University of Richmond's New Financial Aid Program for Low-Income Students Reaps Positive Results
June 2, 2006
University of Richmond’s new financial aid program providing full tuition, room and board to Virginia students from low-income families is helping to attract more in-state students to the university.
The program, launched earlier this year, provides tuition, room and board to any admitted undergraduate student from Virginia whose annual family income is $40,000 or less and who demonstrates eligibility for need-based aid. The full-aid package is comprised of grants that do not have to be repaid. Twenty-eight Virginia students who applied for admission to Richmond for the 2006-07 academic year were offered the “full ride” financial aid package, and 21 enrolled.
A private university, Richmond has always made recruitment of Virginians an institutional priority, but has seen a 10 percent increase in undergraduate admission applications from within the state during the past year.
“The University of Richmond seeks highly qualified Virginia students,” said Richmond President William E. Cooper. “The goal of this program is to encourage more students from Virginia to choose to come to Richmond by helping to make it more affordable.”
For families with incomes above $40,000 per year, Richmond’s financial aid policy continues to meet 100 percent of an undergraduate student’s demonstrated financial need. The policy places a $4,000 cap on need-based loans and work-study funding per year with the remainder of demonstrated need met with need-based grants that do not have to be repaid. For Virginians, the Virginia Tuition Assistance Grant may be used to further reduce the self-help portion of the financial aid package from $4,000 to $1,500.
During 2005-06, 65 percent of entering Richmond undergraduates received some form of financial aid, and the average aid package was $26,400. In addition to need-based aid, Richmond offers more than 50 full-tuition merit scholarships each year, and several of them are designated for Virginia students. Approximately one out of every 15 Richmond undergraduates receives a full-tuition merit scholarship.
Richmond is one of a small group of universities in the country to meet 100 percent of undergraduate students’ demonstrated need and offer a “need-blind” admission policy. Applying or qualifying for need-based aid is not a factor in Richmond’s admission decisions.
Limited financial aid is also available to international, continuing studies, law and graduate students.
For additional information about Richmond’s financial aid programs, visit www.richmond.edu/about/affordability.htm or call the Financial Aid Office at 804-289-8438 or 800-700-1662.