US Financial Aid at Richmond
If you are US National or Eligible Non-Citizen resident in the US, your Financial Aid Package at Richmond will typically consist of the following types of aid:
- University Scholarships (Merit based and available only to students paying fees in US $)
- US Federal Direct Loans
- Private Educational Loans
Please use this website as a reference during the application process and during your time at the University. It is important that you read and understand all of the information listed in these webpages.
We recommend that you read all the relevant sections, including the recommended external information references, and that you also follow the procedures given and adhere to the deadlines.
US Federal Loans (FAFSA) – William D. Ford Federal Direct Loan Program
Subject to eligibility, US students and their parents* (* subject to a credit check) may be able to fund their undergraduate or postgraduate studies at Richmond University by taking out federal loans by submitting a FAFSA Application. Please note that only degree-seeking students (Bachelors & Masters) can use federal (FAFSA) loans.
The information on these web pages will guide you with through the Direct Loan (FAFSA) application process and provide you with information on procedures and statutory requirements.
Please email email@example.com if you have questions regarding your FAFSA application. Richmond’s school code for FAFSA is G10594
Types of Direct Loans available
There are four types of Direct Loans
- Direct Subsidised Loans:
For independent and dependent undergraduate students – the interest is paid by the Federal Government while in school.
- Direct Unsubsidised:
For independent and dependent undergraduate students and graduate students – the interest accrues while in school.
- Direct Parent PLUS:
For parents of dependent undergraduates to cover up to the full cost of attendance minus any other aid – subject to the parent’s credit rating. The parent can ask to defer repayment during the beneficiary student’s in-school status and for an additional six months after the student’s graduation.
- Direct Graduate PLUS:
For independent graduate students to cover up to the full cost of attendance minus any other aid or funding – subject to the student’s credit rating and can be consolidated after graduation. Graduate PLUS loans begin repayment six months after graduation.
How much Direct Loan can I borrow?
- The table below shows the Direct Loan amounts you can borrow, depending on your degree level and dependent/independent status (for undergraduates)
- The amounts listed may be topped up to the full cost of attendance with a Parent PLUS loan or a Graduate PLUS Loan.
- PLUS Loans are not an entitlement as they are subject to credit checking and may be declined by the Department of Education
- Please note that all loan amounts are subject to a 1% origination fee (4% for PLUS loans) deducted by the Department of Education at the time of disbursement.
- The full amount of loan that you are able to borrow will also be dictated by the amount of Richmond Scholarships that you are awarded
- Full rates of interest for each loan type
Undergraduate (Dependent) for students that are under 25 years of age
|Dependent undergraduates||Direct loan subsidised||Direct loan unsubsidised||Total|
|Junior and Senior Year||$5,500.00||$2,000.00||$7,500.00|
Undergraduate (Independent) for students that are over 25 years of age
|Independent undergraduates||Direct loan subsidised||Direct loan unsubsidised||Total|
|Junior and Senior Year||$5,500.00||$7,000.00||$12,500.00|
Graduate Loans for postgraduate (Graduate) study only
|Graduates||Direct loan subsidised||Direct loan unsubsidised||Total|
Private Loan Funding
Private Loans are available for those who meet the requirements. The loans are based on credit history and usually require a co-signer. Interest rates vary. Please contact us for details.
If you are a resident of North Dakota or New Jersey, you may be able to borrow a study loan from your State banks – please contact them directly for more details.
Please note that the terms of conditions of US Federal Direct Loans may be more favourable than those of private loans. It should also be noted that a private loan cannot exceed the Cost of Attendance (COA) less additional scholarships and less any Direct Loans that you intend to borrow or have borrowed. Private Study loans are received as a cheque co-payable to you and Richmond and are not restricted to termly disbursements and repayment begins upon graduation.
Currently, Sallie Mae is the only private financial institution that provide private loans to US students studying overseas. Richmond does not have a preferred private lender.
Return of Title IV Funds
Students are responsible for following the university’s withdrawal procedures. The 1998 Reauthorisation of the Higher Education Act requires the university to calculate a return of Title IV funds (these are the Federal Direct and PLUS Loan programmes) on all federal financial aid students who withdraw (officially or unofficially) from all classes on or before the 6O-percent attendance point in the semester.
A pro-rata schedule is used to determine the percentage of the semester attended by a student, and is based on the withdrawal date/last date of attendance. The number of days counted includes all calendar days in the semester, excluding university breaks that exceed four days in length.
The percentage of the semester attended by the student is used to determine the amount of earned versus unearned federal aid funds, and is calculated as in the following example: A student attends four weeks of a I6 -week semester. This means that 25 percent of that semester has been attended, and that 25 percent of the federal aid received has been “earned.” It also means that 75 percent of the semester was nor attended, and that 75 percent of the federal aid received was unearned and must therefore be returned to the federal aid programmes.
The unearned portion of federal aid funds received must be returned to the appropriate aid programme in accordance with the order of return of funds as mandated by law. The order of return is Federal Unsubsidised Loan, Federal Subsidised Loan, Federal PLUS Loan, and other Title IV aid.
Richmond is required to return the lesser of unearned Title IV aid or unearned institutional charges. The student is responsible for returning any difference owed if the unearned institutional charges are less than the unearned Title IV aid.
Unearned institutional charges are calculated by multiplying a student’s tuition and fees by the percentage of the semester that was not attended. Per Federal regulations, Richmond is responsible for its return of funds first, followed by the student’s return of funds.
The amount a student is responsible for returning is calculated as follows: If a student is required to return Title IV funds to a Federal loan programme. The loan may be repaid in accordance with the existing terms of the loan programme. Examples of Federal Title IV return of funds calculations are available from the Financial Aid Office.
Richmond is required to return its portion of unearned Title IV aid to the appropriate Federal programme within 30 days of the date that the student withdraws from classes. Withdrawing from classes means that a student may not receive further financial aid disbursements, may have to repay some or all of the aid that has already been disbursed, and will be personally responsible for payment of any charges for tuition and fees that are due.
A student who Stops attending all classes, but who does not officially withdraw, will be subject to return of funds at the end of the semester. This will be based on the date of withdrawal or on the last documented date of attendance as determined by Richmond.
For any questions regarding this policy, contact the Office of Financial Assistance at +44 (0)208 332 8244 or via e-mail: firstname.lastname@example.org.
Satisfactory Academic Progress for US Federal Loan programme
Student loan recipients are required to be in good standing and to maintain satisfactory academic progress toward their degree requirements for each semester/term in which they are enrolled. Satisfactory Academic Progress (SAP), as described below, is evaluated twice each year. in January and June. Failure to maintain satisfactory progress, as described below, may result in cancellation of financial aid awards, and the student may have to repay any funds already received.
This policy applies only to eligible US and eligible non-US citizens receiving Title JV aid, specifically the Federal Direct and PLUS loans.
Undergraduate Students receiving student loans must meet Richmond’s institutional requirements for minimum satisfactory performance. These are defined as follows:
- Minimum cumulative grade point average (GPA). The student must maintain a minimum cumulative GPA of 2.0.
- Minimum completion rate. The student must maintain a minimum cumulative completion rate of two-thirds of credits attempted (67%).
- Federally mandated maximum time frame to complete the programme/degree.
Students must complete their educational programme within a time frame no longer than 150% of the published length of the educational programme (for example, completing the programme after attempting a maximum of 180 credits for a 120-credit programme).
Federal regulations require that the University tracks the academic progress of student loan recipients from the first date of enrollment at Richmond, whether or not student loans were received at that time. Credits transferred from all other credit sources will be considered as attempted and completed credits in the evaluation of the completion rate standards, bur these courses do not affect the calculation of the GPA.
In all cases where attempted credits, including transfer credits, exceed the 150% time frame, a student will be placed on Student Loan Denied status, not Student Loan Probation. No financial aid will be disbursed for the student during subsequent semesters/terms unless the student has made an appeal of the Student Loan Denied and the appeal is granted. Students who have completed their degree requirements, bur who are still attending courses, are not eligible to continue to receive aid even if they are below the maximum time frame.
- Course withdrawals (W) after the drop/add period are not included in the GPA calculation but arc considered a non-completion of attempted course work.
- Incomplete (l) grades are not included in the GPA calculation, and are considered a non-completion of attempted course work until the Incomplete grade is replaced with a permanent grade and academic progress can be re-evaluated. I n a IJ cases where no grade is assigned, an ‘T’ grade will be used in the determination of satisfactory academic progress.
- An audit (AU) grade is not considered attempted course work. It is not included in the GPA calculation or completion rate determinations.
- A satisfactory grade (S) is treated as attempted credits that are earned, bur is not included in calculation of GPA.
- F-grades are treated as attempted credits that were not earned, and so are included in both the calculation of GPA and minimum completion rate.
- For a course that is repeated, the GPA computation will take account of the most recent grade earned, bur every repeated attempt will be included in the completion rate determinations. No student loans can be disbursed for a repeated attempt if the student has already achieved a passing grade for that course, and Richmond’s policy means that a student receives aid for only one repeat of a course.
Students who fail to meet the minimum 2.0 cumulative Grade Point Average standard, or who fail to complete at least two-thirds of cumulative credits attempted, will be placed on Student Loan Probation for the subsequent semesters/terms of enrollment until the next evaluation of Satisfactory Academic Progress (January and June). Student loans can be received during the semesters/terms of probation. Student loan disbursements for the: next period of enrollment will be held until the grades and course completions have been reviewed for the semesters/terms of Student Loan Probation. Students receiving financial aid for the first time will be placed on Student Loan Probation if they have failed to meet this policy’s minimum grade point average or course completion standards during a previous semester/term of enrollment at Richmond.
While students are on Student Loan Probation or on Student Loan Denied status, they must maintain the minimum completion rate and/or a minimum cumulative CPA of 2.0 or better. Failing to do so will place a student on Student Loan Denied status for subsequent semester/terms of enrollment. No financial aid will be disbursed during subsequent semesters/terms until the student is removed from Student Loan Denied status.
Students failing to satisfy the 150% requirement will also be placed on Student Loan Denied status. No aid will be disbursed during subsequent semesters/terms unless the student has made an appeal and the appeal is granted for that semester/term. There are no exceptions to this requirement. Students in a 120-credit bachelor degree programme who have attempted in excess of 180 credits including transfer credits are no longer eligible for financial aid. There is no probationary period once the 150% standard has been exceeded.
Reinstatement of financial aid after a student is placed on Student Loan Denied status is achieved in one of the following ways:
- The student submits a written letter of appeal in accordance with the appeal process, and Financial Assistance grants the appeal. The student is placed on Student Loan Probation for the semester/term rather than on Student Loan Denied status.
- The student attends Richmond, pays for tuition and fees without the help of student financial aid, and does well enough in the course work to meet all the Satisfactory Academic Progress standards. The student regains aid eligibility in a probationary status. Students on Student Loan Denied status for failure to meet the 150% requirement cannot regain eligibility this way. Students whose attempted credits have exceeded 150% of their programme cannot regain financial aid eligibility except through the appeals process and on a semester-by-semester or term-by-term basis.
Appeal Process The student must submit an appeal of Student Loan Denied status in writing to the Assistant Dean of Financial Assistance by the date specified in the Student Loan Denied notification letter. Financial Assistance will review the appeal and notify the student in writing of its decision within 14 working days after the Review. All decisions made by Financial Assistance are final.
Information for Parents on Direct Loans
The financial aid application process is easier than you think. We believe that many problems can be avoided if you follow the checklist. Pay special attention to answering every question on the forms and provide as much complete and accurate information as possible.
Check with your guidance office for financial aid night programs at school or in your area. Programs like these can help answer questions regarding the financial aid process.
There are also many resources and Internet sites available to help you. If you have a question that is not answered in our Frequently Asked Questions (FAQ’s) section, please contact our office by clicking here.
Be wary of services that promise financial aid for a fee. Our staff is only a phone call away. Let us be of service to your family! We can be reached at +1 (617) 450 5617
- Remember to check your Social Security number before you enter it on any college related forms.
- Be sure to complete your FAFSA using black ink as required by the processor.
- Don’t forget to sign and have your parents sign the FAFSA before submitting the form. If you file online, be sure both the student and one parent obtain a PIN number at www.pin.ed.gov. This PIN number is your electronic signature. Without the necessary signatures, the form will not be processed.
- Use the Financial Aid Checklist to meet necessary deadlines.
- Keep your financial aid materials together in a separate file and keep a copy of everything you submit.
To help guide you in the financial aid process, check out these useful Internet sites, sponsored by the National Financial Aid Administrators; general information and a good link to many other sites
Important notes on Direct Loans at Richmond
- The definitive source of information for all matters relating to the Direct Loan programme is the US Department of Education and your loan servicer.
- The information on this website and the links to external sources are updated annually and every effort is made to ensure that they are revised periodically.
- The Direct Loan program is regulated by US federal regulations that are enforced by the US Department of Education. Richmond University is responsible for the implementation of these regulations.
- Please Note: Pell Grants are not available for study outside the United States.
Most of Richmond’s Programmes are eligible for Financial Aid, however, the following are not eligible:
- Any course that does not lead to an undergraduate or postgraduate degree award eg certificate and diploma programmes
- Any course with an element of study or research (including dissertation write up) based in the United States or any other location outside the UK
- Distance learning courses
- Any course of study that includes a work placement, work experience or an internship carried out at a location that is not eligible to award federal aid in its own right
- Study abroad programmes (students should apply for federal loans through their home university)
A video overview from Fafsa
How to Apply for Financial Aid at Richmond
Please use the information provided to start your application Federal Direct Loans and Richmond Needs and Merits Based Scholarships. Our Financial Aid Office will use the combination of information that you and your parent supplies to determine your eligibility all types of Financial Aid and return to you with a Financial Aid package.
Please complete each of the steps listed below and then submit the all of require documentation to us as instructed. The US Department of Education (DOE) provides comprehensive information about applying for direct loans. This information is summarised on Richmond’s Financial Aid webpages for your convenience, but we recommend you also read the DOE website. The key steps in the application process are outlined below.
Fall: Loan application processing for Fall entry begins in January of each year. The deadline for loan applications to begin study in Fall is May 1st. Please submit your application well before this deadline.
Spring: Loan application for Spring entry begins from early October. The deadline for loan applications to begin study in spring is December.
Scholarships & Financial Aid (Need and Merit based)
- Our Admissions Team in London will contact you with details of your Scholarships Award and our Boston Team will be in contact with you to follow up with any questions that you or your parents may have. You may also contact our Boston Office at 416 450 5617
- After we have returned to you with an indication of your Richmond Scholarship/Aid, you should completed your Free Application for Federal Student Aid (FAFSA)
- In order to establish your eligibility for Direct Loans, you must complete the online FAFSA
- Richmond University’s Federal School Code is: G10594
- Please note that the University is not automatically notified once you have completed your FAFSA
- Once the US Department of Education has processed your FAFSA you will be issued with a student aid report (SAR). Please retain this for your records.
Direct Loan Entrance Counselling
Each time you borrow a federal loan at Richmond University, you must complete an online entrance counselling session on the Federal Student Aid (FSA) website. Even if you have completed entrance counselling at a previous school, you must still do another entrance counselling session for each federal loan intended for study at Richmond University. In order to initiate your loan application, please complete entrance counselling and ensure that you print a screenshot of your entrance counselling completion certificate. This should then be included in your direct loan application pack. Complete Direct Loan Entrance Counselling here.
Financial Literacy is about the ability to understand your finances and develop skills and knowledge to make informed choices through the understanding of your personal finances. It is important to be an educated consumer in order to make the most of what we have and plan for the future. The links below will discuss the basic skills that you need to be financially literate as you make important financial decisions with your budgeting, borrowing, maintenance of credit, spending, saving and investing. Managing money and being aware of your financial responsibilities is important. The U.S. Department of Education provides an excellent tutorial to help students navigate through the various financial aid programs and manage their finances. Students are strongly encouraged to complete Financial Awareness Counselling to understand their loans, manage spending, plan for repayment, and avoid default.
Complete your direct loan master promissory note (MPN)
In order to take out a direct loan, you must complete a master promissory Nnote (MPN) for each year of study. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees. It also explains the terms and conditions of your loan(s). You can complete your MPN on FSA website.
Selective service registration
If you are male, please supply evidence that you have registered with selective service. Take a screen print of completion. If you are exempt from selective service, please provide evidence of this.
If you have completed the actions outlined above, you will now be able to provide the documentation listed below. Please note that your loan application cannot be processed without these documents. All documentation must be submitted at the same time.
- A copy of your master promissory notes (MPN) for each loan type in pdf format
- A copy of entrance counselling confirmation (a screenshot confirming counselling completion)
- Evidence of Selective Service Registration or exemption
Please e-mail these documents as individual documents clearly titled to email@example.com
FAFSA Students who graduate, withdraw, or enrol for less than half-time will be required to complete an Exit Counselling.
Find out more information here.
Loan information will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Visit the US Department of ED College Navigator website, for more information.
Net Price Calculator
Richmond is committed to providing students and their families with the information they need to navigate and understand the financial aid and payment process.
By entering estimates of your family income and student academic information, in just a few minutes this calculator will show you an estimate of the financial aid and out-of-pocket costs involved in what will be one of the most important investments you will ever make – a college education.
We hope the information provided here will prove useful and convenient to access.
If you have any questions please contact our Financial Aid office: