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Getting Started University Costs Forms Grants and Loans Aid Award Stafford Loan Loan Repayment Contact Us Financial Aid Home |
Maintaining a good credit history is important because many graduate students and some undergraduate students may have to borrow money through a privately supported loan program. Loans backed by a private agency require a good credit score which is determined by your credit history. These loans are viewed as a special type of consumer loan, and therefore, a potential borrower must meet the established credit criteria. Applicants who have negative credit items or delinquency patterns are considered "high risk" by private loan agencies, and may either be denied a loan, may have a higher interest rate or may need a co-signer. All students - Rush University is unable to fund students who, because of a poor credit record (i.e., bankruptcy, default), are unable to receive loan assistance through federally supported or private loan sources. If you have a poor credit rating, you must take necessary steps now to improve your rating so that the loans can be approved. By having a co-signer on the loan application there is a better chance of approval if the applicant cannot be approved on his/her credit rating. Medical students who are newly accepted are required to complete Rush University's Credit Policy Statement. See below for instructions on how to obtain a free credit report. Undergraduate students accepted into an undergraduate program who already have a bachelor's degree are ineligible for undergraduate federal or state grants (i.e., Pell Grant, Illinois State Monetary Award Program, etc.) if you are close to or over the maximum Stafford loan amounts, there is likely to be a credit-based loan in the award package. Review your credit history prior to the start of school in the event you must borrow a credit-based loan to meet your expected cost of education. You may obtain a free annual credit report from each of the three major credit bureaus by going HERE. To learn more about credit-based loan programs, go here. Detailed information on credit scoring and it's relation to a credit history is found at www.myfico.com/ Contact Financial Aid if you have any quesitons.
08/01/2007 |
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