Richmond In Reach program
“Need-based” aid
When you apply to Richmond, the only things we consider in deciding whether to admit you are your talents and your ability to thrive here. Many other schools also look at how much you’ll be able to pay. We simply don’t think that has anything to do with you receiving the educational opportunities you deserve.
But we go a step further. Once we have admitted you, we then help you pay for whatever part of your education you cannot. In fall 2007, for instance, the average “need-based” financial aid package we awarded was $32,310.
In technical terms, these two remarkable policies are called “need-blind admission” and “meeting 100% of demonstrated need.” In layman’s terms, it just means we’re selecting outstanding students and making their educations affordable.
Richmond in Reach aid packages consist largely of grants, which you do not need to repay. We strive to offer as much grant aid as possible to insure your debt burden will be as low as possible when you graduate.
Eligibility (“How much aid will I get?”)
Richmond In Reach packages are available to all eligible, full-time undergraduate students who are U.S. citizens or permanent residents. Aid packages for international students also are available.
The formula:
Cost of Attendance minus Expected Family Contribution (EFC) equals Financial Aid Eligibility for need-based aid.
Cost of Attendance (COA) is a total estimate of billable charges for tuition, room and board, as well as additional expenses you will incur for books, supplies and some personal expenses. Billable charges are set based upon the current tuition rate and the cost of a double, air-conditioned room and the full 19-meal plan.
Expected Family Contribution is the amount of money a student’s family is responsible for paying toward cost of attendance. This amount is based largely on a federal need-analysis formula, but also is influenced by some institution-specific financial aid policies. To get an estimate of your family’s EFC, visit www.finaid.org. (Please note that this will provide only an estimate; your actual eligibility will be determined by our Office of Financial Aid using the information you submit on the aid application.)
Financial Aid Eligibility: Financial Aid Eligibility is the difference between the total Cost of Attendance and the Expected Family Contribution. This is the amount your financial aid package will be designed to cover.
Examples
| Student: | |||
| A | B | C | |
|
Parents’ Finances |
|||
| Earnings | $36,500 | $76,400 | $168,000 |
| Contributions to Retirement Plan |
0 | 4,000 | 14,000 |
| Assets (excluding home equity) |
1,200 | 15,000 | 48,000 |
| Family Members | 3 | 4 | 5 |
| Children in College | 1 | 1 | 2 |
| Student ’s Finances | |||
| Earnings | $1,250 | $2,450 | $4,050 |
| Assets | 500 | 700 | 4,000 |
|
Eligibility for |
|||
| 2007–08 Cost of Attendance | $46,970 | $46,970 | $46,970 |
| Expected Family Contribution (EFC) | 2,380 | 13,100 | 24,100 |
| Financial Aid Eligibility | 44,590 | 33,870 | 22,870 |
|
Financial Aid Package |
|||
| Need-based Grants | $40,590 | $29,870 | $18,870 |
| Need-based Loans/ Work-study |
4,000 | 4,000 | 4,000 |
| Total Aid Award | $44,590 | $33,870 | $22,870 |
|
Summary: |
|||
| 2007–08 Cost of Attendance | $46,970 | $46,970 | $46,970 |
| RichmondProvides | 40,590 |
29,870 |
18,870 |
| Student Loans/Work-study | 4,000 | 4,000 | 4,000 |
| Family Provides (EFC) | 2,380 | 13,100 | 24,100 |
Applying
To apply for aid through Richmond in Reach, complete these three steps (none of which requires a fee):
1. Complete the Free Application for Federal Student Aid (FAFSA). You may submit the FAFSA form online or obtain a paper copy from your high school guidance counselor. This completed application must be submitted to the federal processor (the form will tell you how to do so) on or before the University of Richmond ’s deadline date of Feb. 15.
2. Complete the University of Richmond Financial Aid Supplemental Application. This form also is included in Richmond ’s Admission Application packet. The Supplemental Application should be submitted directly to the Financial Aid Office by Feb. 15.
3. Submit signed copies of the previous year ’s tax returns (all pages and schedules) and W-2 forms. If your tax return information is not yet available by the Feb. 15 deadline, then wait to submit the Supplemental Application until your tax information is complete. We will accept this application after Feb. 15 without penalizing the applicant. However, please note that we cannot provide a financial aid decision until all materials are received.
Frequently Asked Questions
I received a scholarship from my high school/civic organization/other. How will this affect my financial aid package?
Scholarships and other financial assistance received by a student from non-need-based sources or from outside the University will replace the need-based loan and/or work-study portion of the financial aid package. However, once this portion of the package is fully replaced, we will need to reduce your need-based grants and scholarships in order to keep your financial aid within the amount of your demonstrated eligibility.
Will I receive the same amount of financial aid every year?
Need-based aid is based upon the financial aid application, which must be submitted each year. If eligibility remains about the same, then the financial aid package also will remain the same. However, as a family ’s financial situation changes, there also may 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 financial aid package also will increase or decrease. For example, you may have received a need-based University Grant this year for a certain amount. Next year, if your eligibility increases or decreases, the amount of the University Grant also will increase or decrease. Many things may cause a change in eligibility; some examples include a change in income, change in assets and a change to the number in the family attending college.
My parents are divorced. Whose information do I include on the financial aid applications?
Provide information about the parent you lived with more in the past 12 months. If you didn’t live with one parent more than the other, then provide information about the parent who provided more financial support during the past 12 months. If this parent is remarried, then information about your stepparent must also be provided.
Additional questions? Contact the Office of Financial Aid at (804) 289-8438 or at finaid@richmond.edu.