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Federal Direct PLUS Loans

Federal Direct PLUS Loans are credit-based loans available to parents of dependent undergraduate students who are enrolled in an eligible degree or certificate program on at least a half-time basis (1.75 units/term or six credit hours/term). Only U.S. citizens and permanent residents are eligible.

All undergraduate degree and certificate programs at Richmond are eligible programs except for the Liberal Arts and Leadership certificate programs and the undergraduate certificate in Performance Coaching Skills.

To apply for a Federal Direct PLUS loan, the following form must be completed:

  1. The Free Application for Federal Student Aid (FAFSA) for the appropriate school year
  2. The Federal Direct PLUS Loan Application for the appropriate school year:

This application must be submitted at least six weeks prior to the start of the term for Direct PLUS 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 loans disbursed on or after July 1, 2018 and before July 1, 2019 is 7.6%. Interest rates are set every July 1st for the following year.  A 4.248% origination fee is deducted from the amount borrowed.

It is usually to the family’s advantage for the student to apply for the Federal Direct Subsidized/Unsubsidized Loans (student loans) before applying for the Federal Direct PLUS Loan. In fact, the amount of subsidized Direct Loan that the student may borrow will be counted when determining Direct PLUS Loan eligibility, even if the student chooses not to borrow the subsidized Direct Loan.

Upon receipt of the appropriate application materials, the Financial Aid Office will determine the loan eligibility and originate the loan. Parents who have previously borrowed a Direct Loan and signed a Master Promissory Note will not need to sign another Note. New borrowers must sign a Master Promissory Note which can be completed at

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