In this section
2023-2024 Student Financial Aid Handbook
Table of Contents
- Section I: General Information
- Section II: Applying for Financial Aid
- Section III: Adjusting Financial Aid
- Section IV: Payments
- Section V: Consumer Information
- Section VI: Repayment
Rosalind Franklin University of Medicine and Science (RFU) Financial Aid Handbook is intended to provide you with current information on financing your health profession education. Among the topics discussed in this handbook are: financial aid application procedures; tuition and payment policies and information on debt management and repayment of student loans. The information in this handbook is subject to change at any time based on changes to federal and/or institutional policies and regulations; therefore, the information in this handbook is subject to change without notice.
The RFU official method of communication with our students is through their RFU email account, InSite, and Self-Service.
Please check these often to stay up to date on all relevant information and notifications. The Office of Student Financial Services is located in HSB L.724.
The mailing address is:
Student Financial Services
3333 Green Bay Road
North Chicago, IL 60064
Student Financial Services Staff:
- Darryl Jackson, MBA, ChFC, CFP, Associate Vice President of Financial Aid, Services, and Literacy
- Jon Rhodes, MPA, Ed.S, Director of Financial Aid
- Hannah Hast, MS, Financial Aid Systems Analyst
- Olga Guadarrama, Financial Aid Counselor
- Sarah Cox, Financial Aid Counselor
- Vicki Zielsdorf, Financial Aid Counselor
- Stephanie Lewis, Bursar
- Kevin Suddick, Student Account Counselor
- Wilda Haynes, Financial Services Assistant
Section I: General Information
Financial Aid: Eligibility Requirements
The U.S. Department of Education has established certain basic eligibility requirements for all federal financial aid. Individual scholarship, work study, and loan programs may have additional eligibility requirements.
To qualify for most types of aid, you must:
- Be enrolled or accepted for enrollment as a student pursuing a degree or certificate.
- Be enrolled half-time; six or more credit hours per quarter.
- Be a U.S. citizen, U.S. national, or an eligible noncitizen.
- An eligible noncitizen is defined as a U.S. permanent resident who has an Alien Registration Card (I-151, I-551, or I-551C). If you have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing "Refugee," "Asylum Granted," "Indefinite Parole," "Humanitarian Parole," "Cuban-Haitian Entrant," "Status Pending," or "Conditional Entrant" (valid only if issued before April 1, 1980), you are also eligible for aid.
- If you hold only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you are not eligible for federal aid.
- If you are in the United States on an F1 or F2 student visa or a J1 or J2 exchange visitor visa, you are also not eligible for federal aid.
- While students who are not U.S. citizens, U.S. nationals, or eligible noncitizens are not eligible for federal financial aid, they may be eligible for certain private loans with a U.S. citizen as a cosigner.
- Have a valid Social Security Number.
- Make satisfactory academic progress, as defined by Rosalind Franklin University of Medicine and Science, towards the completion of your degree or certificate.
- Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only for educational purposes.
- Register with Selective Service, if required.
- The requirement to register applies to males who were born on or after January 1, 1960, are at least 18 years old, are citizens or eligible noncitizens, and are not currently on active duty in the U.S. Armed Forces.
- Citizens of the Federated States of Micronesia, the Marshall Islands, or Palau are exempt from registering.
- Not be in default on a federal student loan and not owe money back on a federal student grant.
For additional information on eligibility: https://studentaid.gov/understand-aid/eligibility
Loss of Eligibility Due to a Drug Conviction
A student who is convicted of a state or federal offense involving the possession or sale of an illegal drug that occurred while the student was enrolled in school and receiving Title IV aid is not eligible for Title IV funds. [An illegal drug is a controlled substance as defined by the Controlled Substance Act and does not include alcohol and tobacco.]
A borrower's eligibility is based on the student's self-certification on the Free Application for Federal Student Aid (FAFSA). Convictions that are reversed set aside or removed from the student's record or a determination arising from a juvenile court proceeding does not affect eligibility and do not need to be reported by the student.
A student who is convicted of a drug-related offense that occurred while the student was enrolled in school and receiving Title IV aid loses Title IV eligibility as follows:
For the possession of illegal drugs:
- First offense: one year from the date of conviction.
- Second offense: two years from the date of the second conviction.
- Third offense: indefinitely from the date of the third conviction.
For the sale of illegal drugs:
- First offense: two years from the date of conviction.
- Second offense: indefinitely from the date of the second conviction.
A school must provide a student who loses Title IV eligibility due to a drug-related conviction with a timely, separate, clear, and conspicuous written notice. The notice must advise the student of his or her loss of Title IV eligibility and the ways in which the student may regain that eligibility.
Regaining Eligibility after a Drug Conviction
A student may regain eligibility at any time by completing an approved drug rehabilitation program and by informing the school that he or she has done so. A student regains Title IV eligibility upon successful completion of the program. A drug rehabilitation program is considered approved for these purposes if it includes at least two unannounced drug tests and meets one of the following criteria:
- The program received or is qualified to receive funds directly or indirectly under a federal, state, or local government program.
- The program is administered or recognized by a federal, state, or local government agency or court.
- The program received or is qualified to receive payment directly or indirectly from a federally or state licensed insurance company.
- The program is administered or recognized by a federally or state-licensed hospital, health clinic, or medical doctor.
For a student whose Title IV eligibility is reinstated after a drug conviction, the maximum loan period that a school may certify is within the academic year during which the student regains eligibility-- the school may not certify eligibility prior to the date on which eligibility is regained. A student who loses eligibility during a loan period is immediately ineligible to receive subsequent disbursements of Title IV Federal Loan funds and is required to repay any Title IV funds received after the date he or she lost eligibility. Schools are not required to recalculate a student's loan amount.
Rights & Responsibilities of a RFU Financial Aid Recipient
As a student financial aid recipient, it is your responsibility to:
- You must regularly check your student email account for information from RFU and Student Financial Services.
- You must complete all application forms accurately and submit them on time. You must read and understand all forms you are asked to sign and keep a copy of each. You are also responsible for knowing the financial aid reapplication deadlines.
- You must provide correct information at all times. Reporting false information is a violation of the law and may be considered a criminal offense.
- You must submit, by the deadline indicated, all additional documentation, verification, corrections and/or new information requested by either the Financial Aid Office or the agencies to which you submitted applications. Some examples include proof of citizenship, loan entrance counseling, loan promissory notes and loan exit counseling prior to leaving school.
- You must notify us in writing if the information reported on your financial aid applications has changed.
- You must notify the RFU Registrar’s Office and any lenders if there are changes in your name, social security number, permanent mailing address, anticipated graduation date, or enrollment status.
- You must notify us if you receive any outside scholarships or other awards that do not appear as part of your award in Self-Service. You must report these resources using the Report Outside Aid button in Self-Service. Some examples include scholarships, and veterans or rehabilitation benefits.
- You must accept responsibility for all agreements that you sign.
- After completing a Direct Loan Master Promissory Note, Student Financial Services will disburse the maximum loan for which you are eligible to your RFU account. You must contact our office if you do not want us to follow that procedure.
- You must perform the work agreed upon if you accept a Federal Work-Study job, and notify your employer if the amount of your award changes.
- You must know and comply with the refund procedures of RFU.
- You must show Satisfactory Academic Progress according to established policies and standards of RFU.
- You must notify us in writing if you are receiving financial aid for attendance at another institution while attending RFU.
- If you are a recipient of a Federal Direct Loan, you must notify the lender should any of the following occur before the loan is repaid:
- You change your address and/or phone number
- You graduate
- You withdraw from school or are enrolled less than half time
- You change your name (e.g., maiden to married name)
- You transfer to another university
- You must maintain satisfactory status on student loans. You may be required by your lender to complete deferment forms for loans that were previously in repayment. Students who default on their student loans or owe refunds on federal grants are not eligible for any financial aid.
As a student financial aid recipient, you have the right to:
- You have the right to privacy. All records and information submitted with your application for financial aid are confidential, and subject to legal requirements concerning disclosure of such information.
- You have the right to know about the refund policies for both Rosalind Franklin University and Financial Aid if you withdraw after the quarter begins, your school specific student affairs office acts as a resource for students considering withdrawal.
- You have the right to request a reduction or cancellation of your student loan. Remember that a student loan is a debt that must be repaid; borrow only what you need.
- You have the right to know specific consumer information such as campus crime statistics.
- You have the right to know what financial aid programs are available to you, including information on all federal, state and university financial aid programs.
- You have the right to know the application procedures and deadlines for each of the available programs.
- You have the right to know how financial aid is distributed and the basis for these decisions.
- You have the right to know how and when financial aid is disbursed.
- You have the right to know how your financial aid eligibility was determined. This includes how costs for tuition, fees, room, board, books and supplies, transportation, and personal expenses were determined in your estimated cost of attendance. It also includes what resources were considered in the calculation of your financial aid eligibility.
- You have the right to know the interest rate of your loan, the total amount to be repaid (or not to be repaid), repayment procedures, when repayment begins, and the length of the repayment period.
Renewal of Financial Aid Awards
There is no automatic renewal of financial aid awards at RFU. Financial aid is granted for only one academic year at time. Students are required to apply for financial aid for each academic year. Because students' circumstances may change, financial aid eligibility must be determined annually.
In order to be considered for renewal of financial aid, continuing students must:
- Continue to meet the general eligibility requirements
- Maintain satisfactory academic progress
- Complete a Free Application for Federal Student Aid (FAFSA)
- Meet any specific requirements for outside financial aid awards
- Complete the RFU Financial Aid Questionnaire
- Respond to requests for additional information from the Office of Financial Aid
An FSA ID is comprised of a username and password and can be used to login to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid(FAFSA®).
The security of your FSA ID is important. Your FSA ID can be used to:
- Electronically sign Federal Student Aid documents
- Access your personal records, and
- Make binding legal obligations
It's easy to apply for a FSA ID. Simply access the FSA ID website at https://studentaid.gov/ and choose Create Account.
National Student Loan Data System (NSLDS)
NSLDS is a central database that stores information on all loans made through federal student aid: disbursed amount, outstanding balance, outstanding interest, and loan servicers. Log onto https://nsldsfap.ed.gov.
Refer to your promissory note or lender for information on private student loans.
Defer Prior Educational Loans
You may be eligible to defer payment on prior educational loans while you are enrolled at least half-time as a student at RFU. Contact your lender to determine if you qualify for a student deferment. Typically, the deferment process depends on the loan type:
FFEL Loans, Federal Direct Stafford, Federal Direct Graduate PLUS Loans
- The University Registrar sends your enrollment information to the National Student Loan Clearinghouse once a month.
- The Clearinghouse notifies your lender(s) and/or servicer(s) that you are in school.
- If your lender(s) or servicer(s) send you a deferment form, simply bring or send it to your school's registrar office. The form will be forwarded to the Clearinghouse for completion.
Federal Perkins Loan
- Contact your former school to obtain a Student Deferment form (your former school is your lender for Federal Perkins Loan).
- Complete the "Student Section" of each deferment form as directed.
- Bring or send each deferment to your school's registrar's office.
- Your registrar will complete the form and send it to your former school.
- Contact your lender(s) by telephone 6-8 weeks after school begins or after submitting the form to your registrar (whichever is later) to verify that your student deferment has been processed.
Your Responsibilities while in Deferment
- Notify your lender(s) of any change in circumstance (e.g., change in address, phone number, name, enrollment status) that might affect your deferment(s).
- Contact your lender(s) immediately if you continue to receive requests for payment after school has started and/or you have submitted a Student Deferment form. Your Registrar may need to send an enrollment history to your lender(s) to verify your eligibility.
Privacy Information (FERPA)
All documents submitted on behalf of a student are strictly confidential. No information is released to anyone, including parents, spouses, faculty members or program directors, without written permission from the student. RFU has the right to disclose information to a funding source in connection with financial aid for which a student has applied or received, as necessary to determine eligibility for financial aid, the amount of aid, the conditions that are imposed regarding aid, and enforcing the terms of the aid. In turn, a student does not have the right of access to family financial information if the parents indicate nondisclosure. Many parents try to act on a student's behalf; however, as a graduate student you are considered independent for federal aid purposes. Thus, according to federal guidelines, financial aid administrators are not allowed to discuss the specifics of a student's financial aid or academic file with anyone other than the student. Students who wish to grant permission to specific persons must complete an Authorization to Release Information form.
InSite is an online tool for currently enrolled students; it is designed to provide access to all the necessary financial service information and resources a student will need. Students may login using their Helix ID and password.
The following information is available through InSite:
Self-Service is an online tool that provides RFU students access to the most up to date information regarding their enrollment, billing and financial aid. The following information is available through Self-Service:
- Financial Aid Award Summary (current and previous)
- Account Summary by Term
- Make a Payment
- Sign up for direct deposit
Section II: Applying for Financial Aid
Cost of Attendance (COA)
The Cost of Attendance (COA) determines your maximum financial aid. Individual aid sources are limited by program maximums. Total aid from combined sources, including Federal Direct Unsubsidized Stafford and Grad PLUS loans, scholarships, and Federal Work-Study cannot exceed the school-approved Cost of Attendance. The COA determines the maximum you can receive in financial aid.
The COA is designed to support the student attending school, not extended family, except as noted under Budget Adjustment Allowances below. COA is reviewed annually and updated with estimated information in March of each year; information is not finalized until approved by the University Board of Trustees. NOTE: TUITION AND FEES ARE SUBJECT TO CHANGE WITHOUT NOTICE.
A student's annual COA includes:
- Direct costs (expenses paid to the school):
- Mandatory fees
- Health insurance (unless waiver submitted)
- Indirect costs (funds a student may need for other allowed costs):
- Room and Board (lodging, basic utilities)
- Books and supplies
- Transportation (gas, auto insurance, maintenance, but NOT purchase of a vehicle)
- Personal Expenses
Regional cost of living indexes are used in adjusting room and board, food and transportation allowances. Programs are polled for books and supply costs. Adjustments are made annually for actual direct costs based on recommendations by the Finance Office as approved by the Board of Trustees.
Budget Adjustment Allowances
Federal regulations allow RFU to consider only those expenses that are directly related to your attendance. Requests may be granted for the following exceptions based on documented expenses for the specific enrollment period:
- Dependent day care
- Vehicle repair
- Paid medical bills not reimbursed by insurance
- One-time computer purchase
- Student Health Insurance coverage
- USMLE/APMLE Exam Fees
Federal regulations stipulate that the following expenses cannot be included in a student's COA, regardless of the circumstances.
- Automobile Payments and/or Purchase
- Consumer Debt (i.e. credit card debt, previous student loan debt or payments)
- Moving Expenses
- Spousal/Dependent Insurance
- Aid during periods of non-enrollment
- Students dependents
Interest is the money paid to the lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount borrowed. Interest rates vary depending on the loan type. The most up to date rates can be accessed here: https://studentaid.gov/understand-aid/types/loans/interest-rates
All federal student loans have a loan fee associated with each disbursement you receive. The amount of money received from the loan will be less than the amount actually borrow. You are responsible for repaying the entire amount you borrowed and not just the amount you received. The most up to date origination fees can be accessed here: https://studentaid.gov/understand-aid/types/loans/interest-rates#fees
Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
William D. Ford Federal Direct Unsubsidized Loans
- This loan is not based on financial need.
- This loan is unsubsidized, which means that you pay the interest while in school.
- You may choose to defer any payments while you are enrolled in school at least half-time and during your six-month grace period before repayment. All unpaid accrued interest will be capitalized and added to the outstanding principal balance.
- Repayment on your loan begins six months after you leave school or drop below half-time.
- Interest rates are available at: https://studentaid.gov/understand-aid/types/loans/interest-rates
- Annual and aggregate loan limits are available at: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized#how-much
- If you are a first-time borrower you must complete the online entrance counseling and the master promissory note before you can receive your loan funds.
- Additional Information about the Unsubsidized Stafford can be found at: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
William D. Ford Federal Direct Graduate PLUS Loan
- This loan is not based on financial need.
- You may borrow up to the cost of attendance for the academic year less any estimated financial aid you will receive each academic year.
- This loan is limited to students who pass a credit check.
- Interest begins to accumulate at the time the first disbursement is made.
- Information regarding interest rates is available at: https://studentaid.gov/understand-aid/types/loans/interest-rates
- Repayment on your loan begins six months after you leave school or drop below half-time.
- First-time borrowers of the Graduate PLUS must complete an online entrance counseling quiz and a master promissory note.
- Additional Information on the Graduate PLUS loan can be found at: https://studentaid.gov/understand-aid/types/loans/plus
While credit checks are required to be eligible for a Graduate PLUS loan, the credit criteria are less strict than those associated with private student loans. If you do not meet the credit requirements for a Graduate PLUS loan, you may still obtain the loan with an endorser who does meet the credit requirements.
Credit approval is based on federally mandated criteria, not a credit score. In order to qualify you must not have any of the following items on your credit report:
- Any current delinquency of 90 days or more
- Any of the following within the preceding five years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection.
Recent changes in the law that governs the terms and conditions of Grad PLUS Loans establish a specific circumstances for certain Grad PLUS Loan applicants who would otherwise be considered to have an adverse credit history. Specifically, a Grad PLUS Loan application may qualify for a Grad PLUS Loan based on extenuating circumstances if the applicant:
- Has been or is delinquent for 180 days or less on mortgage loan payments, or on medical bill payments for the application or the applicant's family, AND
- Does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to Grad PLUS Loan applicants.
Credit approval is valid for 90 days. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 90 days.
If you think you may have one or more of the items outlined in the credit criteria listed above you may want to obtain your credit report in advance of applying for a Grad PLUS Loan. You should work to correct negative items on your credit as soon as possible.
Credit denial options include:
- Applying for the loan with an endorser, which is a credit worthy loan cosigner
- Correct any invalid information on your credit report and reapplying
Appeal the denial with Application Services (contact Student Financial Services for details)
Health Professions Student Loans (HPSL)
HPSL loans are offered to students in the College of Podiatry and Pharmacy, and are currently at 5% interest rate. A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific. A student who remains in this country on a student or visitor's visa is not eligible.
Students receiving HPSL loans must be enrolled or accepted for enrollment as a full-time student in a health professions school participating in the HPSL program. The student must be in good standing, as defined by the school, and capable in the opinion of the school of maintaining good standing in the course of study. Graduate students are considered independent for financial aid eligibility; however, regulations require schools to consider parents' information for the purpose of awarding HPSL funds. This requirement cannot be waived. Unless the parents are deceased, a student who does not provide parental income information may not be considered for HPSL funds.
Federal vs. Private Educational Loans
More so than ever before, both federal and private loans are viable options for financing an education, but it is important for the funding source to be one that best complements the student's expected career path and financial goals. Health professions students face a unique situation with their long enrollment periods followed by additional years of training post-graduation. For this reason, careful consideration should be given when choosing a funding source for health professions school.
Research and Then Decide
Each loan type has its own advantages and disadvantages. To fully understand the value of each program, you must compare the specific features, including loan terms, interest rates, origination fees, and conditions. Do your homework and equip yourself with the knowledge to make an educated decision about the loan product that is right for you.
Benefits of Federal Education Loans
- Numerous repayment plans exist, including some based on the household's income.
- Ability to change from one repayment plan to another (as the borrower's goals/situation change).
- Opportunity to obtain Public Service Loan Forgiveness (PSLF), 20-year Pay As You Earn forgiveness, or 25-year IBR forgiveness.
- Postponement of payments during residency and fellowship using grace, deferment, or forbearance are available.
- Eligible for consolidation through the Direct Consolidation Loan program.
- A student who is not in default and has not exceeded cumulative loan limits can borrow (if eligible) a Federal Perkins Loan and/or a Direct Stafford Loan, regardless of credit history. (A Direct PLUS Loan will require a credit check. If the loan is denied, an endorser with good credit may be added to the loan application to qualify).
- Availability of fixed interest rates that will not rise (or fall).
Before Borrowing a Private Student Loan, Consider the Following
- Most private loan programs offer variable interest rates, although more fixed rate options have become available recently.
- Variable rates may be low, but they can rise or fall as the rate indexes on which they are based change.
- Loan rates are based on the borrower's credit worthiness, although a co-borrower may help secure a better rate. (Co-borrower's credit needs and the length of the co-borrower's obligation should be considered carefully before committing to the loan). Interest rate indexes can be compared at bankrate.com.
- Repayment may or may not be required while in school, residency, or fellowship.
- Many times, repayment, deferment, forbearance, grace, and loan forgiveness options are limited, in comparison to federal loan options.
- Death and/or disability loan discharge may or may not be available.
A private loan may make sense if...
- The borrower is ineligible for federal student aid.
- The rate of the private debt is lower than the federal debt, and if it is expected to remain lower for the length of repayment.
- A borrower's certainty of a significant income in the near future that will allow for an aggressive and short repayment term of a variable rate.
Federal Work-Study Program (FWS)
The Federal Work-Study program provides jobs for students with financial need, allowing them to earn money to help pay for educational expenses. The program is administered through the Office of Student Financial Services.
Applicants must demonstrate financial need, complete the I-9 form at the time of hiring, complete IRS forms and submit all financial aid information required by the Office of Student Financial Services office.
Applications are available through the Office of Student Financial Services. All applications, payroll, timekeeping procedures, and job assignments are handled through the specific supervisor or department for which a student works. Jobs range from typical library and office work, assisting in labs, and participating in research.
Federal Work-Study wages are $10.00 to $15.00 per hour. The total FWS award depends on when you apply, your level of need, the amount of other aid you will receive, the availability of funds and the time requirements of the job. The amount of your FWS award is calculated as part of your overall financial aid award and therefore may reduce your need for other funds. The total hours may not exceed 15 per week when classes are in session or 35 hours per week during vacation periods.
Students are paid on a bi-weekly basis from RFU.
Student loan entrance counseling is a mandatory information session which takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower. All students taking out Direct Unsubsidized Loans or Direct Grad PLUS Loans are required to complete entrance counseling. You must complete entrance counseling before your school can make the first disbursement of your loan. Entrance counseling is completed at www.studentloans.gov. When completing entrance counseling, you should expect it to take you about 30 minutes.
Federal Direct Stafford Loans and Graduate PLUS loans require a Master Promissory Note, which allows a student to receive multiple Direct Loans under one Promissory Note while enrolled at RFU. Entering students or first-time borrowers will be asked to sign a Promissory Note online at www.studentloans.gov.
Financial Aid Notification
The Financial Aid Notification officially lists the financial assistance a student is expected to receive for the current academic year. Students may access their aid notification by logging onto Self-Service. All financial aid funding will be disbursed evenly among the number of quarters a student is registered. The amount of financial aid awarded may not exceed the annual cost of attendance. Students may refund or cancel all or part of their loans by completing and submitting the Refund/Cancellation form to the Office of Student Financial Services.
Scholarships and Other Assistance
Following federal guidelines, the Student Financial Services Office is required to take all financial resources into account when determining your eligibility for financial aid. If you receive an outside scholarship, a University scholarship, a private educational loan, or any other form of assistance you must notify our office in writing of this resource. Please notify our office in writing as soon as you are informed of this outside assistance and include any relevant documentation. Once notified we will make an adjustment to your award and send you a new award notification. Notifying us late in the process may result in an inconvenient adjustment to your financial aid package after classes have begun.
Section III: Adjusting Financial Aid
Requesting Additional Loan Funds
Students who did not initially request their full Federal Direct Stafford Loan or Federal Direct Grad PLUS Loan eligibility may request additional loan funds by completing the Additional Loan Request Form which is located on Insite on the Financial Aid page under forms. Additional loans can be processed for students once they have a valid Master Promissory Note (MPN) on file for the Federal Direct Stafford Loans, and/or the Federal Direct Grad PLUS Loan.
Refund and Cancellation Forms
Students who have requested funds through the Federal Direct Loan Programs and wish to decrease the amount they have requested can used the Loan Cancellation Form or the Student Loan Refund Form when applicable.
Use the Cancellation form to cancel loans you do not require before disbursement. This form must be completed 30 days prior to start of the quarter in which the student has elected to cancel funds. The Cancellation form can be submitted via Insite.
The Refund form is used to refund loan amounts after disbursement. Each quarter there is a deadline in which the student can refund that quarters disbursement. The form can be submitted via Insite and then the student will be notified once it has been processed and will then be responsible for making the appropriate payment to bring their account current.
Section IV: Payments
Tuition and Fee Payment
Tuition and fees are billed quarterly and due four business days after the beginning of each academic term. E-Billing Notifications are generated three weeks prior to the billing due date. Billing statements can be accessed by students via Self-Service and will include charges and anticipated financial assistance as of the statement date. A student will not be considered officially registered until full payment of tuition and fees have been made. For a list of the current deadlines and due dates please refer to the Student Financial Services Calendar.
Late Assessment Penalty
Students with outstanding balances will be assessed a 1.5% late penalty assessment monthly on any unpaid balance. A registration hold will also be placed on a student's account until the balance is paid in full. If further action is warranted, the student will be responsible for all collection costs and legal fees.
Students may pay by mail, drop box, on-line, or in person. Tuition and fee charges may be paid by the following options below:
- Payment in full using check or money order (include RFU Student ID)
Mail to: Student Financial Services
3333 Green Bay Road
North Chicago, IL 60064
To ensure proper credit on a student account, your check should be:
- Payable in U.S. dollars to RFU
- Include your name and student ID
- Your check will be deposited upon receipt
- Online Payment Option
- Sign-in to your Self-Service account
- Select “View Account and Make Payment” (under Student Financial Services)
- Follow screen prompts for credit card or e-check payment
- Visa, American Express, Discover, MasterCard accepted (2.5% processing fee applied)
- Checks accepted (no fee)
- Bank Wire Transfer
Wire payments can be made directly from your bank to RFU University's account with the following information:
- Bank Name: JP Morgan Chase Bank, N.A.
- Bank Address: 5813 Milwaukee Ave., Chicago, IL, 60646
- Account Name: Rosalind Franklin University of Medicine and Science
- Account Number: 654199017
- Wire ABA Number: 021000021
- ACH ABA Number: 071000013
- Swift Address: CHASUS33
Please note: it is crucial that the student's name and Student ID number are included with the wire instructions. Please review the wiring policies with your bank; there may be fees deducted from the amount of your payment.
- Sponsored Third Party Billing
RFU will temporarily defer the payment for students who present written authorization/contract from a third party/sponsoring company for payment of tuition and/or fees on their organization or corporate letterhead. All letters/contracts are subject to review by the Office of Student Financial Services and must include the following information:
- Student's name
- Student ID
- Quarter or academic year covered
- Dollar or percentage limit (tuition and/or fees), if applicable
- Sponsoring organization's name, billing address, contact person and telephone number
Sponsored Third Party documentation must be submitted to the Office of Student Financial Services 30 days prior to the quarter start date.
- RFU Payment Plan
The RFU Payment Plan allows you to divide your educational expenses into 3 convenient monthly payments per quarter. The RFU Payment Plan is a pay-as-you-go budgeting plan, instead of saving to make a single payment at the beginning of each quarter. RFU Payment Plan participants may budget their tuition, fees, university housing, and student health insurance expense as a part of their regular monthly payments on a quarterly basis. Participants are billed in equal monthly installments once the RFU Payment Plan enrollment has been completed. This process will transfer the balance owed in the student's account to the RFU Payment Plan. A total minimum balance of at least $1,500.00 is required to participate in this plan. (This means that you must owe at least $1,500.00). For additional information to sign up for the payment plan.
Application of Payments
All payments received for a student are promptly applied to the student's account. Electronic payments are credited the day they are received. Paper check payments mailed to the University may take up to two days to process. In person cash or check payments are applied on the day they are presented to the Office of Student Financial Services. Payments of RFU tuition waivers/scholarships are applied to each student's account as of the first day of class or earlier.
If a check payment posted to your account is returned by the bank because of insufficient funds, the returned check amount along with a $25.00 returned check fee will be charged to your student account. Failure to immediately replace the returned check will result in a University hold being placed on your student account.
Students with overdue accounts are ineligible to register for the next term, and/or will have their registration for the next quarter administratively cancelled if their account becomes past due after registration. The University reserves the right to cancel the registration of a student with an unmet financial obligation that results for any reason. Furthermore, students will not receive diplomas and all letters of recommendation and transcripts will be withheld until all payments have been made.
RFU requires that all students obtain and maintain health insurance while enrolled. In order to ensure that all students are in compliance with this requirement, the University offers group health insurance. Current provider information and rates can be found on the Student Insurance page on the website.
Students are automatically enrolled in the Student Health Insurance Plan unless they have completed a Health Insurance Waiver Form. The health insurance waiver must be accompanied by proof of coverage from another insurance company.
Disbursement of Financial Aid
Disbursement of financial aid takes place during the first 10 days of each term. All funds received for students are promptly applied to their student accounts. Any funds received beyond on the direct costs billed to the university are disbursed to the student during the first week of each quarter. This disbursement is provided to the student via direct deposit to a personal bank account or via a check mailed to the student's address on file.
If a student has not previously set up direct deposit and would like to have funds deposited directly to their personal bank account, log on to Self-Service to do so.
Student Financial Services recommends that any disbursement be electronically deposited to a personal bank account as this is the fastest way for student to receive their living expenses. Students can enroll in direct deposit by logging on to Self-Service and selecting "Banking Information."
Section V: Consumer Information
Under the 2008 Higher Education Opportunity Act (HEOA), Rosalind Franklin University of Medicine and Science is required to make available certain information to current and prospective students, employees, and the general public. For your convenience, this information can be found at: https://www.rosalindfranklin.edu/about/consumer-information/. The webpage contains links that will direct you to the appropriate websites or information required. You may also visit the U.S. Department of Education: Higher Education Opportunity Act of 2008 for additional information.
Section VI: Repayment
Student loan exit counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). All students taking out Direct Unsubsidized Loans or Direct Grad PLUS Loans are required to complete exit counseling. It is intended to help you understand your rights and responsibilities as a student loan borrower and provide useful tips and information to help you manage your loans. In addition to a required online session at www.studentloans.gov, mandatory Student Financial Services exit counseling workshops are scheduled to review repayment options and assist in critical decision making.
Federal Student Loan Repayment Plans
Generally, you'll have from 10 to 25 years to repay your federal education loans, depending on which repayment plan you choose. There are a number of repayment plans available. Select the plan that's right for your financial situation and remember that the longer your loans are in repayment, the more interest you will pay:
There are many repayment plans available to students. Each plan varies and is designed to have features that will assist students in being successful during repayment. Students are encouraged to research each plan when determining the best fit for their personal situation. Each plans details can be obtained at: https://studentaid.ed.gov/sa/repay-loans/understand/plans. Students are also encouraged to reach out to the Student Financial Services Staff if they are not sure as to which plan will meet their unique needs.
No Prepayment Penalty
All federal education loans allow prepayment without penalty. Any excess payment is applied first to interest and then to principal. However, if the additional payment is greater than one monthly installment, you must include a note with the payment telling the processor whether you want your prepayment to be treated as a reduction in the principal. Otherwise, the government will treat it as though you paid your next payment(s) early, and will delay your next payment due date as appropriate. It is best to tell them to treat it as a reduction to principal, since this will reduce the amount of interest you will pay over the lifetime of the loan.
Making Payments Towards Your Federal Direct Loans
After the first disbursement of your Direct Stafford or Direct Graduate PLUS loan is made, the loan is then transferred to another agency that services your loans. The agencies contracted by the Department of Education are: FedLoan Servicing/PHEAA; Sallie Mae; Nelnet; Great Lakes; Aspire, EdFinancial Services; Direct Loans (ACS); Granite State Management & Resources and; the Missouri Higher Education Loan Authority. If you wish to make a payment(s) towards your Direct Loans, you will first have to determine which agency is your servicer, so that you can obtain the correct mailing address for the payment. You can look up this information at https://nsldsfap.ed.gov. This is the web site of the National Student Loan Data System. It contains your borrowing history, as well as the address and telephone number of your Direct Loan servicer. You can also call the Federal Student Aid Information Center at 1-800-433-3243 to speak with a representative in regard to securing the name(s) and contact information of your lenders and/or servicers.
How Are Loan Payments Applied To My Loan Balance
- The servicer first applies your payment to late charges or collection costs on your account (if any).
- Next, to the interest that has accumulated (accrued interest).
- The remainder of the payment is then applied to the principal balance.
- Just as the accrued interest varies monthly (depending on how many days elapse between the receipts of payments), the amount of a payment applied to accrued interest and the amount applied to principal also will vary monthly. A breakdown of how your payments are applied should be on your billing statement. If not, ask your servicer for that information.
Federal Tax Benefits for Tuition & Fees
Currently there are several “Educational Incentives” for individuals who file a Federal Income Tax Return with the Internal Revenue Service. The types of tax benefits and filing requirements may be found at the IRS website: http://www.irs.gov. The tax benefits that may be available are explained in detail in the IRS Publication 970: Tax Benefits for Education. Some topics covered in this publication include: Hope Credit, Lifetime Learning Credit, Student Loan Interest Deduction and Tuition and Fees Deduction. RFU students can access their 1098-T at: Heartland ECSI.
Interest and Capitalization
Interest is a percentage of the original loan amount (the loan principal) that's added to what you have to pay. It's a charge for using borrowed money.
Unsubsidized: If you borrowed an unsubsidized loan (Unsubsidized Stafford, Grad PLUS), interest starts accruing (accumulating) from the time the funds are disbursed to you, and you're responsible for paying that interest. You can chose to either pay it while you are in school or let it accrue and be added to the principal balance of your loan. This is called "capitalization." Capitalization increases your loan principal The total amount you repay over the life of your loan will be greater than if you paid interest while you were in school.
Subsidized: The federal government pays interest on subsidized loans (Subsidized Stafford, Perkins) during school enrollment and certain other periods.
How is interest calculated?
- Interest on all loans borrowed under the U.S. Department of Education's programs is calculated on a simple daily basis.
The following formula demonstrates how the simple interest is calculated between payments
- Average daily balance
- x Interest rate
x Number of days between payments/365.25
- Monthly interest
How interest accrues between payments made on April 15 and May 15, for example:
- Average daily balance: $10,000
- x Interest rate: .08
x Days between payments(30/365.25): .082
- Monthly interest: $65.50
- For more help on calculating interest on your own, visit:
Federal Student Aid Loan Servicers
A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help. Do I select my loan servicer? No. Your loan is assigned to a loan servicer by the U.S. Department of Education after your entire loan amount is disbursed (paid out). The loan has been disbursed when your school transfers your loan money to your school account, gives money to you directly, or a combination of both. Your loan is usually disbursed in at least two payments. Whom do I contact to get information about my loan? If your loan is for the current or upcoming school year, contact your school’s financial aid office directly for information about:
- Loan status,
- Loan refunds within 120 days of disbursement, and
- Loan disbursement amounts and timing.
Only your school's financial aid office can provide this information.
If your loan was disbursed in a past school year, contact your loan servicer when you:
- Need help making your loan payment;
- Change your name, address, or phone number;
- Have a question about your bill;
- Have a question about other features of your student loan, such as forgiveness;
- Drop below half-time enrollment;
- Stop going to school; or
- Transfer to another school.
Who is my loan servicer?
Visit the National Student Loan Data System (NSLDS®) to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid PIN to access your information. The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program.
|FedLoan Servicing (PHEAA)||1-800-699-2908|
|Granite State Management and Resources||1-888-556-0022|
|Great Lakes Educational Loan Services||1-800-236-4300|
If you have other types of federal student loans, here’s whom to contact for repayment information.
- Federal Perkins Loans — Contact the school where you received your Federal Perkins Loan for details about repaying your loan. Your school may be the servicer for your loan.
- Privately owned FFEL Program loans — Contact your lender for details about repayment options and tools for your FFEL Program loans that are not owned by the U.S. Department of Education.
For additional information on the servicers visit: https://studentaid.gov/manage-loans/repayment/servicers
Student Financial Services provides this information as a tool for students as they navigate the process of Financial aid. It is up to date as of 9/10/16 and is subject to periodical updates and changes. Please contact our office with any questions or concerns.
Address: 3333 Green Bay Road, North Chicago, IL 60064
Office Location: Health Science Building, Rm L.724
Office Hours: 8:30 a.m. - 4:30 p.m. Monday - Friday