Private educational loans, also known as alternative loans are loans that students can borrow through private lenders to help bridge the gap between the actual cost of education and the amount offered through the federal aid and institutional aid programs. These loans are credit- worthy loans and all loan documents are completed with the lenders. Rush University does not have a preferred lender list or arrangement. Loan interest rates and repayment plans are based on the individual private lender and will be detailed in the paperwork completed with the lender. If a student does apply for and is approved for a private educational loan, Rush University will receive the notification electronically and be able to certify the loan not to exceed the established Cost of Attendance minus other forms of financial aid (grants, scholarships, loans, etc.). Students are encouraged to work with the Office of Student Financial Aid to ensure they have exhausted their federal and institutional eligibility before applying for a private loan. To apply for a private loan, use the following link: ELMSelect - Rush University
Rush University Code of Conduct
Educational Loan Activities
Rush University is committed to offering financial aid services to students in a professional manner and has adopted and implemented this Code of Conduct for Educational Loan Activities to serve in ensuring its commitment to transparency and integrity in the administration of student financial aid programs. The purpose of this Code of Conduct for Educational Loan Activities is to ensure that all individuals involved in the administration of student educational loans on behalf of Rush University understand their obligations to protect the rights of and serve the interests of students and parents and to ensure compliance with all applicable laws, including, but not limited to, the Higher Education Opportunity Act of 2008.
A private educational loan is any loan that is not made, insured, or guaranteed under Title IV of the Higher Education Act and is issued to a borrower expressly for postsecondary educational expenses, regardless of whether the loan is provided through the institution that the student attends or directly to the borrower from the lender. Private educational loans do not include extensions of credit under open-end consumer credit plans or secured by real property.
Rush University strictly prohibits a conflict of interest between the responsibilities of an officer, employee, or agent of Rush University and financial institutions with respect to educational loans. Each employee or agent/contractor involved in the affairs of financial aid or otherwise has responsibilities with respect to the administration of student educational loans is also obligated to ensure compliance with the Rush Conflict of Interest and Commitment System Policy.
Rush University will refrain from taking any action that is contrary to applicable laws or the best interest of the students and parents we serve. Rush University will see that the information we provide is accurate, unbiased, and does not reflect any preference arising from actual or perceived personal gain.
All the following individuals or entities associated with Rush University within the Student Financial Aid Office or who otherwise have responsibilities with respect to the administration of student educational loans must comply with this code of conduct governing educational loan activities:
- An employee
- A contract or temporary employee
- A director or officer
- A trustee
- Any agent – including an alumni association or any other organization directly or indirectly associated with or authorized or employed by Rush University.
This code of conduct is published prominently on the rushu.rush.edu internet site and upon request a paper copy will be provided to employees or students. At least annually, Rush University officers, employees, and agents must be informed of the provisions of this code of conduct and acknowledge receipt in writing.
Student privacy. All student financial information about financial need, resources, loans and other aid will be kept confidential and without written student authorization will not be shared with outside parties except as permitted in accordance with FERPA and all other applicable federal and state laws.
Advisory board compensation. No Rush University employees will serve on any advisory boards for any guaranty agency or lender, unless such service has been approved in writing by University Leadership with consultation from Rush legal.
Assigning lenders. Rush University will not assign, through award packaging or other methods, any borrower’s non-Title IV loan to a particular lender or refuse to certify or delay certification of any loan based on borrower’s selection of a particular lender or guarantor.
Contracting arrangements ban. Rush University will not accept any fee, payment or other financial benefit (including the opportunity to purchase stock) as compensation from any lender or affiliate for any type of consulting arrangement or other contract to provide services to the lender or on behalf of the lender with regards to education loans.
Gift ban. Rush University employees will not solicit or accept any prize, gift, compensation, entertainment, meals travel cost reimbursements or other benefit from any guarantor agency or lender on behalf of themselves or a family member. Rush University employees may accept promotional items of nominal value, conference meals and refreshments open to all attendees. A gift is defined as any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimis amount. Learn more
Staffing assistance ban. Rush University will not request or accept any assistance from any lender with financial aid office staffing. However, Rush University is not prohibited from requesting and/or accepting professional development training for financial aid administrators on topics including loan counseling, financial literacy, debt management materials for borrowers or entrance and exit counseling as long as the university staff is in control of the counseling (whether in person or via electronic capabilities) and the counseling does not promote the products or services of any specific lender. All materials provided by the guarantor or lender must disclose that the lender prepared or provided the materials
Offers of funds for private loans. Rush University will not request or accept funds from any lender for private loans including funds for an opportunity pool loan to its students in exchange for the school providing concessions or promises to the lender regarding the number of volume of loans or a preferred lender arrangement. An opportunity pool loan is a private education loan that involves direct or indirect payments by the implementation of points, premiums, additional interest or financial support to the lender for the purpose of the lender extending credit to the student.
Preferred lender arrangements. Rush University will seek to establish relationships with lenders which offer the best benefits for students. Rush University will use a fair and equitable process in evaluating potential lenders for our preferred lender list. Rush University is committed to exercising a duty of care and a duty of loyalty at all times when compiling any preferred lender list. Any preferred lender list promulgated by Rush University will be based solely on the best interests of students and parents. The complete process through which preferred lenders are selected will be fully and publicly disclosed, including the criteria and basis for the selection. The list will be reviewed and compiled annually and made available to students and families of students attending Rush University. The list will include at least two unaffiliated lenders.
In addition, all required consumer disclosures are displayed on the Rush University website and in materials provided to the students. All Rush University marketing materials containing the preferred lender list shall also advise students and their families that they are encouraged and have the right to select the lender of their choice that best suits their needs, are not required to use any of the lenders on the preferred lender list, and will suffer no penalty or incur unnecessary delay for choosing a lender not on the list. All loans are processed without regard to lender. A borrower’s choice of a lender will not be denied, impeded, or unnecessarily delayed by Rush University, even if that lender is not included on the Rush University’s Preferred Lender List. Rush University will not refuse to certify or delay certification of any loan based on the student’s selection of a particular lender or guarantee agency selected.
Revenue-sharing arrangements ban. Rush University not enter into a revenue-sharing arrangement which is defined as an arrangement between a school and a lender under which the lender pays a fee or provides other material benefits, including revenue or profit sharing to the school, an officer or employee of the school, or an agent and in exchange, the school recommends the lender or the lender’s loan products and the lender makes loans to the students.
Use of Rush University identity. Rush University will not allow any associate, agent, or representative of any lender or guarantor agency to represent himself or herself to the public, or to act otherwise as an agent or representative of Rush University. No Rush University employee shall represent herself or himself to the public or otherwise act as an agent or representative of any lender or guarantor.
Rush University will not allow its name, emblem, mascot, logo, or other words, pictures or symbols that readily identify Rush University in a manner that implies the loan is offered or made by Rush University. Rush University will assure that all materials provided to students about educational loans shall prominently identify the name of the lender.
* Under IRS guidelines, the de minimis rule can also apply to any benefit, property or service provided to an employee that has so little value that reporting for it would be unreasonable or administratively impracticable. For example, use of a company photocopier to make copies for personal use. Cash is not excludable, regardless of the amount. (See, IRS Publication 15-B which may be accessed at irs.gov.)