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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 Certificate in Information Security and the leadership certificate programs.

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

1. The Free Application for Federal Student Aid for the appropriate school year.

2. The Federal Direct Grad PLUS Loan for the appropriate 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.

Interest rates are set by the federal government every July 1st for the following year. The interest rate for Direct PLUS Loans disbursed on or after July 1, 2018 and before July 1, 2019, is 7.6%. The interest rate for loans disbursed on or after July 1, 2019, and before July 1, 2020, is 7.08%. 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.

Federal Direct Loans

Before applying for the PLUS loan, consider applying for the Federal Direct Subsidized and Unsubsidized Loans, as the terms are better.

Contact the Office of Financial Aid

(804) 289-8438
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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