student wants this loan, they must accept it in their myPurdue portal.&nbsp;<\/li>\n\n\n\n<li><em>The parent can appeal the credit decision with the Federal Direct Loan Center.<\/em>&nbsp;This process will require the parent borrower to complete Parent PLUS Credit Counseling at the studentloans.gov website. If you appeal the credit decision with the Federal Direct Loan Center and are granted a credit override, please email&nbsp;<a href=\"mailto:facontact@purdue.edu\" target=\"_blank\" rel=\"noreferrer noopener\">facontact@purdue.edu<\/a>&nbsp;and include the loan application number, any reference number given to your case by the Direct Loan servicer and your student\u2019s Purdue ID (PUID) number.&nbsp;<\/li>\n\n\n\n<li><em>The parent can apply with an endorser.<\/em>&nbsp;Currently, Purdue only receives notifications of approved endorsed loans if the endorser application was completed electronically. Endorsed loans require manual intervention, so if you have completed a paper endorser application, you <strong>must <\/strong>email&nbsp;<a href=\"mailto:facontact@purdue.edu\" target=\"_blank\" rel=\"noreferrer noopener\">facontact@purdue.edu<\/a>&nbsp;and include the loan application number, any reference number given to your case by the Direct Loan servicer and your student\u2019s PUID. Providing us with the above information may speed up processing if you submit your endorser application electronically.&nbsp;<\/li>\n<\/ul>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-2a114c9f-16ca-4be4-ac14-b8c9c58e4d0f\">\n                    <button aria-controls=\"content-2a114c9f-16ca-4be4-ac14-b8c9c58e4d0f\" aria-expanded=\"false\"><strong>Health Professions Student Loans<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-2a114c9f-16ca-4be4-ac14-b8c9c58e4d0f\">\n                    \n\n<p>This is a low-interest federal loan available to professional students in Doctor of Pharmacy or Veterinary Medicine. <strong>Award based on level of financial need, and the available funding. <\/strong><\/p>\n\n\n\n<p>This loan is not part of the Direct Unsubsidized or Grad PLUS loan programs \u2014 any borrowing of the HPSL loan will have no impact on those loans. Eligibility requirements are outlined below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#health-professionals-eligibility\" data-type=\"internal\" data-id=\"#health-professionals-eligibility\">Eligibility<\/a><\/li>\n\n\n\n<li><a href=\"#health-professionals-award-amounts\" data-type=\"internal\" data-id=\"#health-professionals-award-amounts\">Award Amounts and Disbursements<\/a><\/li>\n\n\n\n<li><a href=\"#health-professionals-repayment\" data-type=\"internal\" data-id=\"#health-professionals-repayment\">Repayment<\/a><\/li>\n\n\n\n<li><a href=\"#health-professionals-requirements\" data-type=\"internal\" data-id=\"#health-professionals-requirements\">Requirements<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Apply<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"health-professionals-eligibility\">Eligibility&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Professional student in Doctor of Pharmacy or Veterinary Medicine who has successfully completed at least 72 college credits before being admitted as a professional student&nbsp;&nbsp;<\/li>\n\n\n\n<li>Must annually complete the current year FAFSA<\/li>\n\n\n\n<li>Must complete a HPSL determination form and parent tax documentation<\/li>\n\n\n\n<li>Demonstrate financial need determined by the information gathered on the HPSL form and the current year FAFSA<\/li>\n\n\n\n<li>Enrolled full-time in an eligible degree (8 credits or more)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"health-professionals-award-amounts\">Award Amounts and Disbursements&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The award amount depends on financial need as calculated by the Division of Financial Aid from FAFSA results.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"health-professionals-requirements\">Requirements&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Students must submit a FAFSA, HPSL determination form and parent tax documentation for consideration. All professional students will be considered independent according to the need analysis formula in Title VII of the Higher Education Act. Nonetheless, institutions still must take parents\u2019 information into account to award HPSL funds. This requirement cannot be waived. In cases where the parents refuse to provide income information, an affidavit documenting such a refusal cannot be accepted instead of the required information. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HSPL funds.&nbsp;<\/li>\n\n\n\n<li>The use of parental data on the HPSL determination form does not guarantee the student is awarded the HPSL, as these funds are limited each year.&nbsp;<\/li>\n\n\n\n<li>Entrance\/Exit Interviews are managed through Heartland <a href=\"https:\/\/home.ecsi.net\/\">ECSI<\/a> (Educational Computer Systems, Inc). Report to Heartland ECSI before dropping below half-time status, withdrawing, graduating, transferring or if there is a change of name and\/or address: <br><br><a href=\"https:\/\/home.ecsi.net\/\">ECSI<\/a> Federal Perkins Loan Servicer<br>PO Box 1079, Wexford, PA 15090<br>Phone: <a href=\"tel:18885493274\">1-888-549-3274<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"health-professionals-repayment\">Repayment&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Grace Period:<\/strong>&nbsp;The twelve-month period from the date student ceases half-time enrollment status. There is no interest if the principal balance is paid within the grace period.&nbsp;<\/li>\n\n\n\n<li><strong>Repayment:<\/strong>&nbsp;$50 minimum monthly payment. A larger amount may be required, if necessary, to repay a loan within the time limit.&nbsp;<\/li>\n\n\n\n<li><strong>Early Repayment Penalty<\/strong>: None.&nbsp;<\/li>\n\n\n\n<li><strong>Consequences of Delinquency<\/strong>&nbsp;(on Defaulted Loan made by Purdue): The account will be listed with a collection agency. The report will be made to a credit bureau. Readmission to Purdue University will be denied, and official transcripts withheld. All further aid at Purdue University will be denied to students. Legal action will be taken on extended default.<\/li>\n<\/ul>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none has-padding-bottom-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion has-no-bottomborder\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-cdebf572-bc3c-4a60-8c11-41cfa8ff5ad3\">\n                    <button aria-controls=\"content-cdebf572-bc3c-4a60-8c11-41cfa8ff5ad3\" aria-expanded=\"false\"><strong>Purdue Loans<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-cdebf572-bc3c-4a60-8c11-41cfa8ff5ad3\">\n                    \n\n<p>A low-interest institutional loan is available during the upcoming academic year to undergraduate juniors and seniors, who complete the FAFSA by April 15, have demonstrated financial need, are enrolled at least half-time in a degree-seeking program, and have borrowed through the Purdue Loan program in prior academic years.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#purdue-loan-eligibility\" data-type=\"internal\" data-id=\"#purdue-loan-eligibility\">Eligibility<\/a><\/li>\n\n\n\n<li><a href=\"#purdue-loan-award-amounts\" data-type=\"internal\" data-id=\"#purdue-loan-award-amounts\">Award Amounts and Disbursement<\/a><\/li>\n\n\n\n<li><a href=\"#purdue-loan-requirements\" data-type=\"internal\" data-id=\"#purdue-loan-requirements\">Requirements<\/a><\/li>\n\n\n\n<li><a href=\"#purdue-loan-repayment\" data-type=\"internal\" data-id=\"#purdue-loan-repayment\">Repayment<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">How to Apply<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"purdue-loan-eligibility\">Eligibility&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Must be a degree-seeking undergraduate senior student enrolled at least half-time (6 credit hours).<\/li>\n\n\n\n<li>Must have borrowed a Purdue loan in a prior academic year.&nbsp;<\/li>\n\n\n\n<li>Must be a U.S. citizen, U.S. national or permanent resident of the United States.&nbsp;<\/li>\n\n\n\n<li>Must have a current Free Application for Federal Student Aid (FAFSA) submitted.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"purdue-loan-award-amounts\">Award Amounts and Disbursement&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan Amounts Annual Maximum: Depends on financial need as calculated by the Division of Financial Aid. The maximum award is generally $3,000 for resident students and $5,000 for non-resident students.<\/li>\n\n\n\n<li>Aggregate Maximums: Undergraduate \u2013 $30,000 | Graduate \u2013 $50,000.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"purdue-loan-requirements\">Requirements&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Promissory Note: You will be required to sign a promissory note 1-2 days after accepting your loan. Heartland ECSI, the third-party loan servicer, will send you an email within this timeframe indicating when your promissory note is available. You must sign a new promissory note each time you accept a Purdue Loan or increase an existing Purdue Loan. Borrowers can complete this requirement&nbsp;<a href=\"http:\/\/www.ecsi.net\/prom3P\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>here<\/strong><\/a>. Please allow 3-4 business days for our office to download the completed requirement and update your myPurdue account. (Please note: This promissory note is separate from any Stafford Loan requirement).&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Notify Heartland ECSI if there is a Change of Name and\/or Address:<\/strong>&nbsp;<\/p>\n\n\n\n<p>ECSI Federal Perkins Loan Servicer<br>PO Box 1079, Wexford, PA 15090<br>Phone: <a href=\"tel:18885493274\">1-888-549-3274<\/a><br><a href=\"http:\/\/www.heartlandecsi.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.heartlandecsi.com<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"purdue-loan-repayment\">Repayment<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Grace Period:<\/strong>&nbsp;The six-month period from the date student ceases half-time enrollment status. No interest accrues during the grace period. No payments are due, but voluntary payments may be made to reduce interest after the grace period.&nbsp;<\/li>\n\n\n\n<li><strong>Repayment:<\/strong>&nbsp;$50 minimum monthly payment. A larger amount may be required, if necessary, to repay a loan within the time limit.&nbsp;<\/li>\n\n\n\n<li><strong>Early Repayment Penalty<\/strong>: None.&nbsp;<\/li>\n\n\n\n<li><strong>Consequences of Delinquency<\/strong>&nbsp;(on Defaulted Loan made by Purdue): The account will be listed with a collection agency. The report will be made to a credit bureau. Readmission to Purdue University will be denied and official transcripts withheld. All further aid at Purdue University will be denied to students. Legal action will be taken on extended default.&nbsp;<\/li>\n<\/ul>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"purdue-accordion-wrap  purdue-accordion-wrap--small\">\n    <div class=\"section has-none-background has-padding-top-none\">\n        <div class=\"container\">\n            <div class=\"purdue-accordion\">\n                <h3 class=\"accordion__heading purdue-accordion__title  purdue-accordion__title--small\" id=\"title-d618a1fa-d5ec-43aa-861c-a23c2ca004dc\">\n                    <button aria-controls=\"content-d618a1fa-d5ec-43aa-861c-a23c2ca004dc\" aria-expanded=\"false\"><strong>Private Loans<\/strong><\/button>\n                <\/h3>\n                <div class=\"accordion__content purdue-accordion__content\" id=\"content-d618a1fa-d5ec-43aa-861c-a23c2ca004dc\">\n                    \n\n<p>Purdue University students borrow from a variety of private lenders.&nbsp;The Division of Financial Aid Office does not recommend any particular lender; these tools are provided to assist you in looking for a private education loan that best fits your needs.<\/p>\n\n\n\n<p>See our <a href=\"https:\/\/www.purdue.edu\/dfa\/apply\/loans\/\">Apply for Aid \u2013 Private Loans<\/a> page for additional information on comparing and choosing the best lender for you.<\/p>\n\n\n\n<p>Once borrowers have chosen a lender, an application must be completed on the lender\u2019s website. As a borrower, you have the option to select any lender you choose. Please understand that we will process a loan with a lender that is not listed. If you have questions regarding the process, please contact our office.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">General Information about Private Educational Loans&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Private loans may have higher interest rates that accrue while the student is enrolled.&nbsp;<\/li>\n\n\n\n<li>Requires good credit history for student (or co-borrower) to be approved for the loan.&nbsp;<\/li>\n\n\n\n<li>Lenders require international borrowers to have a U.S. Citizen or permanent resident co-signer.&nbsp;<\/li>\n\n\n\n<li>Most lenders require that a student be enrolled at least half-time in a degree-seeking program.&nbsp;<\/li>\n\n\n\n<li>Must complete a Self-Certification Form to provide financial aid information to your lender. This can be accessed on the Accept Award Offer and Cost of Attendance tabs of the student\u2019s myPurdue account.&nbsp;<\/li>\n\n\n\n<li>Due to the requirements of the private lenders, we recommend that you apply at least three weeks prior to the date you need the funds and comply quickly with information requests from your lender.&nbsp;<\/li>\n\n\n\n<li>Some lenders have products that parents and\/or other willing people can borrow on behalf of the student.&nbsp;<\/li>\n<\/ul>\n\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":24,"featured_media":0,"parent":27,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-676","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/pages\/676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/comments?post=676"}],"version-history":[{"count":165,"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/pages\/676\/revisions"}],"predecessor-version":[{"id":6241,"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/pages\/676\/revisions\/6241"}],"up":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/pages\/27"}],"wp:attachment":[{"href":"https:\/\/www.purdue.edu\/dfa\/wp-json\/wp\/v2\/media?parent=676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}