Frequently Asked Questions

Richmond participates in the Federal Direct Loan program. We recommend that loan applications be submitted at least six weeks prior to the start of the term in order for funds to be available by the time classes begin.

Yes, you must re-submit the Free Application for Federal Student Aid and loan applications 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.

In the 2009–10 academic year, financial aid will disburse to student accounts on September 7, 2009 for the fall semester and January 25, 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.

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 no later than March 1.