Frequently Asked Questions
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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 college often has a dramatic affect on need-based aid eligibility.
Assuming you have submitted the aid applications by the deadline date, you should hear about your financial aid by mid June.
All financial aid except Federal Work Study 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.
Federal Work Study funds are paid in a bi-weekly pay check. The actual amount earned is based on the number of hours worked and the wage rate for the job.
For the 2017-18 academic year, financial aid will disburse to the student's account 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.
Yes. Federal Direct Loans are available for summer term. The amount borrowed for summer will reduce the amount of the Federal Direct Loan available to you for the fall and spring terms. If you plan to enroll for summer term, you should complete your financial aid applications and submit the Summer Federal Direct Loan application at least six weeks before the beginning of summer enrollment.
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