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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:

To accept or decline your offered loans:

1) First-time borrowers only, complete the Authorization to apply Title IV funds by:

  • Accepting the Authorization of Title IV funds in  BannerWeb. To complete your Authorization electronically, follow the instructions here.
  • If you are a Prospective Undergraduate or a Prospective Law student you may also complete your Authorization by signing the Award Acceptance form that was provided with your award letter and returning it to our office. It can be returned to us via email at finaid@richmond.edu, by fax at (804)484-1650, or by mail.

2) Accept or decline all or a portion of your Federal Direct Loans via BannerWeb. Instructions for doing so can be found here.

3) First time borrowers only – complete entrance counseling and sign your Master Promissory Note electronically at studentloans.gov.

In order to ensure your loans are processed and applied to your account by the first day of class, complete the above loan requirements at least six weeks prior to the first day of classes. If any of the above requirements are completed after that date, aid will be processed but it may not be available by the first day of class.

About Federal Direct Loans

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.

Interest rates are set by the federal government every July 1st for the following year. The interest rate for Direct Unsubsidized Loans disbursed on or after July 1, 2019, and before June 30, 2020, is 6.08%. The 1.062% origination fee is deducted from the amount borrowed for all loans disbursed on or before September 30, 2019. All loans disbursed on or after October 1, 2019, will have an orignation fee of 1.059% 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 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.

Contact the Office of Financial Aid

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

Open weekdays, 8:30 a.m.–5 p.m.

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