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Federal Direct Loans, Law and Graduate Students

Federal Direct Loans are available to eligible students enrolled in an eligible degree program on at least a half-time basis (six credit hours per term).

Students interested in applying for a Federal Direct Loan must complete:

1. The Free Application for Federal Student Aid (FAFSA) for the appropriate school year.

2. The Federal Direct Loan application for the appropriate academic period:

These applications must be submitted at least six weeks prior to the start of the term for Direct Loan funding to be available by the time classes begin.

Direct Unsubsidized Loans are available to graduate students. Interest does accrue on the Unsubsidized Loan during the student’s enrollment. Repayment of principal plus accrued interest, begins six months after graduation, withdrawal from school or reduction to less than half-time status. (Accrued interest may be paid during enrollment, if the student wishes to do so.)

Law and graduate students may borrow up to $20,500.

The interest rate for Direct Unsubsidized Loans disbursed on or after July 1, 2016 and before July 1, 2017, is 5.31%. A 1.069% origination fee is deducted from the amount borrowed.

The Standard Repayment Plan allows for a repayment period of 10 years. Alternative repayment plans allowing for a longer repayment period are available.

Upon receipt of the appropriate application materials, the Office of Financial Aid will determine your eligibility and originate your loan. If you have previously borrowed a Direct Loan and signed a Master Promissory Note, then you will not need to sign another note. New borrowers must sign a Master Promissory Note. First-time borrowers must also complete Loan Entrance Counseling. Both may be completed at www.studentloans.gov.

For academic year loans, two equal disbursements are made—one at the beginning of each semester—through a direct credit to your account with the University of Richmond. For summer session and single-term loans, one disbursement is made at the beginning of the term.

What's the difference?

The federal government pays interest that accrues on a Direct Subsidized loan while the student is enrolled. A student must qualify for need-based aid in order to qualify for the government's subsidized loan program.

Any student can borrow through the Direct Unsubsidized Loan program, but will eventually have to pay back any accrued interest.

Both subsidized and unsubsidized Federal Direct Loans offer better terms than PLUS and alternative loans.

Contact Us

(804) 289-8438
finaid@richmond.edu
Fax: (804) 484-1650
 
Queally Center, Suite 214
28 Westhampton Way
University of Richmond, VA 23173

Open weekdays, 8:30 a.m.–5 p.m

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