Frequently Asked Questions

  • How do I apply for loans?

    Richmond participates in the Federal Direct Loan program. To be eligible, students must be submit the Free Application for Federal Student Aid (FAFSA) for the aid year in which they are applying and be registered for at least a half-time status (at least 6 credit hours). Once the Office of Financial Aid receives your FAFSA and you are registered at least half-time, we will review your aid application and determine your eligibility for Federal Direct Loan. Loans can then be accepted or declined via your Bannerweb account.

  • 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.

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

    Yes, you must re-submit the Free Application for Federal Student Aid each year.

  • How will I receive my financial aid?

    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.

  • When will I receive my financial aid?

    For the 2020–21 academic year, financial aid will disburse to the student’s account on September 7, 2020, for the fall semester and February 2, 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 six or more credit hours. The amount borrowed for summer will reduce the amount of Federal Direct Loan available to you for the subsequent fall and spring terms. Federal Pell Grants are also available to undergraduate students without a prior degree who have the highest level of demonstrated need. If you plan to enroll for summer term and want to apply for financial aid for the summer term, you should complete your Free Application for Federal Student Aid (FAFSA) and submit your Summer Federal Direct Loan application at least six weeks before the beginning of summer enrollment.

  • 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.