Demystifying financial aid
How Richmond is keeping higher education affordable
BY CATHY EBERLY
Khalil Graham knew he had the grades and the test scores to get into a highly selective college. He just figured there was no way he could afford the tuition. "I live with my grandmother," he says. "I don't want to spend years paying off loans after I earn my degree."
A Brooklyn, N.Y., native, Graham visited Richmond in the spring of his senior year, drawn by its academic reputation as well as the prospect of playing football for the Spiders. He was elated when the University accepted him and offered him financial aid-not an athletic scholarship, but a need-based package that fully covered his expenses.
"I'm really pleased with my choice," says Graham, a member of the Class of 2009 and a redshirt linebacker on the football team. "With its structured athletic program and opportunities for personal growth, Richmond offers a good balance. I may be a little bit too far from home to suit my grandmother, but at least she doesn't have to worry about paying for my education."
Keeping Richmond affordable
Being able to afford college is very important to many families as they guide their children through the application process, says Cynthia Deffenbaugh, Richmond's director of financial aid. Some families automatically eliminate from consideration colleges whose sticker price they perceive as too high.
"Of course, affordability is in the eye of the beholder, but too often I hear prospective students and their families saying 'No' to Richmond because they don't understand that we might be able to help make their answer 'Yes,' " she says.
The University is committed to remaining affordable by making financial aid available to all domestic, undergraduate students who demonstrate need and supporting those who qualify for merit-based support or show promise as student-athletes. Richmond's admission policy has long been need-blind, which means students are admitted whether or not they need financial assistance in order to attend. According to Deffenbaugh, most universities cannot support such a generous policy.
"Some schools might use financial need as a reason not to admit an otherwise qualified applicant because they either cannot or have not committed the resources necessary to help all families who need assistance," she says.
But Richmond takes its need-blind admissions policy a big step further-by pledging to meet all the financial needs demonstrated by students. "If we determine that a family is not able to pay our full cost," Deffenbaugh says, "then we will provide financial aid to meet the difference between our cost and what we have determined they are able to pay."
Richmond is one of fewer than 40 American colleges and universities that have made this promise. The Board of Trustees voted in 2002 to do so because members thought it was "the right thing to do," says Deffenbaugh.
This academic year, the University awarded $16.8 million from a combination of unrestricted dollars and expendable and endowed scholarship funds to meet the financial need demonstrated by its students. The University also awarded $6.2 million in scholarships to 263 student-athletes, and it contributed an additional $6 million to fund merit scholarships.
Among the undergraduates who entered as freshmen last fall, 34 percent are receiving need-based financial aid, and 65 percent receive aid of some type-need-based, merit, athletic, grants, or work-study and loan assistance.
Awarding need-based financial aid
In order to apply for financial assistance, applicants' families must submit their tax and W-2 forms and two applications: the Free Application for Federal Student Aid (FAFSA), available at www.fafsa.ed.gov, and the University of Richmond Financial Aid Supplemental Application, available at www.richmond.edu/forms. Like other schools, Richmond expects each family to make a financial contribution. Factors that affect the expected contribution include family income, assets and size, and the number of children currently in college. Families can estimate their expected contribution by accessing the need analysis calculator at www.finaid.org.
If a family has no resources available for college, the student's only obligation would be $4,000 of loans or work-study service per year. Wealthy families do not receive any need-based financial aid, but many middle-class families qualify for some assistance. The average need-based package in 2005-06 is $23,875.
Once the forms are in and the applications reviewed, the University performs a calculation to determine what, if any, need-based financial aid a prospective student will receive. "We subtract the expected family contribution from the cost of attending the University, which includes an estimate of charges for tuition and room and board as well as additional costs for books, supplies and some personal expenses," Deffenbaugh says. "The difference between these two figures is the size of our award."
Attracting top students
In addition to offering sufficient need-based financial aid, Richmond is committed to attracting outstanding students with merit awards.
Richmond's expanded merit scholarship program is helping to attract more exceptional students, according to Associate Provost Joseph Kent, director of the Richmond Scholars Program. Last year's tuition increase will help the University expand its financial aid programs. The Board of Trustees passed the tuition increase on the condition that a substantial portion of the new revenue, nearly 40 percent, would go to need- and merit-based financial aid.
"Beginning in the fall of 2006, we'll be offering 50 four-year, full-tuition scholarships annually that include several new scholarships and upgrades of some formerly smaller awards," says Kent.
"Our expanded merit scholarship program complements our need-based efforts, helping to keep the University accessible to all who qualify for admission," he adds. "At Richmond, we offer bright students many exciting opportunities regardless of their financial situation."
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