Frequently Asked Questions
The deadline to apply for need-based financial aid is February 1, 2017, for first year students applying Regular Decision. The deadline for Early Decision and transfer students is the same date as the admission application deadline. The following items must be submitted:
- Submit the 2017-18 Free Application for Federal Student Aid (FAFSA) to the Federal Processor.
- Submit the 2017-18 CSS PROFILE to the College Board.
- Submit the 2017-18 Noncustodial Parent PROFILE, if applicable. The student willl receive an email from the College Board, approximately 1 to 2 days after after submitting the CSS PROFILE, regarding how to submit the Noncustodial Parent PROFILE.
- Submit copies of student and parent 2015 Federal Tax Returns to the College Board's IDOC Service. The student will receive an email from the College Board, approximately 1 to 2 days after submitting the CSS PROIFLE, regarding how to submit your tax information.
We encourage students to complete our financial aid application process as outlined above in order to be considered for all forms of need-based financial aid and loans available at the University of Richmond. However, students who wish to apply only for federal financial aid must only complete the FAFSA.
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 date.
If you apply for Early Decision Admission and submit the required documents by the same date as the Early Decision Admission 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.
Decisions regarding merit scholarships are not made until March.
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. To get an estimate of your eligibility for need-based financial aid and student loans, visit our Net Price Calculator at https://npc.collegeboard.org/student/app/richmond.
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.
Students must be making Satisfactory Academic Progress to be considered for financial aid.
Need-based financial aid is based upon the information you provide on your financial aid applications, which must be submitted each year. If a family's financial situation remains about the same, then the financial aid eligibility 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 undergraduate college often has a dramatic affect on need-based aid eligibility.
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 Financial Aid Office aware of them.
Students must notify the Financial Aid Office 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, room, and board 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 Financial Aid Office.
We encourage you to contact the Financial Aid Office 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
28 Westhampton Way
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.
In the 2017–18 academic year, financial aid will disburse to student accounts on August 28, 2017, for the fall semester and January 16, 2018, 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.