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.
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.
Institutional loans cannot be consolidated with Federal loans and are not eligible for the same payment plans as Federal Loans including the Public Service Loan Forgiveness program.
Upon approval of the institutional loans, students must complete a series of loan documents annually for the Truth-In-Lending Act for Regulation Z document.