This information is provided to you in regards to loan repayment, deferment, cancellation for institutional loans, (Federal Perkins, Federal Nursing, LDS, PCL and private Rush University Student Loans).
A student will enter repayment once you leave the university or drop below half-time student status. A grace period is usually provided. However, you should refer to your original promissory note for details of when repayment begins for each loan.
If Rush University is the lender you will be required to complete exit counseling through our office online.
Deferments Or Cancellations
If you think you qualify for deferment or cancellation please either call our loan processor, Campus Partners, at (800)334-8609 or log on to the billing servicer's Web site, Campus Partners for further guidance. You can also download forms off this Web site.
If you have an outstanding Federal Perkins Loan you may be entitled to cancellation. There are a number of reasons that may qualify you for these benefits. For a complete list of cancellation provisions and the eligibility criteria for each one, please visit www.mycampusloan.com, or you may contact their office at (800) 334-8609.
The loans are serviced through a company called Campus Partners. Bills are mailed around the 20th of the prior month and are due on the 10th of the month. You also have the option of either signing up for Automatic Direct Draft (ADD) or e-bill. To send payments via mail, please submit to (make sure to include your account number):
P.O. Box 2901
Winston-Salem, NC 27102-2901
Third Party Billing
All unpaid accounts are billed to the student monthly. If the student will not be personally paying the account, it is his/her responsibility for forwarding any bills to the appropriate party as soon as possible.
Official withdrawal or dismissal from a course or from the University entitles a student to a refund of tuition according to the following schedule. No fees are refundable. A student may receive a 100 percent refund if withdrawal occurs during the first calendar week in which the academic term begins. Otherwise, refunds will be made as follows:
Second week: 80% refund
Third week: 60% refund
Fourth week: 40% refund
Fifth week: 20% refund
After fifth week: no refund
Students attending Rush for the first time who withdraw during their first academic term are entitled to a pro-rated refund of tuition and fees through the fifth week of attendance. Refunds will be shown as credits on the student's account unless the student requests a check for the amount of refund, less any amount still owed for other charges. Normally, refunds are processed within two weeks.
Students wishing to appeal the published schedule of refunds must appeal in writing to:
Associate Provost for Student Affairs
600 South Paulina Street, Suite 440
Chicago, IL 60612
Prepayment can save you money, there is no penalty for prepayment. If you pay more than the minimum payment, you will be charged less interest. Because interest is always charged based on the unpaid balance each month, the faster you reduce your balance, the less interest you will be charged overall.
Difficulty Making Payments
If you are having financial difficulties and are unable to make your payment, please contact our Coordinator, Maria Gomez, at (312) 942-5257. Depending on your loan, a temporary forbearance/hardship may be an option.
This occurs when you fail to make your scheduled payment on time, failure to submit the necessary deferment, forbearance or cancellation form prior to the scheduled due date.
Results Of Delinquency
- Your delinquent payment may be reported to major credit bureaus
- You will be charged late fees (in accordance with your promissory note).
This occurs when you become seriously past due on your loan payments. You can also be considered in default if you do not sign your repayment schedule, notify your lender of any changes to your name, address, or your enrollment status or fail to file a deferment or forbearance form or other appropriate paperwork.
Results of default
- Your credit rating and ability to borrower will be seriously damaged
- You may lose future eligibility for financial aid and student loans
- You may be sued and be responsible for court costs and legal fees
- Your Federal Income tax refund may be withheld
- Your professional license could be denied or revoked
- Your academic records will be withheld
- Your employer may withhold part of your salary for payment of your loans
- You will be denied certain jobs
The Higher Education Amendment of 1999 created a Loan Rehabilitation program for the Federal Perkins Loan Program. Under this program you have the opportunity to request the rehabilitation of a defaulted loan. Effective August 14, 2008, rehabilitation means that, after making nine on-time consecutive monthly payments of an amount agreed to by your lending institution, your loan will be returned to regular repayment status, the default will be removed from your credit history and you will be again eligible to borrower title IV funds.