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Office of Student Financial Aid > Student Loans > US Department of Health & Human Services Loan Programs
About Rush University

Nursing Student Loan Basics
Subsidized? Yes.
Interest Rate 5% fixed
Loan Fees No.
Grace Period 9-months
Cancellation? May qualify for Public Service Loan Forgiveness (if consolidated).
 
To be offered a Nursing Student Loan, nursing 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 and with Rush's servicer (Campus Partners).
    • A new borrower will go online to 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. A Self-Certification Form (completed directly with the Office of Student Financial Aid) is also required. 
    • Continuing borrowers will need to complete an annual entrance counseling session, Self-Certification Form, and will 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.

Nursing Student 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.

Nursing Student Loans do have annual and aggregate maximums.  Annual maximums vary based on funds availability and a student's financial aid application materials, but no student may receive more than $3,300 in a 9-month academic year (loan amounts can be increased proportionally for students who will be studying all year).  Nursing students may borrow up to $17,000 as an aggregate total.

Please note: Since Nursing Student Loans are not reported to a central database, students who have taken out a Nursing Student Loan at another school must provide the Office of Student Financial Aid with a Financial Aid Transcript, completed by the other instituion.  Rush cannot award a student a Nursing Student Loan until this requirement is satisfied.

  • 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.

Nurse Faculty Loan Program Basics
Subsidized? Yes.
Interest Rate 3% fixed (or going market rate if service commitment not met)
Loan Fees No.
Grace Period 9-months
Cancellation? Up to 85% cancellation for service as full-time nurse faculty

To be offered a Nurse Faculty Loan, nursing students must:
  • Submit the NFLP Application (and all required supplemental items) for the appropriate academic year;
  • Meet all eligibility requirements of the program; and
    • Enrollment in doctoral nursing program;
    • Continuous enrollment status;
    • At least half-time status for each term when NFLP monies are awarded;
    • Agree to complete required education course sequence;
    • Remain in good academic standing; and
    • Assume full-time faculty position for an accredited school of nursing within one year of graduation
  • Complete a series of loan documents with Rush.
    • All required loan paperwork will be physically mailed to the address we have on file.

Nurse Faculty Loans are subsidized, so the interest accrued is paid by the government as long as the student remains enrolled, and for 3 months following graduation or ceasing to be enrolled.  When interest does start to accrue, it will be at a fixed 3% interest rate.  Borrowers employed as full-time nurse faculty at an accredited school of nursing for a consecutive four-year period will bear interest at the rate of 3% for the four-year period and the remaining 6 years of the repayment period.  If Rush determines that the borrower will not satisfy the requirements of the academic program (including completing the required education courses) or if the borrower does not meet the service commitment post graduation, the loan will bear interest at the prevailing market rate. This rate is determined by the Treasury Department and is published quarterly in the Federal Register.

  • Repayment begins after a 9-month grace period following graduation/ceasing enrollment.
  • During the grace period, no payments are due.  Interest starts to accrue 3 months into the grace period.
  • 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.

 
Loans for Disadvantaged Students Program Basics
Subsidized? Yes.
Interest Rate 5% fixed
Loan Fees No.
Grace Period 12-months
Cancellation? May qualify for Public Service Loan Forgiveness (if consolidated).

To be offered a Loan for Disadvantaged Students (LDS), medical students must:
  • Apply for student financial assistance with the University;
  • Submit the LDS application (and all required supplemental items) for the appropriate academic year;
  • Be from a disadvantaged background, as defined by the US Department of Health and Human Services; and
    • One who comes from an environment that has inhibited the individual from obtaining the knowledge, skills and abilities required to enroll in and graduate from a health professions school; or
    • One who comes from a family with an annual income below a level based on low income thresholds according to family size and published by the US Bureau of Census
  • Complete a series of loan documents with Rush.

LDS are subsidized, so the interest accrued is paid by the government as long as the student remains enrolled, and for 12 months following graduation or ceasing to be enrolled.  When interest does start to accrue, it will be at a fixed 5% interest rate. 

  • Repayment begins after a 12-month grace period following graduation/ceasing 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.  LDS qualify for deferment throughout a student's residency period.
  • 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.
More information about this loan program is available on the HRSA website.

 
Primary Care Loan Program Basics
Subsidized? Yes.
Interest Rate 5% fixed (or 7% if service commitment not met)
Loan Fees No.
Grace Period 12-months
Cancellation? No.

To be offered a Primary Care Loan (PCL), medical students must:
  • Apply for student financial assistance with the University;
  • Submit the PCL application (and all required supplemental items) for the appropriate academic year;
  • Be in their fourth year of study;
  • Be able to demonstrate financial need;
  • Commit to a primary care residency training program and to practicing as a primary care physician for the life of the loan; and
  • Complete a series of loan documents with Rush.

PCLs are subsidized, so the interest accrued is paid by the government as long as the student remains enrolled, and for 12 months following graduation or ceasing to be enrolled.  When interest does start to accrue, it will be at a fixed 5% interest rate. 

  • Repayment begins after a 12-month grace period following graduation/ceasing 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.  PCLs qualify for deferment throughout a student's residency period.
  • 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.
More information about this loan program is available on the HRSA website.


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