Need-Based Aid
Also known as need-based aid, the Richmond In Reach program provides a number of ways to help students access 100 percent of the money they need to bring the cost of their education within reach.
And consider this: Richmond never looks at a family’s finances when deciding whether to admit a student. In other words, we accept students for who they are, then we help them find ways to pay whatever they cannot. For those who qualify, much of this is in the form of grants, which do not need to be repaid.
Richmond In Reach packages are available to all eligible, full-time undergraduate students who are U.S. citizens or permanent residents. Aid packages for international students also are available.
Find out how to apply.
Formula & Examples
Financial Aid Eligibility is the amount your financial aid package will be designed to cover.
Cost of Attendance (COA) is a total estimate of billable charges for tuition, room and board, as well as additional expenses you will incur for books, supplies and some personal expenses. Billable charges are set based upon the current tuition rate and the cost of a double, air-conditioned room and the full 19-meal plan.
Expected Family Contribution (EFC) is the amount of money a student’s family is responsible for paying toward cost of attendance. This amount is based largely on a federal need-analysis formula, but also is influenced by some institution-specific financial aid policies. To get an estimate of your family’s EFC, visit www.finaid.org. (Please note that this will provide only an estimate; your actual eligibility will be determined by our Office of Financial Aid using the information you submit on the aid application.)
(COA) - (EFC) = Financial Aid Eligibility
Examples:
| Student: | |||
| A | B | C | |
| Parents’ Finances | |||
| Earnings | $36,500 | $76,400 | $168,000 |
| Contributions to Retirement Plan |
0 | 4,000 | 14,000 |
| Assets (excluding home equity) |
1,200 | 15,000 | 48,000 |
| Family Members | 3 | 4 | 5 |
| Children in College | 1 | 1 | 2 |
| Student’s Finances | |||
| Earnings | $1,250 | $2,450 | $4,050 |
| Assets | 500 | 700 | 4,000 |
| Eligibility for Need-Based Aid | |||
| 2007–08 Cost of Attendance * | $46,970 | $46,970 | $46,970 |
| Expected Family Contribution (EFC) * | 2,380 | 13,100 | 24,100 |
| Financial Aid Eligibility* | 44,590 | 33,870 | 22,870 |
| Financial Aid Package | |||
| Est. Need-based Grants | $40,590 | $29,870 | $18,870 |
| Est. Need-based Loans/ Work-study |
4,000 | 4,000 | 4,000 |
| Total Aid Award | $44,590 | $33,870 | $22,870 |
| Summary: | |||
| 2007–08 Cost of Attendance | $46,970 | $46,970 | $46,970 |
| Richmond Provides | 40,590 | 29,870 | 18,870 |
| Student Loans/Work-study | 4,000 | 4,000 | 4,000 |
| Family Provides (EFC) | 2,380 | 13,100 | 24,100 |