If you have a Federal loan (Federal Perkins, Federal Nursing, LDS, PCL) or an Institutional loan (private RUSH University Student Loan), which makes it possible for you to attend RUSH University, be sure you understand the ins and outs of repayment, deferment and cancellation provisions for your specific loan. Always refer to your original promissory note for the details of your particular loan.
Perkins/Institutional loan exit counseling and repayment
You will likely be expected to begin repaying your loans once you leave the University or drop below half-time student status. When you officially leave the University (graduation, leave of absence or withdrawal), or drop below half-time student status, and you have been awarded a Federal Perkins loan or Institutional loan, you will be required to complete exit counseling with our office.
Deferments or cancellations
Some loans, like the Federal Perkins Loan, allow for the deferment or cancellation of your repayment obligation if certain conditions are met — service in specific, valued jobs, for example. For a complete list of cancellation provisions and the eligibility criteria for each one, as well as downloadable forms and other information, please contact our loan processor, Heartland ECSI, through its website or call (888) 549-3274.
Billing
Heartland ECSI mails statement for loans around the 20th of every month, and payments are due on the 10th of the following month. Please send payments or any other correspondence to the following address:
RUSH University C/O Heartland ECSI
P.O. Box 1278
Wexford, PA 15090
For payment options, please visit:
Third-party billing
If you will not be personally paying the account, it is your responsibility to forward your monthly bills to the payer.
Prepayment
There is no penalty for prepaying your loan. Interest is always based on the unpaid balance each month, so the faster you reduce your balance, the less interest you will pay.
Difficulty making payments
If you are having financial difficulties and are unable to make a payment, please contact our Student Loan/Collection Analyst, Mirielle Ulhoa, at (312) 942-5257. Depending on your loan, a temporary forbearance/hardship arrangement may be an option.
Delinquency
Failure to make a scheduled payment on time, or to submit the necessary deferment, forbearance or cancellation form prior to the scheduled due date, will result in your account being considered delinquent. Delinquency may result in late fees, as specified in your promissory note, and may be also reported to major credit bureaus.
Default
Default occurs when you fall several months behind on your loan payments. You can also be considered in default if you do fail to do the following:
- Sign your repayment schedule
- Notify your lender of any changes to your name, address, or enrollment status
- Fail to file a deferment or forbearance form or other appropriate paperwork
Defaulting on student loans can have serious financial, legal and professional consequences.
Loan rehabilitation
Under the Federal Perkins Loan Program, if your loan has been in default, it is possible for you to "rehabilitate" it. If your lender agrees, you can make nine on-time consecutive monthly payments of a mutually satisfactory amount. After you make these payments the following will happen:
- Your loan will return to regular repayment status
- The default will be removed from your credit history
- You will be eligible to borrow federal financial-aid funds