Institutional Grants
RMC students received approximately $2.4 million in university grants in 2006-2007. These funds are awarded to students who demonstrate financial need and who submit parent data on both the FAFSA and the Institutional Application. Below you'll find a summary of the RMC grant distribution for 2006-07.
NOTE: grant amounts are subject to change from year to year, and therefore, what is available in one year may not be available in future years.
Number of Enrolled RMC students:
527
Number of RMC students who received grant assistance:
309 (58.6%)
Median parent 2005 Adjusted Gross Income for those receiving grants:
$88,800
Annual grants range from:
$1,000 to $14,500
Institutional Loans
Approximately $1.4 million in Rush University based loans are also awarded annually. Rush based loans are interest free while in school and during the 6-month grace period following graduation. After the grace period, payment begins at 5% interest. Eligibility for these loans is based on submission of both student and parent data (same as institutional grants). Below you'll find a summary of the RMC institutional loan distribution for 2006-07.
Number of Enrolled RMC students:
527
Number of RMC students who received loan assistance:
310 (58.8%)
Median parent 2005 Adjusted Gross Income for those receiving loans:
$78,100
Annual grants range from:
$1,000 to $6,000
Perkins Loans
In addition to university based grants and loans, Federal Perkins Loans are awarded to students demonstrating financial need. As with university grants and loans, there are insufficient funds to award all students therefore, both student and parent data are used to determine eligibility for funds. 294 students were awarded $1.2 million in 2006-07; the maximum annual loan amount for the Perkins Loan is $6,000.
Borrowing while at Rush
The majority of students will find it necessary to borrow funds to help meet the cost of education ("cost of education" encompassing the expense of living as well as paying for tuition). Even though most would rather not think about their loan debt until after graduation, concerns about the ability to make loan repayments may create anxiety while in school.
Below is the average educational debt incurred by RMC students who graduated in June 2007 who borrowed while attending Rush:
Number of 2007 RMC graduates who borrowed:
94
Average debt of those 94:
$159,210
To help students better understand these loan obligations, web resources are available to help with budgeting and to calculate loan repayments. The web resources could be either your Federal Stafford lender's site or www.finaid.org (an excellent resource for any aid question).
The AAMC website offers a number of helpful topics regarding financial aid for medical school. Reviewing these topics will provide a more thorough understanding of the issues surrounding the financing of a medical education. Follow the below links to the AAMC website to learn more.
- Financial Advising as a Pre-Med
- Strategies for Transition to Medical School
- Credit and Consumer Debt
- Advisors in Medical School
- Sources of Funding
- Medical School Expenses
- Critical Financial Issues for a Student
-
General
Financial Skills
-
Financial
Management PGY 1
-
Skills
for PGY-2 and After
- Career
Planning and Preparation for Entering a Practice
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