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Applicants

Preparation for Financing Medical School

Introduction

Welcome to the financial aid page for incoming students. We are very excited that you are interested in pursuing your journey with Rush. We hope that you find the information below to be valuable in this journey to making your admissions decision. The process to financing your educational journey can be daunting but we are here to help demystify this complex process. Start your Rush journey by following the steps below to apply for aid for your first year here and learn all about the various financial resources that we have to offer. Once you have your financial aid set up, then jump ahead and see what other resources are available to you in future years, learn more about budgeting, saving on your loans and how to successfully navigate this process.

Steps to apply for aid for your first year (M1)

Incoming students who are seeking any form of financial aid need to complete the following documents.

  • Complete the 2022/2023 Free Application For Federal Student Aid (FAFSA) online at studentaid.gov. The FAFSA opens on October 1, 2021 in preparation for the Fall 2022. 

Once you have received your financial aid package, please review and complete the following documents if you are accepting loans: 

  • Direct Loan Master Promissory Note (MPN) for Graduate/Professional Students online at studentaid.gov
    • Complete two master promissory notes: one for the Direct Unsubsidized Loan and one for the Direct PLUS Loan
  • Direct Loan Entrance Counseling online at studentaid.gov 
  • Apply for Graduate PLUS Loan online at studentaid.gov (be sure to select to apply as a graduate/professional student)
  • M1 Credit Policy 

Types of Aid Available

Details about the different forms of aid that may be offered to you each year can be found here. 

Payment Due Dates

Payment due dates can be found on the Office of Financial Affairs pages by clicking here. Payment is always due by the first Friday of each semester; however, keep in mind that financial aid for medical students does not always closly align to the beginning of each semester. It is important to refer to the disbursement date information provided by the Office of Student Financial Affairs to know when your individual financial aid is to be disbursed. Our office will work with Financial Affairs to waive any late fees that may be incurred as a result of the disbursements not aligning to the term dates. 

Cost of attendance/budgets worksheets

We recognize that financing a medical school education can be a bit overwhelming. The Office of Student Financial Aid creates your financial aid budget for the M1 year based on the following cost of attendance breakdown. Keep in mind that the data provided is for the current year as outlined. This information is subject to change in the future and will be different for each cohort year you are enrolled at Rush. 

Financial aid awards at Rush are calculated to equal the total cost of attendance for each cohort. Grants and scholarships that you qualify for are added to your financial aid package first, then Rush institutional loans, followed by federal loans.

 

We are easily able to provide an estimated package with the federal loans listed. Once you complete the aid application process and we have received all your information, our office will be able to provide you with accurate financial aid package including the available grant and scholarships based on your individual eligibility.

 

Below is a sample of what an estimated financial aid package will look like at Rush for your first year.

 


A comprehensive downloadable copy of the M1 cost of attendance and estimated financial aid package is provided here.

Disbursement Schedule

The financial aid disbursement schedule for medical students does not always closely align with the beginning of each term. Disbursements occur at the time that funding from any of the sources on your award offer that you have accepted are posted to your Rush student account. Once funds are posted, then the Office of Financial Affairs that oversees the billing will then be able to generate an overpayment check.

Due to the structure of the medical school curriculum, the process for disbursing the living expenses allocation to students is structured so that students will be eligible to receive two (2) overpayments for living expenses each cohort year. Student eligibility for aid is measured based on the # of courses and the # of weeks that are associated with each cohort. Generally speaking, financial aid for the M1 and M2 year will follow the curriculum published by your program for these years.

Non-passing grades including failures and deferred grades in any coursework does have an impact on your disbursement schedule. At any point that you become aware of the potential for a non-passing grade, please contact our office immediately to discuss the ramifications.

The M3 and M4 year will see a shift in how the financial aid is set up. The disbursement scheduling process will follow the student’s schedule of study for those respective years instead of the general curriculum as it was in the M1 and M2 year. Additional information will be provided by our office as you get closer to the M3 and M4 years to help you effectively budget for those periods of time.

Application Review/Budget Adjustments

Students who are experiencing unusual financial circumstances are able to petition for an additional review of their application for institutional funding. As a reminder, you can read more about institutional aid here and the application requirements here. To request a petition for review, please contact the Office of Student Financial Aid for assistance in terms of what information will be needed. Each student’s situation is different and we prefer to advise you individually on what information we will need. Generally, depending on your individual circumstances, documents such as tax information, parental support status, or court documents may be requested.

Computer purchase expense form

Students have the opportunity to receive funding in excess of the total cost of attendance provided earlier for a one-time purchase of a computer for enrollment at Rush. If you have not already received funding for the purchase of a computer, you are encouraged to apply now by completing the cost of attendance increase request form. Students can receive reimbursement for a purchase completed in the summer term prior to matriculation. The final funding source may be either in the form of a loan or grant depending on institutional funding availability. If approved, you will be provided with all the detailed information surrounding the approval and the type of aid available.

Emergency Aid

On occasion, unexpected events occur that cause unexpected financial hardship. Rush University Office of Student Financial Aid may be able to offer you some additional funding in the form of emergency aid to assist you during a difficult period. Expenses that are directly related to COVID-19 may be considered under this policy as well. You can submit a confidential application online here and provide supporting documentation of your expenses. Our office will review your request and notify you of the status of your application. 

Rights and Responsibilities

As a financial aid recipient, you have certain rights and responsibilities that are associated with receiving aid from Rush University. Please review the following rights and responsibility sections very carefully. A PDF copy of the Student Rights and Responsibilities can be found here.

Students have the right to obtain from Rush University the following information:

  • Information about the procedures and deadlines for financial aid, including when and how your aid will be disbursed.
  • Information related to the cost of attending Rush University.
  • Knowledge of how various financial aid program eligibility are determined including information about what financial aid is available, including information on all federal, state, institutional financial aid programs.
  • Know how your financial need is determined.
  • Expect fair and equitable treatment from the Office of Student Financial Aid.
  • Be able to obtain the interest rate on any educational loan you have, the total amount you must repay, the length of the repayment period, when repayment begins and what cancellation or deferment provisions apply.
  • Procedure for how Satisfactory Academic Progress (SAP) is measured and how you can regain eligibility for federal financial aid if you fail to meet one or more of the standards.

Students have the following responsibilities:

  • Carefully reviewing and understanding information as it relates to the financial assistance programs, performance expectations, degree requirements
  • Complete all required financial aid requirements including acceptance or denial of offered assistance, completion of loan interest or exit counseling, complete the master promissory note (MPN) and direct loan entrance counseling, etc.).
  • Respond in a timely manner regarding offers of financial assistance by the financial aid notification letter and indicating acceptance or rejection.
  • Inform the Office of Student Financial Aid of any outside forms of aid including grants, scholarships, and educational loans.
  • Accurately reporting accurate information on your annual Free Application for Federal Student Aid (FAFSA).
  • Provide additional information as requested by the Office of Student Financial Aid to process student’s assistance on your behalf.
  • Maintain good academic standing based on the performance requirements outlined in the Satisfactory Academic Progress (SAP).
  • Notify Rush University of any changes in the following: name, address, housing, expected graduation date, etc.
  • Repay all student loans you accept,
  • Understand the tuition refund policy and return of Title IV aid policy.

Financial Literacy

When it comes to budgeting and debt management - knowledge if money. Here at Rush University we strive to connect you with resources that can help you be the best at managing your finances and student debt both from here at Rush as well as pre-medical education debt. Each year of your enrollment will focus on a central theme and our office will share with you information about those themes in support of helping you to build solid financial understanding to help you financially succeed culminating in an effective transition to residency program after graduation to achieve your goal of being a physician.

We encourage you to review not only the resources that are specifically designed for your first year at Rush but all of the financial literacy resources that will be available for all four years here at Rush. You may find insightful information to help you start planning for the future.

As a student, you have many different resources available to you to help you effectively budget and manage debt. Some of the most popular resources are provided below.

Resources

The Association of American Medical College (AAMC) has developed a comprehensive financial literary program known as FIRST to provide you with some additional resources that are designed for future physicians.

CashCourse® another valuable resource that provides a variety of information to assist students in becoming financially informed. Topics include money management, managing debt, living off campus versus at home with family. Students can log in and review specific assignments and resources dedicated to support them.

SaltMony.org is another valuable financial literacy resource tool to help you be prepared for a variety of financial topics that may arise. They cover a wide range of topics including information bout credit cards, insurance, loans, scholarships to name a few. Check out their blog for additional insight into other tools available to you.

Rush Student Assistance Program (Rush SAP) is a valuable resource that is available once you matriculate to Rush University. With a host of information including financial resources, legal resources, calculators, and webinars you can obtain access to just about everything you need.