by our College Data Analytics TeamMost students won’t pay the advertised price of a school. Instead, they will be provided with a financial aid plan that includes a mix of scholarships, grants, loans, and work-study. But some kinds of aid are more desirable than others, and some students will get more than others.
Curious about the financial aid opportunities at URichmond and what you may be eligible for? Explore the answers here.
University of Richmond average financial aid offer for freshmen students is $43,893.00. A significant 66% of freshmen benefit from financial aid, with the main type being grants and scholarships.
Financial aid helps reduce the cost, or the full retail price of the college. However, be aware that the only true college discount is scholarships & grants.
We feel that loan debt ought to be regarded as a consequence instead of true financial aid. Learn more on student loan debt at University of Richmond.
Institutional scholarships and grants are financial aid awards given by colleges and universities to help students manage tuition costs and other education-related expenses. These awards, which do not need to be repaid, can be classified as merit-based or need-based. Students who excel academically, possess unique talents, or have specific skills can be eligible for merit-based institutional scholarships. Factors such as high school performance, standardized test scores, or participation in extracurricular activities often contribute to eligibility for these scholarships. Need-based institutional grants, on the other hand, are awarded to students who demonstrate financial need. The amount given is generally based on the student’s family’s financial situation, aiming to cover the gap between the cost of attendance and the family’s capacity to pay. To assess a student’s eligibility for need-based grants, colleges and universities may rely on information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants are essential for students, as they can substantially lower college expenses and make higher education more affordable.
The stats below refer to aid that is provided by University of Richmond.
56% of first-year students (465 total) were offered scholarships at University of Richmond, averaging $43,618.00 per person. This puts it the top 25th percentile among colleges and universities nationwide.
In addition to scholarships, 17% of first-year students (145 total) got federal grant aid, averaging $5,813.00 per person.
The table below demonstrates scholarship and grant allocations by income level for freshmen receiving any type of federal Title IV assistance, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 6.85% | $61,596.00 |
| Income 30k-48k | 5.65% | $61,000.00 |
| Income 48k-75k | 6.01% | $53,543.00 |
| Income 75k-110k | 6.13% | $46,981.00 |
| Income 110k + | 14.78% | $24,512.00 |
The table above shows students who are obtaining Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
66% of the 832 undergraduates at University of Richmond receive some sort of grant aid. This is a total of about 492 students getting an average of $43,893.00 per person.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.