Frequently Asked Questions

Richmond participates in the Federal Direct Loan program. The Federal Direct Grad PLUS Loan is also available. To be eligible, students must be submit the Free Application for Federal Student Aid (FAFSA) for the aid year in which they are applying and be registered for at least a half-time status (at least 6 credit hours). Once the Office of Financial Aid receives your FAFSA and you are registered at least half-time, we will review your aid application and determine your eligibility for Federal Direct Loan. Loans can then be accepted or declined via your Bannerweb account.

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

Yes, you must re-submit the Free Application for Federal Student Aid (FAFSA) each year.

All financial aid 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.

For the 2023–24 academic year, financial aid will disburse to the student’s account in August 28, 2023, for the fall semester and January 16, 2024, for the spring semester.

Disbursement dates for summer sessions are set for five days prior to 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.

Yes. Federal Direct Loans are available for summer term if you enroll for six or more credit hours. The amount borrowed for summer will reduce the amount of Federal Direct Loan available to you for the fall and spring terms. If you plan to enroll for summer term, you should complete your Free Application for Federal Student Aid and submit your 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.

If you are selected for Verification, the Office of Financial Aid will contact you to request additional documentation that supports the information reported on the FAFSA form. If you are selected, do not be alarmed. It does not necessarily mean you have done anything incorrectly. Every year, the Department of Education picks a portion of financial aid applications to go through the Verification process. If you are selected, you will receive a Verification form. Please read and complete the form as thoroughly and accurately as possible and provide all of the requested documentation in a timely manner in order to prevent the delay or cancellation of your financial aid. Additional information on Verification and detailed instructions can be found on our Federal Verification page and on the Verification form.