CARES Act

May 29, 2020

Dear Students,

You have likely heard about The Coronavirus Aid, Relief and Economic Security (CARES) Act and its provision of emergency financial aid grants for students. As part of this program, the University of Richmond received $1.2 million to distribute to eligible undergraduate, graduate and professional students in the coming weeks. These funds will support the University’s ongoing efforts to assist students who are experiencing financial hardships as a result of the COVID-19 pandemic.


The $1.2 million the University received was based on the University of Richmond’s total student enrollment and its number of Pell grant eligible students. Federal guidance requires that funds be distributed to eligible students to be used for expenses related to the disruption of campus operations due to coronavirus.

Given federal requirements, recommendations, impact of disruptions, and level of funding, the University will distribute funds to students who meet all of the following criteria:


• The student must meet the eligibility requirements under Title IV of the Higher Education Act;
• The student received a federal Pell grant or a federal student loan during the Spring 2020 semester;
• The student was enrolled in the undergraduate, Law, MBA, or SPCS programs for the Spring 2020 semester, and
• The student completed the Spring 2020 semester.

Grants to students will range between $537 and $969, based on data collected from the student’s Free Application for Federal Student Aid (FAFSA).


The University will provide equivalent funding from institutional resources utilizing a similar methodology for students with demonstrated financial need who were impacted by the COVID-19 pandemic but do not meet the Department of Education’s requirement that a student be or could be “eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965” under the CARES Act.


Students receiving CARES Act or institutional funding will receive an email from the Office of Financial Aid within the next week, notifying them of their grant amount and providing instructions on how to receive payment. The University will initiate payment to the student by direct deposit to the bank account on file. No action is required to receive the grant money unless direct deposit is not set up for accounts payable payments. Students who do not have direct deposit should do so as soon as possible or email the bursar@richmond.edu to request payment by check.


If you have any questions, please contact the Office of Financial Aid at (804) 289-8438 or via email at finaid@richmond.edu. You may also review the Frequently Asked Questions regarding student CARES Act funding.


We hope these monies will provide some assistance to you as you continue your education during this difficult time. Stay well.

 

William Bryan
Assistant Vice President and Director of Financial Aid