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Other Financial Resources

Loan programs are available from the federal government as well as from private sources to assist with education expenses. Funding may also be available from your state.

Federal Direct Loans are available to students regardless of the demonstration of eligibility for need-based aid. Direct Subsidized Loans, in which the government pays the interest that accrues while the student is enrolled, are made to students who demonstrate financial need. Direct Unsubsidized Loans are available to students who do not demonstrate financial need, and require the student to pay all interest that accrues.

First-year undergraduates may borrow up to $3,500 from the Direct Loan program. This amount increases to $4,500 for sophomores and $5,500 for juniors and seniors. The interest rate is fixed and is currently 6.8%. Repayment on both of these loans begins six months after graduation, withdrawal from school or reduction to less than half-time status.

To apply, complete the Free Application for Federal Student Aid and the University of Richmond Financial Aid Supplemental Application.

The Federal Direct PLUS Loan is for parents of undergraduate students and is available regardless of whether the family demonstrates eligibility for need-based aid. The maximum loan amount is the cost of attendance minus any other financial assistance the student is receiving. The interest rate is fixed and is currently 7.9%. Repayment begins when the loan is fully disbursed and may extend up to 10 years. Parents of accepted students must comply with the University of Richmond’s Federal Direct PLUS Loan application. Contact the Financial Aid Office for more information.

There are alternative loan programs available from private lenders to assist with education expenses. Generally, these loans have less competitive terms than the federal loan programs but may still be of assistance to families who need additional sources of funding. Contact the Financial Aid Office for more information.

Some states allow their financial aid funding to be used by residents of that state who attend colleges or universities in another state. Delaware, Maryland, Pennsylvania, Rhode Island and Vermont have historically had such programs. Check with your state’s education department.

Virginia residents enrolled full time in a degree program at a private college or university in Virginia are eligible to apply for the Virginia Tuition Assistance Grant. The application must be submitted to the school you will attend by the deadline of July 31, 2008.

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