US Financial Aid at Richmond

If you are US National or Eligible Non-Citizen resident in the US, your Financial Aid Package at Richmond will typically consist of the following types of aid:

Please use this website as a reference during the application process and during your time at the University. It is important that you read and understand all of the information listed in these webpages.

We recommend that you read all the relevant sections, including the recommended external information references, and that you also follow the procedures given and adhere to the deadlines.

Click here to start the process to apply for Financial Aid.

US Federal Loans (FAFSA) – William D. Ford Federal Direct Loan Program

Subject to eligibility, US students and their parents* (* subject to a credit check) may be able to fund their undergraduate or postgraduate studies at Richmond University by taking out federal loans by submitting a FAFSA Application. The information on these web pages will guide you with through the Direct Loan (FAFSA) application process and provide you with information on procedures and statutory requirements. Please email if you have questions regarding your FAFSA application. Richmond’s school code for FAFSA is G10594

Types of Direct Loans available

There are four types of Direct Loans

  1. Direct Subsidised Loans:
    For independent and dependent undergraduate students – the interest is paid by the Federal Government while in school.
  2. Direct Unsubsidised:
    For independent and dependent undergraduate students and graduate students – the interest accrues while in school.
  3. Direct Parent PLUS:
    For parents of dependent undergraduates to cover up to the full cost of attendance minus any other aid – subject to the parent’s credit rating. The parent can ask to defer repayment during the beneficiary student’s in-school status and for an additional six months after the student’s graduation.
  4. Direct Graduate PLUS:
    For independent graduate students to cover up to the full cost of attendance minus any other aid or funding – subject to the student’s credit rating and can be consolidated after graduation. Graduate PLUS loans begin repayment six months after graduation.

How much Direct Loan can I borrow?

  • The table below shows the Direct Loan amounts you can borrow, depending on your degree level and dependent/independent status (for undergraduates)
  • The amounts listed may be topped up to the full cost of attendance with a Parent PLUS loan or a Graduate PLUS Loan.
  • PLUS Loans are not an entitlement as they are subject to credit checking and may be declined by the Department of Education
  • Please note that all loan amounts are subject to a 1% origination fee (4% for PLUS loans) deducted by the Department of Education at the time of disbursement.
  • The full amount of loan that you are able to borrow will also be dictated by the amount of Richmond Scholarships that you are awarded
  • Full rates of interest for each loan type

Undergraduate (Dependent) for students that are under 25 years of age

Dependent undergraduates Direct loan subsidised Direct loan unsubsidised Total
Freshman $3,500.00 $2,000.00 $5,500.00
Sophomore $4,500.00 $2,000.00 $6,500.00
Junior and Senior Year $5,500.00 $2,000.00 $7,500.00

Undergraduate (Independent) for students that are over 25 years of age

Independent undergraduates Direct loan subsidised Direct loan unsubsidised Total
Freshman $3,500.00 $6,000.00 $9,500.00
Sophomore $4,500.00 $6,000.00 $10,500.00
Junior and Senior Year $5,500.00 $7,000.00 $12,500.00

Graduate Loans for postgraduate (Graduate) study only

Graduates  Direct loan subsidised Direct loan unsubsidised Total
First Year n/a $20,500.00 $20,500.00
Second Year n/a $20,500.00 $20,500.00

Information for Parents on Direct Loans

Helpful Hints
The financial aid application process is easier than you think. We believe that many problems can be avoided if you follow the checklist. Pay special attention to answering every question on the forms and provide as much complete and accurate information as possible.

Check with your guidance office for financial aid night programs at school or in your area. Programs like these can help answer questions regarding the financial aid process.

There are also many resources and Internet sites available to help you. If you have a question that is not answered in our Frequently Asked Questions (FAQ’s) section, please contact our office by clicking here.

Be wary of services that promise financial aid for a fee. Our staff is only a phone call away. Let us be of service to your family! We can be reached at +1 (617) 450 5617

Filing Tips

  • Remember to check your Social Security number before you enter it on any college related forms.
  • Be sure to complete your FAFSA using black ink as required by the processor.
  • Don’t forget to sign and have your parents sign the FAFSA before submitting the form. If you file online, be sure both the student and one parent obtain a PIN number at This PIN number is your electronic signature. Without the necessary signatures, the form will not be processed.
  • Use the Financial Aid Checklist to meet necessary deadlines.
  • Keep your financial aid materials together in a separate file and keep a copy of everything you submit.

Online Resources
To help guide you in the financial aid process, check out these useful Internet sites, sponsored by the National Financial Aid Administrators; general information and a good link to many other sites

Private Loan Funding

Private Loans are available for those who meet the requirements  The loans are based on credit history and usually require a co-signer. Interest rates vary. Please contact us for details.

If you are a resident of North Dakota or New Jersey, you may be able to borrow a study loan from your State banks – please contact them directly for more details.

Please note that the terms of conditions of US Federal Direct Loans may be more favourable than those of private loans. It should also be noted that a private loan cannot exceed the Cost of Attendance (COA) less additional scholarships and less any Direct Loans that you intend to borrow or have borrowed. Private Study loans are received as a cheque co-payable to you and Richmond and are not restricted to termly disbursements and repayment begins upon graduation.

If you have any questions please contact our Boston Office at 343 Congress Street,  Suite 3100, Boston, MA 02210-1214 USA  Tel : 1 (617) 450-5617 – Email

Important Notes on Direct Loans at Richmond

Important notes

  • The definitive source of information for all matters relating to the Direct Loan programme is the US Department of Education and your loan servicer.
  • The information on this website and the links to external sources are updated annually and every effort is made to ensure that they are revised periodically.
  • The Direct Loan program is regulated by US federal regulations that are enforced by the US Department of Education. Richmond University is responsible for the implementation of these regulations.
  • Note: Pell Grants are not available for study outside the United States.

Eligible courses

Most of Richmond’s Programmes are eligible for Financial Aid, however, the following are not eligible:

  • Any course that does not lead to an undergraduate or postgraduate degree award eg certificate and diploma programmes
  • Any course with an element of study or research (including dissertation write up) based in the United States or any other location outside the UK
  • Distance learning courses
  • Any course of study that includes a work placement, work experience or an internship carried out at a location that is not eligible to award federal aid in its own right
  • Study abroad programmes (students should apply for federal loans through their home university)

If you are in any doubt, please email for further advice before starting your direct loan application.