Student Loans  How Much Can I Borrow? Parent PLUS Loan  Graduate PLUS Loan

Private Loans Perkins Loans (Cancelled)  NSLDS

Student Loans

Federal Direct Student Loans are low-interest loans for eligible students to help cover the cost of attendance. Eligible students borrow directly from the U.S. Department of Education and are assigned to a loan servicer. Undergraduate students must be enrolled for at least six credits (half-time), while graduate students must be enrolled for at least five credits to be eligible for Direct Student Loans.

How Much Can I Borrow?

Parent PLUS Loan

A PLUS loan is meant to assist families in covering costs beyond any student financial aid. PLUS Loans are borrowed through the Department of Education and assigned to a loan servicer.

Graduate PLUS Loan 

A Graduate PLUS loan is only available for graduate students working toward their master’s or other professional degree. Unsubsidized Direct Loan should be used first.

Federal Perkins Loans (Program is Cancelled)

Important: the Federal Perkins Loan Program has been cancelled by the federal government as of July 1, 2018.

Perkins is a low-interest federal student loan program. Funds are limited and not guaranteed from year to year. The loan is awarded through Purchase and the loan servicer is the Student Loan Servicing Center (SLSC).

  • The interest rate is fixed at 5.0 percent.
  • Must have financial need.
  • No origination fee.
  • Repayment begins nine months after leaving school.

Private Loans

View a detailed comparison of alternative loans and federal student loans.

Most experts believe that federal student loans are better than private education loan in terms of repayment options and interest rates. Purchase College’s policy is that it will not certify a private loan that is greater than a student’s Cost of Attendance. Student Financial Services at Purchase College does not steer or influence students in regards to private loan lenders and cannot give out suggested lenders.