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Office of Student Financial Aid > Student Loans > Federal Perkins & Rush Institutional Loan Programs
About Rush University

Federal Perkins Loan Basics
Subsidized? Yes.
Interest Rate 5% fixed
Loan Fees No.
Grace Period 9-months
Cancellation?
  • Nursing, medical technician, and certain teaching positions may qualify for cancellation.
  • May qualify for Public Service Loan Forgiveness
    (if consolidated).
 
To be offered a Federal Perkins Loan, students must:
  • Apply for student financial assistance with the University;
  • Accept or reject each type of assistance offered; and
  • Complete a series of loan documents with Rush's servicer (Campus Partners).
    • A new borrower will complete a Master Promissory Note (good for their entire time at Rush, in most instances), an entrance counseling session, a loan questionnaire, and will view a disclosure statement for their loan.
    • Continuing borrowers will only need to view their newest disclosure statement, in most instances. 
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.

Federal Perkins loans are subsidized, so the interest accrued is paid by the government as long as the student remains enrolled at least half-time, during authorized periods of deferment, and during the 9-month grace period following graduation/dropping below half-time status.  When interest does start to accrue, it will be at a fixed 5% interest rate.

Federal Perkins loans do have annual and aggregate maximums.  Annual maximums vary based on funds availability and a student's financial aid application materials.  Undergraduate students may borrow up to $27,500 as an aggregate total.  Graduate and professional students may borrow up to $60,000 as an aggregate total.
  • Repayment begins after a 9-month grace period following graduation/dropping below half-time enrollment.
  • During the grace period, no payments are due. 
  • After the grace period expires, borrowers have a 10-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.

There is a cancellation benefit for specific individuals through the Federal Perkins loan program.  All of Rush's programs in the College of Nursing and many of our programs in the College of Health Sciences may end up qualifying a borrower for cancellation assuming they are licensed/certified in their State and they are working full-time.  One year of full-time service is required before cancellation can begin, and a certain percentage of the loan balance is cancelled for every year of full-time service.  Borrowers will be provided with more specific information regarding loan cancellation as they near the end of their academic program.


Rush Institutional Loan Basics
Subsidized? Yes.
Interest Rate 5% fixed
Loan Fees No.
Grace Period 6-months
Cancellation? No.

To be offered a Rush institutional loan, students in select academic programs (based on donor guidance) must:
  • Apply for student financial assistance with the University;
  • Accept or reject each type of assistance offered; and
  • 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 only need to complete everything except the Master Promissory Note, in most instances.
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.

Rush Institutional loans are subsidized, so the interest accrued is paid by Rush as long as the student remains enrolled at least half-time, during authorized periods of deferment, and during the 6-month grace period following graduation/dropping below half-time status.  When interest does start to accrue, it will be at a fixed 5% interest rate.

Institutional loans do have annual maximums.  Annual maximums vary based on funds availability and a student's financial aid application materials. 

  • Repayment begins after a 6-month grace period following graduation/dropping below half-time enrollment.
  • During the grace period, no payments are due. 
  • After the grace period expires, borrowers have a 10-year standard repayment term. 
  • If a borrower requires a temporary postponement or partial reduction in monthly payment, they may request a forbearance.


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