Richmond Home

Loans

Federal Direct Loans

Federal Direct Loans are available to students who are U.S. citizens and permanent residents regardless of the demonstration of eligibility for need-based aid.

Federal Direct PLUS Loans

Federal Direct PLUS Loans are for parents of undergraduate students, and are available regardless of whether the family demonstrates eligibility for need-based aid.

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 program on at least a half-time basis (six credit hours per term).

Private Loans

We strongly recommend that students take advantage of the Federal Direct Loan program before opting for private loans, which generally have higher interest rates and higher fees than federal loans.

Private loans are credit-based, educational loans from lenders such as private banks and are available to students enrolled in an eligible program on at least a half-time basis. The maximum annual loan is the cost of attendance, as established by the Office of Financial Aid, minus any financial aid that the student may receive.

These are credit-based loans and a poor credit history will prevent borrowing under these programs. Interest on these loans begins to accrue on the date of disbursement, and interest and principal payments begin after graduation, withdrawal from school, or enrollment at less than a half-time course load (six credits or 1.75 units).

There are many different private loan products on the market. You may use any lender of your choice for a private loan. These loans are not inexpensive and borrowing under these programs is recommended only after other sources of financial assistance are exhausted. It is important to review and understand information about loan repayment, loan forgiveness and loan consolidation prior to borrowing. This information will help you understand your obligations and options under the federal loan programs.

For more information on private loans, contact the Office of Financial Aid.

Federal Loan Repayment

There are various federal loan repayment plans available to borrowers.  Borrowers are able to select the loan repayment plan which best suits their needs.

Public Service Loan Forgiveness

Direct Loan borrowers can have their Federal Direct Loans forgiven through public service.

Federal Loan Consolidation

Borrowers who have multiple federal loans can consolidate these loans into one loan.

Student Jobs

The Office of Student Employment helps students find employment on campus, regardless of whether they receive Federal Work Study as part of their financial aid package. Find out more about student jobs.