Frequently Asked Questions

Complete the Free Application for Federal Student Aid. The application deadline for the 2009–10 school year was February 15, 2009, for first-year students. The financial aid application deadline date for transfer students is the same date as the admission application deadline. The application materials for the 2010–11 school year are being revised; please check back during the summer for more information.

Entering first-year students may be considered for our merit scholarship programs.

No, students who apply Early Decision will receive full consideration for merit scholarships and for need-based financial aid as long as they submit all required applications by the deadline dates.

Yes, we will provide an estimate of need-based aid eligibility if you apply for Early Decision Admission and submit the Application for Estimated Financial Aid by the same date as the Early Decision Admission deadline. You will still need to submit the regular financial aid applications by the February 15 deadline, too.

Yes, there are. Learn more.

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, the number in the family and the number in undergraduate school also affect the determination of financial aid eligibility. If you have not previously applied for need-based aid, we recommend you do so. Or, at least estimate your level of eligibility through a Need Analysis Calculator available at http://www.finaid.org/calculators/.

Yes. Resources include loan programs for students and parents, employment opportunities, and a deferred payment plan.

Assuming you have completed the aid applications by the deadline date, you will hear about financial aid at the same time that you will hear about admission.

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.

Need-based financial aid is based upon the information you provide on your financial aid applications, which must be submitted each year. If eligibility for need-based aid remains about the same, then the financial aid package will also remain about the same. However, as a family's financial situation changes, there may also be changes—either an increase or a decrease—to eligibility for financial assistance. And, as a family's eligibility changes from year to year, the amount of financial aid will also increase or decrease. Many things may cause a change in eligibility; some examples include a change in income and/or a change in assets. A change to the number in the family attending college often has a dramatic affect on need-based aid eligibility.

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 Financial Aid Office aware of them.

Scholarships and other financial assistance received by a student from non-need-based sources or from outside the University will replace the loan and/or work-study portion of the need-based financial aid package first, thus helping to reduce debt. However, once this portion of the package is fully replaced, we will need to reduce your need-based grants and scholarships in order to keep your financial aid from exceeding your demonstrated eligibility. Financial aid regulations prevent a student who is receiving any need-based aid from receiving aid (from all sources) in excess of their demonstrated eligibility for need-based aid.

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.

In the 2009–2010 academic year, financial aid will disburse to student accounts on August 24, 2009 for the fall semester and January 11, 2010 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.