Students will need to apply for Rush Institutional Loans online by completing this application. Once the application has been received and approved, additional steps will need to be completed with the third-party servicer, Heartland ECSI. Email notification will be sent informing the student of the updated information needed.
Subsidized
Yes
Interest rates
5 percent fixed
Loan fees
No
Grace period
Six months
Cancellation
Eligible for Public Service Forgiveness
No
Not eligible
To be offered a Rush institutional loan, you must be in a select academic program. Institutional loans were established based on donor gifts. As a result, funds are limited and available to specific academic programs based on the donor criteria. You must also complete the following:
Amounts for this loan program are incredibly limited, and we are not able to offer all students one of these loans. Students are encouraged to apply early if they wish to be potentially considered for an institutional loan.
Rush institutional loans are subsidized, so the interest accrued is paid by Rush as long as you remain enrolled at least half-time, during authorized periods of deferment, and during the six- month grace period following your graduation/dropping below half-time status.
When interest does start to accrue, it will be at a fixed 5 percent interest rate.
Institutional loans do have annual maximums. Annual maximums vary based on funds availability, student financial need, and a student’s academic program.