Skip to main content

M1 Year

Navigating spending and budgeting

Welcome to your first year here at RUSH! Whether you are a financial aid recipient or not, we encourage you to take advantage of the various resources available to you on this page. This year, we encourage you to focus on understanding the financial aid process and navigating building your financial budgets and spending wisely. Establishing good habits this year can help you make wise financial decisions regarding student debt management over the next three years. 

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

Students who are seeking any form of financial aid need to complete the following document:

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

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

If you have never borrowed federal loans before, you will also need to complete the following documents as well. 

  • Direct Loan Master Promissory Note (MPN) for Graduate/Professional Students online at
    • Complete two master promissory notes: one for the Direct Unsubsidized Loan and one for the Direct PLUS Loan
  • Direct Loan Entrance Counseling online at 

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 online through the Student Business Office. Payment is always due by the first Friday of each semester; however, keep in mind that financial aid for medical students does not always closely align to the beginning of each semester. It is important to refer to the disbursement date information to know when your individual financial aid is to be disbursed. Our office will work with the Student Business Office 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

As you think about your financial aid and budgeting over the year, please refer to the cost of attendance numbers provided below as a guide to support you with budgeting decisions this year. 

Cost of attendance/budgets worksheet

If you are currently enrolled in your M1 year, more than likely you have already received your financial aid package. In the event you have not or have not applied for financial aid yet, please use the following estimated financial aid as a guide to better understanding the funding that may be available to you. 

Cost of attendance/budgets worksheet

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, the Student Business Office that oversees billing will be able to generate an overpayment check.

Due to the structure of the medical school curriculum, the process for disbursing the living expenses 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 year will follow the published curriculum by your program for this year.

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.

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.

Emergency aid 

On occasion, unexpected events occur that cause 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 request. 

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.

Financial literacy

This year, it is important for you to build good habits to help you navigate spending and budgeting in the first year of medical school. Below are some additional helpful resources that you can check out. There are some key topics that you will want to focus on this year. 

  • Topic: The Importance of Budgeting & Monitoring Credit Presentation
    • Goal: Better understand budgeting, credit & credit scores
    • Timeline: October 18, 2021
    • Resources: view the email from our office for the link to the recording
  • Topic: Plan for financial wellness during medical school 
    • Goal: start buildings your financial future today! 
    • Timeline: complete before the end of your M1 year
    • Resources: sign up for an account online and access valuable resources and support for decisions you need to make related to your finances
  • Topic: Budgeting during medical school
    • Goal: Develop a good spending plan that allows for good financial decisions. Review the Budget Guidelines provided that make up the living allocation portion of your cost of attendance. 
    • Timeline: Complete before the end of your first month of enrollment
    • Resources: Explore a variety of budgeting application methods and find one that fits your style best online here
  • Topic: Understand credit basics, credit scores, and credit card debt
    • Goal: Obtain a better understanding of the basics of credit, what makes up a credit score, how your credit score can be impacted, and what you can do to manage your credit cards and loans to achieve a higher credit rating. 
    • Timeline: Complete before the end of your first semester at Rush
    • Resources: Read the "Your Credit Score" article by the AAMC. Obtain a copy of your free credit report online at the Annual Credit Report 
  • Topic: Understand identity theft
    • Goal: Gain a better understanding of how you can protect yourself and your information. 
    • Timeline: Complete before the end of your first semester at Rush
    • Resources: Read valuable information online about "Avoiding Identity Theft" and put additional measures in place to protect your identity.