If you’re looking for private student loans for Kaplan University, you’ll be surprised to know the school made headlines last year when it was sold for just $1 to Purdue University, merging the for-profit school and the public college into one entity: Purdue University Global. It was a move that Purdue hoped would give it an edge in online and adult education.
Now, Purdue University Global serves as the main online education arm for Purdue University. They offer 180 online programs at the undergraduate, graduate, and doctoral levels.
How much does Kaplan University (now Purdue University Global) cost?
The cost of a degree at Purdue University Global varies, depending on the degree level, coursework, and whether the degrees are online or in class.
Under the school’s Tuition Cap program, the cost of some degrees is capped at a fixed amount. Degrees that are part of this unique program have the same price per quarter credit hour as other undergraduate programs — $371. However, there’s a ceiling on the total you have to pay to obtain a degree. For programs that qualify, the cost of an associate’s degree for the 2018-2019 school year is capped at $22,500 and the cost of a bachelor’s degree is $45,000.
If you enroll in a Tuition Cap program through Purdue University Global, you won’t have to pay more than the maximum amount to obtain your degree, even if you have to retake courses. More information about which degrees are eligible for the program is available on this FAQ page.
Even this capped price can be prohibitive if you’re not sure how to pay for school. But there are many options to help you fund your education.
How to pay for Purdue University Global
The cost of a degree through Purdue University Global might seem high, but there are many ways to help cover tuition and expenses. Here are financing options for parents and students that could make attending the school a realistic opportunity.
Scholarships and grants
You always should search for scholarships and grants from a variety of institutions.
Purdue also offers awards. For example, the school provides a military spouse scholarship to qualifying students. The scholarship covers up to 47% of tuition costs and allows all the courses to be taken online in undergraduate studies. To qualify, you must be a high school graduate with a GPA of 2.75 and be a spouse of a current or retired service member.
There also could be several ways to earn a grant to attend Purdue University Global. Based on your financial need, you can apply for federal grants such as the Pell Grant or the Federal Supplemental Educational Opportunity Grant.
You also might qualify for a state grant, depending on where you live. The school has listed the specific grants it recommends you apply for if you live in Florida, Maine, and Vermont.
Want to see more options? View our full list of state grants to see if you might be eligible for additional funding.
Federal student loans
There are three types of federal student loans offered by the U.S. Department of Education to help you pay for college.
Direct Subsidized Loan: To qualify for a federal Direct Subsidized Loan, you must prove financial need and be an undergraduate student. The government will pay the interest on the loan while you’re in school and for the first six months after you graduate. The amount you can borrow depends on the cost of attendance, your years in school, and other financial aid you’ve received. Direct Subsidized Loans have an interest rate of 4.45% for the 2017-18 school year. If you’re eligible for such loans, they are a smart option because of the low interest rates and subsidized interest.
Direct Unsubsidized Loan: Most graduate or undergraduate students are eligible for this type of loan because financial need is not a requirement. However, borrowers are responsible for all interest charges. The interest will begin accruing when you’re in school, but you don’t have to make a payment until six months after you graduate. For undergraduates, the interest rate for Direct Unsubsidized Loans also is 4.45% for the 2017-18 school year. Graduate or professional students face interest rates of 6.00%
PLUS Loan: Graduate students or parents of undergraduates could qualify for this type of federal loan. Any delinquencies in your credit report could prohibit you from getting approved. Interest accrues on the loan while you’re in school. The interest rate is 7.00% and there is a loan disbursement fee of 4.264%.
Interest rates for federal student loans are set by federal law and are fixed for the loan’s entire term. Some federal student loans may also be eligible for other benefits, such as income-driven repayment or loan forgiveness.
To apply for these loans, you must complete the Free Application for Federal Student Aid (FAFSA) every year.
Private student loans for Kaplan University (now Purdue University Global)
If grants, scholarships, and federal loans don’t cover the total cost of your education, private student loans for Purdue University Global might be an option to make up the difference.
Private student loans are issued by private lenders, so factors such as interest rates, loan terms, fees, and eligibility vary from lender to lender. One thing all private loans have in common is that reputable lenders will check your credit history to determine your eligibility, how much money to lend, and what interest rate to charge you.
If you don’t have a healthy credit history, it could be challenging to get private student loans. In that case, most private lenders will let you add a creditworthy cosigner to the loan.
Affording Purdue University Global is possible
The cost of a degree might seem intimidating at first, but once you research your options you might be surprised at what you can afford.
If you’re worried Purdue University Global is out of your price range, don’t stress. Take it step by step and review all the options available to you.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.97% – 12.97%3||Undergraduate and Graduate||Visit Ascent|
|4.34% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|4.00% – 13.00%6||Undergraduate and Graduate||Visit SunTrust|
|4.72% – 9.81%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.19% – 12.06%9||Undergraduate, Graduate, and Parents||Visit Citizens|