Student Loans

Rush University empowers you to leverage many financial aid tools, including a wide variety of student loans. Here are some student loan options to help you find the ones that work best for you.

Federal Direct Stafford loans

The Federal Direct Stafford loan is the basic component of your financial aid award. Interest rates are fixed and there are plenty of repayment plans available. Loans can be both need-based and not need-based, and award amounts vary with your academic level and program.

Loan basics

Subsidized

You can be offered subsidized and unsubsidized versions of these loans in a given academic year, up to an annual and aggregate maximum.

Undergrads: Yes

Graduate/professional: No

Interest rates

Undergraduate subsidized and unsubsidized loans first disbursed between July 1, 2014 and June 30, 2015 will have a 4.66 percent fixed rate.

Undergraduate subsidized and unsubsidized loans first disbursed between July 1, 2015 and June 30, 2016 will have a 4.29 percent fixed rate.

Graduate/professional unsubsidized loans first disbursed between July 1, 2014 and June 30, 2015 will have a 6.21 percent fixed rate.

Graduate/professional unsubsidized loans first disbursed between July 1, 2015 and June 30, 2016 will have a 5.84 percent fixed rate.

Loan fees

Fees are 1.072 percent for loans that disburse after Dec. 1, 2013; 1.073 percent for loans that disburse after Oct. 1, 2014 and before Oct. 1, 2015; and 1.068 percent for loans that disburse after Oct. 1, 2015 and before Oct. 1, 2016.

Grace period

Six months

Cancellation

You are eligible for Public Service Loan Forgiveness

Loan criteria

To be offered a Federal Direct Stafford loan, you must meet the following criteria:

Loan interest information

All interest accrued on subsidized Stafford loans is paid by the government as long as you remain enrolled at least half-time at Rush and during authorized periods of deferment. Some subsidized Stafford loans also have the following interest subsidy during the six-month grace period following graduation/dropping below half-time enrollment:

  • Interest on subsidized Stafford loans is waived during the grace period for loans made prior to July 1, 2012.
  • Interest on subsidized Stafford loans accrues during the grace period for loans made between July 1, 2012 and June 30, 2014.
  • Interest on unsubsidized Stafford loans accrues from the moment of disbursement and throughout the entire life of the loan.

Please note: The federal government phased out subsidized Stafford loan eligibility for graduate/professional students. For loan periods beginning on or after July 1, 2012, graduate/professional students will no longer qualify for subsidized Stafford loans. Amounts that may previously have been offered as a subsidized Stafford loan may now be offered as an unsubsidized Stafford loan, so there is not an overall reduction in the amount of loan assistance available.

Loans issued will be at the following interest rates:

  • Undergraduate students with subsidized and unsubsidized Stafford loans first disbursed between July 1, 2014 through June 30, 2015 will have a fixed 4.66 percent interest rate.
  • Undergraduate students with subsidized and unsubsidized Stafford loans first disbursed between July 1, 2015 through June 30, 2016 will have a fixed 4.29 percent interest rate.
  • Grad/Professional students with unsubsidized Stafford loans first disbursed between July 1, 2014 through June 30, 2015 will have a fixed 6.21 percent interest rate.
  • Grad/Professional students with unsubsidized Stafford loans first disbursed between July 1, 2015 through June 30, 2016 will have a fixed 5.84 percent interest rate.
  • The loan origination fee will be deducted from your disbursements by the government before the funds are issued.

Amount you can borrow

Amounts listed are the maximums for the 2015-16 academic year.

Program Annual subsidized limit Cumulative subsidized limit Annual additional unsubsidized limit Total combined subsidized and unsubsidized limit
Undergraduate dependent $5,500 $23,000 $2,000 $31,000
Undergraduate independent $5,500 $23,000 $7,000 $57,500
Graduate $8,500 or $0* $65,500 $12,000 or $20,500 $138,500
Professional (medical students) $0 $65,500 $38,278 to $42,722 (depending on year in school)  $224,000

* For loan periods beginning on or after July 1, 2012, graduate/professional students are no longer eligible for subsidized Stafford loans. Unsubsidized Stafford loan eligibility has been increased to account for this change.

Repaying your loan

  • Repayment begins after a six-month grace period following your graduation/dropping below half-time enrollment. During the grace period, no payments are due.
  • After the grace period expires, you have a 10-year standard repayment term, with the option of extension in the cases of financial hardship or large loan balance.
  • These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on the loan.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Federal Direct PLUS loans

Federal Direct PLUS loans are available to graduate and professional students as well as parents of dependent undergraduate students. These loans are credit-based and have a fixed interest rate.

Loan basics

Subsidized

No

Interest rates

7.21 percent fixed for loans that first disburse on or after July 1, 2014 and before July 1, 2015

6.84 percent fixed for loans that first disburse on or after July 1, 2015 and before July 1, 2016

Loan fees

4.288 percent for loans that disburse after Dec. 1, 2013

4.292 percent for loans that disburse on or after Oct. 1, 2014 and before Oct. 1, 2015

4.272 percent for loans that disburse on or after Oct. 1, 2015 and before Oct. 1, 2016

Grace period

No, see deferment discussion below

Cancellation

You are eligible for Public Service Loan Forgiveness

Loan criteria

PLUS loans are available if you are a graduate and professional student or to your parents if you are a dependent undergraduate student. No matter who is the borrower, the terms of the loan are the same.

Graduate and professional students must do the following:

Parents of dependent undergraduate students must do the following:

If you or your parents are unable to pass the credit criteria, you can appeal the decision or you can add an endorser (cosigner) to the application.

Loan interest information

Interest on these loans accrues from the moment of disbursement and throughout the entire life of the loan. The loan origination fee will be deducted from your disbursements by the government before the funds are issued.

Amount you can borrow

The Federal Direct PLUS loan is a non-need-based loan that requires a credit check. The annual loan limit is your cost of attendance minus any other aid they are receiving. There is no aggregate cap on this loan program.

Repaying your loan

  • Repayment begins as soon as the loan is fully disbursed. However, you have the option of deferring repayment while you are enrolled as at least a half-time student and for six months following your graduation/dropping below half-time enrollment.
  • During the deferment period, you will have no payments due.
  • After the deferment period expires, you have a 10-year standard repayment term, with the option of extension in the cases of financial hardship or large loan balance.
  • These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on your loan.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Federal Perkins loans

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed

Loan fees

No

Grace period

Nine months

Cancellation

Nursing, medical technician and certain teaching positions may qualify for cancellation

You may qualify for Public Service Loan Forgiveness if consolidated

Loan criteria

To be offered a Federal Perkins loan, you must do the following:

  • Apply for student financial assistance with the university
  • Accept or reject each type of assistance offered
  • Complete a series of loan documents with Rush’s servicer, Campus Partners:
    • A master promissory note (good for your entire time at Rush, in most instances), an entrance counseling session, a loan questionnaire, and view a disclosure statement for your loan
    • For continuing borrowers, you will only need to view your 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 if you meet the priority aid application deadline of May 1 if you include parent information, as appropriate, on their financial aid application.

Loan interest information

Federal Perkins loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled at least half-time, during authorized periods of deferment, and during the nine-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.

Amount you can borrow

Federal Perkins loans do have annual and aggregate maximums. Annual maximums vary based on funds availability and your financial aid application materials. As an undergraduate student, you may borrow up to $27,500 as an aggregate total. As a graduate and professional student, you may borrow up to $60,000 as an aggregate total.

Repaying your loan

  • Repayment begins after a nine-month grace period following your graduation/dropping below half-time enrollment.
  • During the grace period, you will have no payments due.
  • After the grace period expires, you 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 your loan.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Cancellation benefit

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 programs in the College of Health Sciences may qualify you for cancellation assuming you are licensed/certified in your state and you are working full time.

One year of full-time service is required before cancellation can begin. A certain percentage of the loan balance is canceled for every year of full-time service. You will be provided with more specific information regarding loan cancellation as you near the end of your academic program.

Rush institutional loans

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed

Loan fees

No

Grace period

Six months

Cancellation

No

Loan criteria

To be offered a Rush institutional loan, you must be in a select academic program (based on donor guidance). You must also do the following:

  • Apply for student financial assistance with the university
  • Accept or reject each type of assistance offered
  • Complete a series of loan documents with Rush:
    • A master promissory note (good for your entire time at Rush, in most instances), a self-certification form, and view several disclosure statements for your loan
    • For continuing borrowers, you will 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 if you meet the priority aid application deadline of May 1 and if you include parent information, as appropriate, on the financial aid application.

Loan interest information

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.

Amount you can borrow

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

Repaying your loan

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

Federal nursing student loans

These loans are offered through the U.S. Department of Health and Human Services.

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed

Loan fees

No

Grace period

Nine months

Cancellation

You may qualify for Public Service Loan Forgiveness if consolidated

Loan criteria

To be offered a nursing student loan, you must be a nursing student. You must also do the following:

  • Apply for student financial assistance with the university
  • Accept or reject each type of assistance offered
  • Complete a series of loan documents with Rush and with Rush’s servicer, Campus Partners:
    • Complete a master promissory note (good for their entire time at Rush, in most instances), an entrance counseling session, a loan questionnaire, and view a disclosure statement for your loan.
    • Complete a self-certification form (completed directly with the Office of Student Financial Aid)
    • For continuing borrowers, you will need to complete an annual entrance counseling session, self-certification form, and view your 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 if you meet the priority deadline of May 1 and if you include parent information (as appropriate) on your financial aide application.

Loan interest information

Nursing student loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled at least half-time, during authorized periods of deferment, and during the nine-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.

Amount you can borrow

Nursing student loans do have annual and aggregate maximums. Annual maximums vary based on funds availability and your financial aid application materials.

But you may not receive more than $3,300 in a nine-month academic year (loan amounts can be increased proportionally if you will be studying all year). You may borrow up to $17,000 as an aggregate total.

Please note: Since nursing student loans are not reported to a central database, if you have taken out a nursing student loan at another school you must provide the Office of Student Financial Aid with a Financial Aid Transcript, completed by the other institution. Rush cannot award you a nursing student loan until this requirement is satisfied.

Repaying your loan

  • Repayment begins after a nine-month grace period following your graduation/dropping below half-time enrollment.
  • During the grace period, you will have no payments due.
  • After the grace period expires, you 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 you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Nurse faculty loan program

This loan program is offered through the U.S. Department of Health and Human Services.

Loan basics

Subsidized

Yes

Interest rates

3 percent fixed (or going market rate if service commitment not met)

Loan fees

No

Grace period

Nine months

Cancellation

You may qualify for up to 85 percent cancellation for service as full-time nurse faculty

Loan criteria

To be offered a nurse faculty loan, you must be a nursing student. You must also do the following:

  • Submit the nurse faculty loan program application and all required supplemental items for the appropriate academic year
  • Meet all of the following eligibility requirements:
    • Enrollment in doctoral nursing program
    • Continuous enrollment status
    • At least half-time status for each term when loan amounts are awarded
    • Agree to complete required education course sequence
    • Remain in good academic standing
    • Assume a 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 mailed to you

Loan interest information

Nurse faculty loans are subsidized so the interest accrued is paid by the government as long as you remain enrolled, and for three months following your graduation or ceasing to be enrolled.

When interest does start to accrue, it will be at a fixed 3 percent interest rate.

If you are employed as full-time nurse faculty at an accredited school of nursing for a consecutive four-year period, you will bear interest at the rate of 3 percent for the four-year period and the remaining six years of the repayment period.

If Rush determines that you will not satisfy the requirements of the academic program (including completing the required education courses) or if you do 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.

Repaying your loan

  • Repayment begins after a nine-month grace period following your graduation/ceasing enrollment.
  • During the grace period, you will have no payments due. Interest starts to accrue three months into the grace period.
  • After the grace period expires, you 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 you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Loans for disadvantaged students

These loans are offered through the U.S. Department of Health and Human Services. More information is available on the Health Resources and Services Administration website.

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed

Loan fees

No

Grace period

12 months

Cancellation

You may qualify for Public Service Loan Forgiveness if consolidated

Loan criteria

To be offered a loan for disadvantaged students you must be a medical student. You must also do the following:

  • Apply for student financial assistance with the university
  • Submit the loan application and all required supplemental items for the appropriate academic year
  • Be from a disadvantaged background, as defined by the U.S. Department of Health and Human Services:
    • You must come from an environment that has inhibited you from obtaining the knowledge, skills and abilities required to enroll in and graduate from a health professions school
    • You must come from a family with an annual income below a level based on low income thresholds, according to family size and published by the U.S. Census Bureau
  • Complete a series of loan documents with Rush

Loan interest information

These loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled, and for 12 months following your graduation or ceasing to be enrolled.

When interest does start to accrue, it will be at a fixed 5 percent interest rate.

Repaying your loan

  • Repayment begins after a 12-month grace period following your graduation/ceasing enrollment.
  • During the grace period, you will have no payments due.
  • After the grace period expires, you 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. You will qualify for deferment throughout your residency period.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Primary care loan program

This loan program is offered through the U.S. Department of Health and Human Services. More information is available on the Health Resources and Services Administration website.

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed (or 7 percent if service commitment not met)

Loan fees

No

Grace period

12 months

Cancellation

No

Loan criteria

To be offered a primary care loan, you must be a medical student. You must also do the following:

  • Apply for student financial assistance with the university
  • Submit the loan application (and all required supplemental items) for the appropriate academic year
  • Be in your 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
  • Complete a series of loan documents with Rush

Loan interest information

These loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled, and for 12 months following your graduation or ceasing to be enrolled.

When interest does start to accrue, it will be at a fixed 5 percent interest rate.

Repaying your loan

  • Repayment begins after a 12-month grace period following your graduation/ceasing enrollment.
  • During the grace period, you will have no payments due.
  • After the grace period expires, you 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 your residency period.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.