Lori Meadows
Purdue Global offers various financial resources to help students pay for their education. Students can apply for federal and state aid, including loans and grants, and learn about loan repayment plans, deferments, and more. Students who wish to decline, cancel, or reduce their loans must notify the Student Finance Office by sending an email to [email protected]. They will receive a notification when their loan funds are posted to their student account and will have an opportunity to decline, cancel, or reduce their loan amount at that time.
| Characteristics | Values |
|---|---|
| How to cancel a student loan | Notify the Student Finance Office by sending an email to [email protected] |
| When to cancel a student loan | At the time your student loans are disbursed, you will receive a notification from the university |
| Who is eligible for federal student loans? | Undergraduate students must be enrolled in at least 6 quarter credit hours per term; graduate students enrolled in programs that consist of 10-week terms must be enrolled in at least 4 quarter credit hours per term |
| Who is eligible for private loans? | Determined independently by the company in question |
| What is the full-time status at Purdue Global? | Enrollment in 12 quarter credit hours for undergraduate students and 8 quarter credit hours for graduate students |
| What is the Returning Student Relief Grant? | A grant that clears outstanding debt (maximum $4,500) owed directly to Purdue Global for prior enrollment |
| How to get prior debt waived? | Successfully complete the first term following reenrollment and meet all academic requirements to maintain the Returning Student Relief Grant |
| How to apply for a Direct Loan? | Complete a Free Application for Federal Student Aid (FAFSA) and electronically sign a Master Promissory Note (MPN) |
| How are institutional refunds calculated? | Refer to the Tuition Refund Chart |
| How to pause studies? | Contact your advisor and complete a leave of absence (LOA) request |
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What You'll Learn
Cancelling a federal student loan
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 receive a notification when your loan funds are posted to your student account, and you will have the opportunity to decline, cancel, or reduce your loan amount at that time.
Now, here is some information about cancelling a federal student loan in general.
If your loan has not yet been disbursed to you, you can cancel it at any time. If your loan is still in an offered status, you can decline all or part of it online. If you have already accepted your loan and now wish to cancel all or part of it, you can visit the relevant webpage for instructions on completing a Change in Aid Request to cancel the loan. If your loan money has already been disbursed, there are two ways to cancel all or part of your loan: notify Student Accounts Services within 14 days of their notification that your loan funds have been credited to your account or by the first day of classes, whichever is later.
You do not have to pay interest, loan fees, or any rebate amount on the cancelled portion of your loan.
It is important to note that cancelling a federal student loan is different from student loan forgiveness. Public Service Loan Forgiveness (PSLF) allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years) while working for a qualifying public service employer. This includes government, military, state, local, tribal, or certain non-profit organizations. Most federal student loans are eligible for at least one income-driven repayment (IDR) plan, which caps monthly payments based on income and family size. Under IDR plans, the remaining loan balance may be forgiven after 20 or 25 years of repayment.
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Cancelling a private loan
Your eligibility for private loans and insurance will be determined independently by the company in question. Many insurance agencies require students to be enrolled "full-time" to qualify for full coverage. For undergraduate students, full-time status at Purdue Global requires enrollment in 12 quarter credit hours per term, and for graduate students enrolled in 10-week programs, it's 8 quarter credit hours per term.
If you wish to cancel the amount of your loans, you must notify Student Finance by sending an email to [email protected]. At the time your student loans are disbursed, you will receive a notification when your loan funds are posted to your student account, and you will be provided an opportunity to decline, cancel, or reduce your loan amount.
If you withdraw from the University up through the 60% point in any payment period and received federal financial aid in the form of grants or loan funds, federal law requires that the University, and sometimes the student, return the funds that were not earned to the U.S. Department of Education. All refunds due will be made within 45 days of the University determining you are no longer enrolled.
If you pause your studies in the middle of a term, this can impact your funding and/or loan deferment. You should speak with the Student Finance Office prior to submitting a leave of absence (LOA) request. You may request up to two LOAs per calendar year, and each pause in studies may be between four weeks and two terms long. Your return date will also depend on course availability.
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Cancelling a Pell Grant
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 student loans are disbursed and you receive a notification.
Now, here is some information about cancelling a Pell Grant:
Pell Grants are awarded to undergraduate students who have not earned a bachelor's, master's, or professional degree previously. The maximum Pell Grant award for the 2024-2025 award year (July 1, 2024, through June 30, 2025) is $7,395.
Students who wish to decline or request a refund of any Pell Grant disbursement within the same award year must complete and submit a signed Federal Pell Grant Decline/Return Acknowledgement form to the University. They will be responsible for any balance created by declining or returning a Pell Grant.
Students can decline all or part of a disbursement of Pell Grant funds that they are eligible to receive. They may wish to do this if they expect to qualify for a larger Pell Grant in future years due to a change in circumstances. To decline, students must submit a signed, written statement to the school, indicating their decision and understanding that the funds may not be available after the award year.
Students may also return all or a portion of their Pell Grant funds, as long as this is done within the same award year. The process is similar to declining the grant, requiring a signed, written statement to be delivered to the school. The student must then return the funds directly to the school, which will submit the required adjustment records to the Common Origination and Disbursement (COD) System.
It is important to note that the maximum timeframe for receiving a Federal Pell Grant is 12 semesters, and a student is no longer eligible once their Pell Grant Lifetime Eligibility Used (LEU) reaches 600%.
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Cancelling before funds are disbursed
To cancel a student loan at Purdue University Global, you must notify the Student Finance Office before the disbursement of funds. You can do this by sending an email to [email protected]. It is important to note that you will receive a notification from the university when your loan funds are posted to your student account, and you will have the opportunity to decline, cancel, or reduce your loan amount at that time.
Purdue Global offers various financial resources to assist students in funding their education, including federal and state aid, as well as private loans and insurance. Federal loans are typically lower-interest rate loans that offer a grace period before repayment begins and multiple repayment plans. 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 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, which at Purdue Global means enrolling in 12 quarter credit hours for undergraduates and 8 quarter credit hours for graduates.
If you decide to withdraw from the university, you may be subject to the Purdue Global Refund Policy, and federal law requires the university to recalculate your financial aid eligibility. It is important to note that if you have received federal financial aid, your eligibility for future aid may be impacted. Additionally, if you have already entered the repayment phase of your student loans, you are entitled to a 6-month grace period before resuming repayment after withdrawing.
Students who received the Federal Pell Grant and wish to decline or request a refund must complete and submit a signed Federal Pell Grant Decline/Return Acknowledgement form to the university. It is important to remember that declining or returning a Pell Grant may result in a balance owed to the university.
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Cancelling after funds are disbursed
If you are a student at Purdue University Global and you want to cancel your student loan after the funds have been disbursed, there are a few things you should know. Firstly, it is important to understand that your eligibility for various forms of financial aid, including loans, grants, and work-study programs, is determined by your enrollment status and academic progress. Federal grant eligibility, for instance, is limited to students in undergraduate programs, and federal loans require undergraduate students to be enrolled in at least 6 quarter credit hours per term. Graduate students have their own set of requirements.
Now, if you have already received disbursement of your student loan, you will receive a notification from the university when the loan funds are posted to your student account. At this point, you will also be given the opportunity to decline, cancel, or reduce your loan amount by contacting the Student Finance Office. You can do this by sending an email to [email protected]. It is important to note that if you decide to cancel your loan after disbursement, you may be responsible for any balance that was covered by the loan.
In the case of Pell Grants, for example, if you wish to decline or request a refund of any disbursement within the same award year, you must complete and submit a signed Federal Pell Grant Decline/Return Acknowledgment form to the university. By doing so, you will be fully responsible for any balance created by declining or returning the grant.
Additionally, if you need to pause your studies or withdraw from the university, it is important to understand how this will affect your financial aid and loan status. If you withdraw, federal law requires the university to recalculate your eligibility for financial aid based on the percentage of earned aid using the Federal Return of Title IV Funds formula. This could result in you owing money back to the university or to the financial aid programs. To pause your studies, contact your advisor to complete a leave of absence (LOA) request, but be aware that this may impact your funding and loan deferment.
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Frequently asked questions
To cancel your student loan, you must notify the Student Finance Office by sending an email to [email protected].
If you cancel your student loan after the funds have been disbursed, you will be responsible for any balance created. You will receive a notification when your loan funds are posted to your student account, and you will have the opportunity to decline, cancel, or reduce your loan amount at that time.
To be eligible for federal loans, undergraduate students must be enrolled in at least 6 quarter credit hours per term. Graduate students enrolled in 10-week programs must be enrolled in at least 4 quarter credit hours per term.
Your enrollment status impacts your eligibility for federal grants and loans. For private loans and insurance, eligibility is determined independently by the company in question. Many insurance agencies require full-time enrollment for full coverage.
If you withdraw from the university, federal law requires Purdue University Global to recalculate your eligibility for financial aid based on the percentage of earned aid using the Federal Return of Title IV Funds formula. You may be subject to the Purdue Global Refund Policy.
