How to Pay for Purdue University Global (Formerly Kaplan University)

 October 8, 2020
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how to pay for kaplan university

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Whether you’re a new student, a transfer student or an older adult looking to re-enter higher learning, Purdue University Global (formerly Kaplan University) is worth checking out.

Serving as the main online education branch for Purdue University — it purchased Kaplan in 2018 — the school offers 175 online programs at the associate, bachelor, graduate and doctoral degree levels.

Purdue University Global has tuition cap programs, plus discounts for military service members and their spouses. Like most traditional colleges, it provides support to students seeking financial aid, and students can also take out federal or private loans to attend, just as they would at a traditional, brick-and-mortar institution.

To get the full picture on how to pay for Purdue University Global, let’s look at the following:

Costs and tuition caps at Purdue University Global (formerly Kaplan)

Purdue University Global’s tuition depends on the degree level, coursework, and whether a student is enrolled at the online campus or attending the campus in Indianapolis.

Under the school’s Tuition Cap program, the cost of some bachelor’s and associate degrees is capped at a fixed amount, however you do have to pay a $200 fee per term for the cap.

Degrees that are part of this unique program have the same price per quarter-credit hour as other undergraduate programs – $280 for Indiana residents and $371 for all other registered students.

However, there’s a ceiling on the total you have to pay to obtain a degree. You’ll need to check with Purdue’s financial aid office to find out what the current caps are, as they can change. Generally, there will be different limits depending on whether you’re seeking an associate or bachelor’s degree.

If you enroll in a Tuition Cap program through the financial aid office at Purdue University Global’s (formerly Kaplan University’s) financial aid office, you won’t have to pay more than the maximum amount to obtain your degree, even if you have to retake courses.

But if Purdue University Global’s prices still seem out of reach and if you’re not sure how to pay for school, 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 for an online school, but there are many ways to help cover tuition and expenses.

You always should search for scholarships and grants from a variety of institutions. Below are financing options for parents and students that could make attending the school a realistic opportunity:

Purdue University Global awards and grants

Purdue University Global offers a Returning Student Relief Grant, which was created to encourage students who withdraw from school to re-enroll and finish their program. The grant wipes clean up to $4,500 in student loan debt owed to Purdue University Global for previous enrollment and unfinished coursework.

If you are a new student, federal grants such as the Pell Grant or the Federal Supplemental Educational Opportunity Grant (FSEOG) are options, and you can view our full list of state grants to see if you might be eligible for additional funding.

Purdue University Global’s program for military service members

The school also provides aid to qualifying military service members, their spouses and veterans. If you are a current service member in the military, a Purdue University Global scholarship covers a reduction of up to 55% per credit on tuition costs.

In addition, spouses of service members qualify for a 10% per-credit tuition reduction, and veterans are offered a 38% per-credit tuition reduction for undergraduate programs.

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 2.75% for the 2020-2021 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 2.75% for the 2020-2021 school year. Graduate or professional students face interest rates of 4.30%.
  • 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 5.30% for the 2020-2021 school year, and there is a loan disbursement fee of 4.236%.

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 federal loans, you must complete the Free Application for Federal Student Aid (FAFSA) every year.

Private student loans for 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.

The factors of private student loans 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.

Before you do this, shop around and compare rates for private student loans and make sure you understand the pros and cons of getting a private student loan.

How to keep Purdue University Global affordable

The cost of a Purdue University Global degree might seem intimidating at first, but once you research your options you might be surprised at what you can afford.

But 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.

There are many ways you can pay for higher education from applying to specialized grants to looking into income-share agreements, and make sure you reach out directly to Purdue University Global to find out how the school’s financial aid office might be able to assist you.

Maya Dollarhide contributed to this story.

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