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Getting Started University Costs Forms Grants and Loans Aid Award Stafford Loan Loan Repayment Contact Us Financial Aid Home |
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Institutional grants and loans are provided through the generosity of Rush alumni, private contributors, groups and organizations for awarding to eligible, financially needy students. Eligibility for these programs is based on submission of the FAFSA, Institutional Aid Application, and parent information (as appropriate). A small number of programs have specific qualifying criteria for which applicants must indicate eligibility, as listed in the Specific Criteria Programs link. Students will be given the opportunity to self-identify for these programs during their time at Rush. Institutional Loans To be offered an Institutional loan, students must first apply for student financial assistance with the University. They must then accept or reject each type of assistance offered, and complete all required paperwork based on the aid they accept. Amounts for this loan program are incredibly limited and we are not able to offer all students one of these loans. Preference is given to students meeting the priority aid application deadline of May 1 and those students who include parent information (as appropriate) on their financial aid application. Institutional loans are subsidized. All interest accrued on subsidized loans is paid by the government as long as the student remains enrolled at least half-time at Rush, during authorized periods of deferment, and during a six month grace period following graduation/from the time a student drops below half-time. When interest does start to accrue, it will be at a fixed 5% interest rate. After accepting an Institutional loan, a student will be required to complete a series of loan documents with Rush. A new borrower will complete a Master Promissory Note (good for their entire time at Rush, in most instances), a Self-Certification Form, and will view several disclosure statements for their loan. Continuing borrowers will need to complete everything except the Master Promissory Note, in most instances. Institutional loans issued have a six month grace period following graduation/from the time a student drops below half-time enrollment. During the grace period, no payments are due. After the grace period expires, borrowers have a ten year standard repayment term. These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on the loan. If a borrower requires a temporary postponement or partial reduction in monthly payment and is not eligible for a deferment, they may request a forbearance. Updated 03/02/2010 |
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The Office of Student Financial Aid |
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