Maintaining a good credit history is important because many Rush students find it necessary to borrow money through a credit-based loan program. Your lender will review your credit history and score to determine if you qualify for the loan program they offer.
Applicants who have delinquencies on their credit reports or who have a high debt level relative to income are considered "high risk" by loan providers. As such, these students may be denied a loan, may be offered a high interest rate, or may need a cosigner/endorser on their loan application.
Graduate & Professional Students are likely to need a credit-based federal loan if a student needs to finance a significant portion of their educational costs.
Undergraduate students accepted into an undergraduate program who already have a bachelor's degree are ineligible for undergraduate federal or state grants (such as Pell Grants, Illinois State Monetary Award Program Grants, etc.) Additionally, annual loan limits are unlikely to cover all of a student's tuition costs at the undergraduate level.
Rush University is unable to fund students who, because of a poor credit record, are unable to receive loan assistance through federal or private credit-based loans. If you have a poor credit rating, you must take necessary steps now to improve your rating so that these credit-based loans can be approved. Students should also remember that credit checks will be necessary throughout their time at Rush and any time a new credit-based loan is requested.
Individuals are able to request a free copy of their credit report from each of the three major credit bureaus annually. Students are strongly encouraged to review these reports at different times of the year to monitor activity on their credit reports.