Frequently Asked Questions

You must submit a completed need-based aid application by the stated deadline for your applicant type. The University of Richmond’s need-based financial aid application consists of: 1) the Free Application for Federal Student Aid (FAFSA), 2) the CSS Profile for institutional need-based aid, 3) student and parent federal tax returns submitted through Collegeboard’s IDOC portal.

Learn more about financial aid deadlines and application requirements, as well as access links to current online application resources here.

All first-year, degree-seeking applicants, including Early Action, Early Decision I, Early Decision II, and Regular Decision applicants, are eligible for merit scholarship consideration if they submit their admission application before the posted merit scholarship program deadlines.

A limited number of endowed merit scholarships are available for currently enrolled students.

It doesn’t. Early Decision I applicants are given full consideration for all merit scholarships. Early Decision II applicants must submit your application by December 1 for Richmond Scholars consideration. 

Richmond does not disadvantage Early Decision applicants for need-based financial aid. We meet 100% of demonstrated need for all accepted students, regardless of admission plan. If you’re considering ED but are concerned about cost, we encourage you to utilize our Cost Calculators to calculate a preliminary estimate of total cost of attendance. 

Early Decision Admission application materials are due before need-based financial aid applications are due. If you submit the required documents by the financial aid application deadline, then we would expect to be able to provide you with information regarding your need-based aid eligibility by the time the offers of Admission are made. If you’re considering ED but are concerned about cost, we encourage you to utilize our Cost Calculators to calculate a preliminary estimate of total cost of attendance. 

Please note that decisions regarding merit scholarships are not made until March.

Yes, there are! The Virginia Tuition Assistance Grant (VTAG) is available to all eligible residents who apply and Richmond’s Promise to Virginia provides a financial aid package of grant/scholarship equivalent to full time tuition, housing, and the Spider Unlimited meal plan for certain qualifying residents. Learn more about eligibility and application.

Current students who are already receiving VTAG at the University of Richmond do not need to submit another application in subsequent years.

International students may be considered for merit scholarships, and a limited amount of need-based aid is available. Learn more.

There is no specific income level because other factors such as assets, number in family, and the number of family members enrolled in their first undergraduate degree-seeking program also affect the determination of financial aid eligibility. If you have not previously applied for need-based aid, we recommend you do so. To get an estimate of your eligibility for need-based financial aid and student loans, use our Cost Calculators.

Yes. Resources include loan programs for students and parents, employment opportunities, and an installment plan.

Prospective students should hear about their financial aid at the same time as they receive their admission letter as long as all application materials were received by the deadline date. Returning students should hear about their financial aid around mid-June as long as all applications were completed by the deadline date. Applicants who submit completed applications after their deadline date will hear about financial aid at a later date.

You must re-submit applications for need-based aid and for loans every year. Merit scholarships awarded to entering students are typically renewed each year per the terms of the merit scholarship program.

Students must be making Satisfactory Academic Progress to be considered for financial aid.

Need-based financial aid is determined upon the information you provide on the financial aid application which must be submitted each year. As a family’s financial situation changes from year to year there may be fluctuations, either an increase or decrease, in aid eligibility which can affect the amount of financial aid that a student receives. Examples of items that can alter eligibility include a change in income, assets, or number in family attending undergraduate college.

The University of Richmond provides financial aid awards that fully meet our students’ demonstrated need. While grants and scholarships typically meet the largest share, a portion of every student’s need-based financial aid package usually includes Self-Help, which consists of federal need-based loans and/or eligibility for employment through the Work-Study program. The Self-Help amount is $5,000 for freshmen. Federal annual loan limits increase as students advance through college. Thus, Self-Help amounts will increase to $6,000 for sophomores and to $7,000 for juniors and seniors. The increase in the federal annual loan limits in subsequent years may or may not result in a reduction to need-based grant and scholarship depending on your family’s eligibility for need-based aid each year. The Work-Study eligibility, if included as part of Self-Help, will usually be $1,500 each year. A student may also be eligible for an additional non-need-based loan from the Federal Direct Unsubsidized Loan program.

Richmond will not change the amount or type of the award simply to match offers from other schools. However, if there are corrections to the information you provided on the need-based financial aid applications, or if there are extenuating circumstances, you should make the Office of Financial Aid aware of them.

Students must notify the Office of Financial Aid of any and all financial assistance that they will receive that is not listed in their award package. Such financial assistance:

• Will result in a reduction to a need-based aid package offered by the University of Richmond. Reductions for such assistance will be made first to the self-help portion of the need-based aid package, then to need-based grants/scholarships. We will only adjust grants/scholarships, due to the receipt of the additional assistance, if it is necessary in order to keep the total amount of assistance from exceeding the eligibility for need-based aid. Financial aid regulations do not allow the total amount of all aid received, regardless of the source of funding, to exceed the demonstrated eligibility for need-based aid.

• May result in a reduction to a merit or other non-need-based award offered by the University of Richmond. Total aid from Richmond sources may not exceed tuition, housing, and food charges unless the student demonstrates financial need in excess of these charges. Total aid from all sources may not exceed the Cost of Attendance as established by the Office of Financial Aid.

We encourage you to contact the Office of Financial Aid to discuss how such assistance will affect a need-based aid package.

Scholarship checks from outside sources should be sent to:

Office of Financial Aid
Queally Center, Suite 214
142 UR Drive
University of Richmond, VA 23173

All financial aid, except work-study funds, is credited directly to the student’s account, at the beginning of the term, once the student has submitted all required forms and met all requirements for the aid. Aid for the academic year is split evenly between fall and spring terms. If the amount of financial aid exceeds your billable charges at Richmond, then you are eligible for a refund. The Student Accounts Office will automatically generate a refund for a credit balance caused by federal financial aid within fourteen days of the actual disbursement date. Any other credit balances will remain on your account unless you request a refund from the Student Accounts Office. Work-study funds are paid via a bi-weekly pay check; the amount paid will depend on the number of hours worked and the pay rate for the job.

Financial aid offer notifications and disbursement dates are available on our posted timeline. In the 2023–24 academic year, financial aid will disburse to student accounts in August 28, 2023, for the fall semester and January 16, 2024, for the spring semester.

Disbursement dates for summer sessions are set for the first day of the start of the earliest summer session in which you enroll. Disbursement dates for study abroad programs are set for 10 days prior to the first day of classes for each program.

The Student Accounts Office will automatically generate a refund for a credit balance caused by federal financial aid within 14 days of the actual disbursement date. Any other credit balances will remain on your account unless you request a refund.

Please visit our Federal Direct Loan page for information regarding how to accept or decline the Federal Direct loans you have been offered.

If there are significant changes to your financial situation due to extenuating circumstances that were not included as part of your initial application, you may qualify for a re-evaluation of your application and award. Please reach out to the Office of Financial Aid to discuss the circumstances. Additional information and documentation may be required. Note that submission of additional information and materials does not guarantee any adjustment to a student’s aid package. Any additional aid offered will be based on available resources and individual circumstances.

Re-evaluation requests or documents submitted after October 16^th will be considered for a spring semester adjustment only.

Full-time domestic undergraduate students who are receiving need-based financial aid from the University of Richmond may qualify for additional funding for health insurance. These students should have maximized their use of Federal Direct Student Loans and have no other options for health insurance coverage. Students meeting these requirements may submit a petition to the Office of Financial Aid to be considered for additional University financial assistance to pay for health insurance. Law students, graduate students, part-time students, and students who have not maximized their Federal Direct student loans may qualify for additional student loans to pay for student health insurance.

You may contact the Office of Financial Aid to submit an appeal and discuss your loan options at finaid@richmond.edu or (804) 289-8438. Appeals should include an explanation of why you need additional funding and the reason you are not covered by another plan.

Yes. Federal Direct Loans are available for summer term if you enroll for 1.75 or more units. The amount borrowed for summer will reduce the amount of the Federal Direct Loan available to you for the subsequent fall and spring terms. Federal Pell Grants are also available to students with the highest level of demonstrated need. If you plan to enroll for summer term and want to apply for financial aid for summer term, you should complete your financial aid applications and submit the Summer Federal Direct Loan application at least six weeks before the beginning of summer enrollment.

Students who drop below half time or withdraw should visit the Controller’s website to learn about federal and university withdrawal policies.