Frequently Asked Questions

Prospective Students

  • How do I apply for need-based aid?

    Learn more about financial aid deadlines and application requirements here.

  • How do I apply for merit scholarships?
    Entering first-year students may be considered for our merit scholarship programs.
  • If I apply for Early Decision Admission, does that negatively affect my chances for financial aid?

    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.

  • I am going to apply for Early Decision Admission, but need to know about need-based financial aid. When will I receive my need-based award decision?

    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.

  • I’m a Virginia resident. Are there any special programs for Virginians?

    Yes, there are. Learn more.

  • I’m an international student. What kinds of aid are available to me?

    International students may be considered for merit scholarships, and a limited amount of need-based aid is available. Learn more.

  • What is the income level at which students will qualify for need-based financial aid?

    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.

  • My family won’t qualify for need-based aid, and I’m not sure I will receive a merit scholarship. Are other resources available?

    Yes. Resources include loan programs for students and parents, employment opportunities, and an installment plan.

  • When will I find out about my financial aid?

    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.

  • Do I have to re-apply for financial aid every year?

    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.

  • Will I receive the same amount of need-based financial aid every year?

    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 effect 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.

  • Another school offered me a better financial aid package. Will you change your offer to match theirs?

    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 Office of Financial Aid aware of them.

  • If I receive a scholarship from my high school or civic organization, or financial assistance from any other source, will it affect my financial aid award?

    Students must notify the Office of Financial Aid 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 Office of Financial Aid.

    We encourage you to contact the Office of Financial Aid 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
    Queally Center, Suite 214
    142 UR Drive
    University of Richmond, VA 23173

  • How will I receive my financial 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.

  • When will I receive my financial aid?

    In the 2020–21 academic year, financial aid will disburse to student accounts on August 24, 2020, for the fall semester and January 19, 2021, 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.

  • How to accept or decline your Federal Direct loans?

    Please visit our Federal Direct Loan page for information regarding how to accept or decline the Federal Direct loans you have been offered.

  • What if my financial situation has drastically changed since the income information from two years ago that I had to report on the FAFSA and CSS Profile?

    If there is a significant change to your financial situation due to an extenuating circumstance that is not represented in the information required to be reported on the FAFSA and CSS Profile, you may qualify for a reevaluation of your financial aid application and award. You will need to reach out to the Office of Financial Aid to discuss the circumstances. Additional information, questions, and documentation may be required. All supporting documentation and answers to Financial Aid Advisors’ additional questions must be submitted to the Office of Financial Aid no later than October 16th to be considered for a reevaluation for the academic year’s award. Any adjustments made based on required materials submitted after October 16th of the current academic year will be considered for a reevaluation of only the spring semester portion of the award for that academic year.

  • Can I get additional aid to pay for the University health insurance plan?

    Full-time undergraduate students who are receiving need-based financial aid from the University of Richmond may qualify for additional funding for health insurance. These students should have maximized their use of Federal Direct Student Loans and have no other options for health insurance coverage. Students meeting these requirements may submit a petition to the Office of Financial Aid to be considered for additional University financial assistance to pay for health insurance. Other students, to include those who have not maximized their Federal Direct Student Loans, law, graduate, and part-time students, may qualify for additional student loans to pay for health insurance. Please contact the Office of Financial Aid to submit an appeal or discuss your loan options at finaid@richmond.edu or (804) 289-8438. Appeals should include an explanation of why you need additional funding and the reason you are not covered by another plan.

Current Students

  • How do I apply for need-based aid?

    Each year, undergraduate students must re-apply for need-based aid by the established deadline.

  • Are merit scholarships available?

    Yes. There are a limited number of merit scholarships for returning students who have declared a major.

  • What other sources of aid are available?

    Other resources include loans, an installment plan, and student employment to help with your educational expenses.

  • Will I receive the same amount of need-based financial aid every year?

    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.

  • When will I find out about my financial aid for the coming school year?

    Assuming you have submitted the aid applications by the deadline date, you should hear about your financial aid around mid June.

  • How will I receive my financial aid?

    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.

  • When will I receive my financial aid?

    For the 2020-21 academic year, financial aid will disburse to the student’s account on August 24, 2020, for the fall semester and January 19, 2021, 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.

  • Is financial aid available for summer term?

    Yes. Federal Direct Loans are available for summer term if you enroll for 1.75 or more units. The amount borrowed for summer will reduce the amount of the Federal Direct Loan available to you for the subsequent fall and spring terms. Federal Pell Grants are also available to students with the highest level of demonstrated need. If you plan to enroll for summer term and want to apply for financial aid 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.

  • If I receive a scholarship from my community, civic organization or other source, will it affect my financial aid award?

    Students must notify the Office of Financial Aid 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 Office of Financial Aid.

    We encourage you to contact the Office of Financial Aid 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
    Queally Center, Suite 214
    142 UR Drive
    University of Richmond, VA 23173

  • How to accept or decline your Federal Direct loans?

    Please visit our Federal Direct Loan page for information regarding how to accept or decline the Federal Direct loans you have been offered.

  • What happens to my financial aid if I withdraw?

    Students who drop below half time or withdraw should visit the Controller’s website to learn about federal and university withdrawal policies.

  • What if my financial situation has drastically changed since the income information from two years ago that I had to report on the FAFSA and CSS Profile?

    If there is a significant change to your financial situation due to an extenuating circumstance that is not represented by the information required to be reported on the FAFSA and CSS Profile, you may qualify for a reevaluation of your financial aid application and award. You will need to reach out to the Office of Financial Aid to discuss the circumstances. Additional information, questions, and documentation may be required. All supporting documentation and answers to additional questions must be submitted to the Office of Financial Aid no later than October 16th to be considered for a reevaluation for the academic year’s award. Any adjustments made based on required materials submitted after October 16th of the current academic year will be considered for a reevaluation of only the spring semester portion of the award for that academic year.

  • Can I get additional aid to pay for the University health insurance plan?

    Full-time undergraduate students who are receiving need-based financial aid from the University of Richmond may qualify for additional funding for health insurance. These students should have maximized their use of Federal Direct Student Loans and have no other options for health insurance coverage. Students meeting these requirements may submit a petition to the Office of Financial Aid to be considered for additional University financial assistance to pay for health insurance. Other students, to include those who have not maximized their Federal Direct Student Loans, law, graduate, and part-time students, may qualify for additional student loans to pay for health insurance. Please contact the Office of Financial Aid to submit an appeal or discuss your loan options at finaid@richmond.edu or (804) 289-8438. Appeals should include an explanation of why you need additional funding and the reason you are not covered by another plan.