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By this time you should have:
-
Completed the Free Application for Federal Student Aid
(FAFSA)
- Completed the Rush Institutional Application
- Received, accepted, and returned your Award Letter to our financial aid
office.
If you have not completed these steps, please click here.
- All new students
must apply for a Federal Stafford loan through a lender, via online
or paper application and must complete Entrance Counseling online.
- Financial Aid
will then certify the loan with the lender.
- The loan proceeds
are sent to the school on a specified disbursement date that coincides
with the start of each quarter and your account is credited automatically.
The Federal Stafford Loan is the basic component of financial aid packages,
and it can either be subsidized (interest paid by the federal government while in school),
or unsubsidized (interest accrues on loan from the time of disbursement).
Loans issued during the 2008-09 academic year will be at a fixed 6.8% interest rate. The only exception to this rate is for undergraduate students taking out subsidized Stafford loans; those loans will be at a fixed 5.6% interest rate if they are first disbursed on or after July 1, 2009 [6.0% before that date] (undergraduate unsubsidized loans will have a fixed 6.8% interest rate).
Amounts listed are the maximums for the 2009-10 academic year.
Program |
Annual
Subsidized Limit
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Cumulative
Subsidized Limit
|
Annual Additional
Unsubsidized Limit
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Total
Combined Subsidized & Unsubsidized Limit
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| Undergraduate |
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Dependent
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$5,500
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$23,000
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$2,000
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$31,000 |
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Independent
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$5,500
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$23,000
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$7,000
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$57,500
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| Graduate |
$8,500
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$65,500
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$12,000
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$138,500
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| Professional (medical) |
$8,500
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$65,500
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$32,000 - $34,222 (depending on year in school)
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$224,000 |
Updated 4/6/2009
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