Canceling Student Loans: Purdue University Global's Guide

Purdue Global offers a variety of financial resources to help students pay for their education, including federal and state aid, loans, grants, and federal financial aid. Students can also explore ways to lower their tuition costs. Purdue Global students are eligible to apply for the Title IV federal student loan programs. Students who wish to cancel their student loans at Purdue Global must notify the Student Finance Office by sending an email to [email protected].

Cancelling a student loan at Purdue Global: Contact the Student Finance Office

If you are a student at Purdue Global and you wish to cancel your student loan, you must notify the Student Finance Office. You can do this by sending an email to [email protected].

It is important to note that you will have the opportunity to decline, cancel, or reduce your loan amount when your student loans are disbursed and you receive a notification that your loan funds have been posted to your student account.

If you are pausing your studies, you should also contact the Student Finance Office prior to submitting a leave of absence (LOA) request, as this can impact your funding and/or loan deferment. You may request up to two LOAs per calendar year, and each pause in studies may be between four weeks and two terms long. If you are taking a leave of absence of less than four weeks, discuss with your faculty the options to make up the missed coursework. If you pause your studies during a term, you will receive a "W" grade for each attended course, unless the pause starts in the final two weeks of the term, in which case you will receive a temporary "IP" grade until it is finalized at the end of the term.

Purdue Global offers a variety of ways to lower your tuition costs and help you pay for school. For example, the Returning Student Relief Grant was developed to encourage withdrawn students who meet eligibility requirements to re-enroll and complete a program of study. The Grant clears outstanding debt (maximum $4,500) owed directly to Purdue Global for prior enrollment. Additionally, the DREAMers Education Initiative is designed to give highly motivated DREAMers personalized student support services to succeed in their educational goals.

How to avoid repaying student loans: Re-enrol at Purdue Global

Purdue Global offers various financial resources to help students pay for their education. Students can apply for federal and state aid, as well as explore other options like loans, grants, and federal financial aid.

If you are looking to avoid repaying your student loans, one option is to re-enrol at Purdue Global. Here are the steps you need to take:

Firstly, ensure that you meet the admissions requirements for the program of study and are fully accepted into the program. It is important to note that you will need to reapply for admission if you do not return to class by the scheduled date and later choose to return to Purdue Global.

Secondly, enrol in at least two courses per term (if you are an undergraduate student) or one course per term (for graduate students). This is a requirement for maintaining your enrolment status and federal grant eligibility.

Additionally, maintain satisfactory academic progress as outlined in the University Catalog. Purdue Global requires students to meet specific standards, such as the Satisfactory Academic Progress (SAP) standards.

It is also important to stay current on the repayment of any federal student loans. Federal loans typically offer a grace period before repayment begins, but if you have already used this grace period, you will need to start repaying immediately.

Finally, be continually enrolled at Purdue Global, with the exception of military leaves of absence, as outlined in the University Catalog.

By following these steps, you can maintain your enrolment at Purdue Global and potentially avoid repaying your student loans. It is important to carefully review the University's policies and guidelines and consult with a financial advisor or student support services to understand your specific situation and options.

Cancelling a student loan: The 3-week trial period

Purdue Global offers a 3-week trial period for new qualifying undergraduate students. Students who decide during this period that they do not wish to continue with the program will not be charged. However, no credits are earned if a student withdraws during the trial.

To cancel your student loan within the 3-week trial period, you must notify the Student Finance Office of your intent to withdraw from the program. You can do this by meeting with a Student Advisor via telephone, mail, or electronic notification to discuss your decision. Once you have officially notified the Student Advisor, you should then contact the Student Finance Office.

It is important to note that if you have already been awarded financial aid, such as federal student loans or Pell Grants, you should refer to the Return of Title IV Financial Aid section of the Purdue Global Financial Aid Information Guide for specific calculation information on institutional refunds. Additionally, if you are using Veterans education benefits, a notice of termination of enrollment will be sent to Veterans Affairs.

If you choose to continue your studies at Purdue Global after the 3-week trial period, you will be billed for the full first term's tuition, including the trial period. To be eligible for federal loans, undergraduate students must be enrolled in at least 6 quarter credit hours per term, and graduate students enrolled in 10-week terms must be enrolled in at least 4 quarter credit hours per term.

Cancelling a student loan: The Return of Title IV Financial Aid

Purdue Global offers various financial resources to help students pay for their education. Students can apply for federal and state aid, as well as explore loan repayment plans and deferment options. Purdue Global students are eligible to apply for the Title IV federal student loan programs, which include Federal Direct Subsidized, Federal Direct Unsubsidized, and Federal Direct Parent/Graduate PLUS loans.

To cancel a student loan at Purdue Global, you must notify the Student Finance Office by sending an email to [email protected]. You will also have an opportunity to decline, cancel, or reduce your loan amount when your student loans are disbursed and you receive a notification that your loan funds have been posted to your student account.

Now, let's delve into the topic of cancelling a student loan and the Return of Title IV Financial Aid. Title IV funds are awarded to students with the expectation that they will attend school for the entire period for which the assistance is provided. However, if a student withdraws from school, the amount of Title IV assistance they have earned up to that point is calculated using a specific formula known as the R2T4 calculation. This calculation determines whether the student has received more or less assistance than they earned. If the student received more assistance than they earned, the excess funds must be returned by the school and/or the student. On the other hand, if the student received less assistance than they earned, they may be eligible to receive additional funds.

Federal guidelines outline the order in which different types of aid are reduced when returning Title IV funds. The types of aid included in this process are Direct Subsidized Loan, Direct Unsubsidized Loan, Parent PLUS Loan, and Pell Grant. The specific amounts to be repaid or disbursed are calculated based on the percentage of the term completed by the student.

It is important to note that the Return of Title IV Funds policy also applies to students who do not officially withdraw but receive a combination of non-passing grades (F, N, W, or X) in all courses in a particular term. In such cases, the student may be expected to repay a portion of their financial aid.

Cancelling a student loan: Full-time status and eligibility

To cancel a student loan at Purdue University Global, you must notify the Student Finance Office by sending an email to [email protected]. You will also be provided with an opportunity to decline, cancel, or reduce your loan amount when your loan funds are posted to your student account.

Full-time status is an important factor in determining eligibility for financial aid and loan forgiveness. At Purdue University Global, full-time status for undergraduate students requires enrollment in 12 quarter credit hours per term, while graduate students must be enrolled in 8 quarter credit hours per term for programs on a 10-week schedule. Federal grant eligibility varies based on enrollment status and is limited to undergraduate students. To be eligible for federal loans, undergraduate students must be enrolled in at least 6 quarter credit hours per term, while graduate students in 10-week term programs must be enrolled in at least 4 quarter credit hours per term.

Additionally, some loan and insurance companies require borrowers to be enrolled as full-time students to qualify for assistance. This requirement varies by company, so it is important to contact your provider to understand how your enrollment status may affect your eligibility.

It is worth noting that pausing your studies in the middle of a term can impact your funding and loan deferment. If you need to take a break, you can request a leave of absence (LOA) with the help of your advisor, but be sure to speak with the Student Finance Office first to understand the potential financial implications.

Lastly, federal student loans through the Department of Education (ED) may qualify for forgiveness after a certain number of payments. The PSLF program, for example, forgives loans after 120 qualifying payments (10 years) while working for a qualifying public service employer. Additionally, borrowers with at least 20 or 25 years of eligible payments for IDR forgiveness will have their loans forgiven as they reach these milestones.

Frequently asked questions