Federal Direct Grad PLUS Loans
Federal Direct Grad PLUS loans are credit-based loans available to eligible law and graduate students enrolled in an eligible degree or certificate program on at least a half-time basis (six credit hours per term).
All degree and certificate programs at Richmond are eligible programs, except for the Certificate in Information Security and the leadership certificate programs. Students must be U.S. citizens or eligible non-citizens.
Students interested in applying for a Federal Direct Grad PLUS Loan must complete:
- The Free Application for Federal Student Aid for the appropriate school year.
- The 2017-18 Academic Year Federal Direct Grad PLUS Loan Application.
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.
The maximum annual loan is determined by the cost of attendance, as established by the Financial Aid Office, minus any other financial assistance that the student will receive.
The interest rate for Direct Grad PLUS Loans disbursed on or after July 1, 2016 and before July 1, 2017, is 6.31%. A 4.276% origination fee is deducted from the amount borrowed.
Upon receipt of the appropriate application materials, the Financial Aid Office will determine the loan eligibility and originate the loan. A credit check will determine your eligibility for this loan. New borrowers must complete Loan Entrance Counseling and sign a Master Promissory Note. Both can be completed at www.studentloans.gov.
Your loan will not disburse until a Master Promissory Note has been signed. Academic year Grad PLUS loans are disbursed one half each semester, at the beginning of each semester, by a direct credit to your account. For summer session and single term loans, one disbursement is made at the beginning of the term.