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.
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2 = CollegeAve Autopay Disclaimer: All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
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|3.94% – 12.19%1||Undergraduate, Graduate, and Parents||Visit Citizens|
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