Federal Direct Grad PLUS Loans

These 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 Liberal Arts and 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:
1) The Free Application for Federal Student Aid for the appropriate school year
2) The 2008-09 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 is fixed at 7.9%. A 4% origination fee, minus the 1.5% rebate, means that total fees of 2.5% are 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 sign a Master Promissory Note, which must currently be done using a paper promissory note; this will be sent to you to sign once your loan is approved. (You should consider applying for the Direct Subsidized and Unsubsidized Loans before applying for the Direct Grad PLUS loan.)

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.