Financial Affairs

Tuition, Room and Board

Tuition

For 2016-17, the tuition for graduate business program students is $1,410.00 per credit hour. The University reserves the right to increase the fees listed herein if conditions should make such changes necessary or advisable. The changes will be announced as far in advance as possible.

Note: Regardless of the University division in which a course is taken, the student pays the tuition and fees of the school to which he or she has been admitted and which is considered the school of record. Any special fee associated with a particular course, such as a laboratory fee, is charged based on registration in the course.

Payments

Inquiries concerning payment should be directed to the Office of Student Accounts, phone (804) 289-8147 or (866) 241-8893 (toll free) or email at bursar@richmond.edu. Payment in full is due by 5 p.m. on Friday of the first week of classes each term, whether or not an invoice has been received.

Fees are electronically invoiced. To avoid incurring a late-payment fee, Holds resulting in delays in registration and other areas, or other consequences individuals are urged to pay fees when due.

Students receive monthly e-mail notifications to their UR email address with the subject line "University of Richmond Electronic Invoice/Statement" and a link to QuikPAY. The student's University of Richmond ID number is used for authentication. Students can also access their account through BannerWeb. Upon login, students may view invoices, set up and store bank account or credit card information, set up authorized payers, pay invoices electronically, and print paper copies.

The student may authorize others to view the invoice as an authorized payer. Each invoice cycle, the student and the authorized payer will receive an e-mail notification that the electronic invoice has been sent with a link to the QuikPAY login page. Only authorized payers are able to view their own payment and bank information in QuikPAY. Each authorized payer is assigned a separate PIN number for added security and privacy.

  1. Cash
  2. Check, payable to the University of Richmond
  3. The University of Richmond accepts MasterCard, Visa, Discover and American Express via QuikPAY. A vendor fee of 2.75% of the amount charged will be charged to your credit card account for this service.
  4. Electronic checks, e-Checks, is an optional feature which offers payment with no fee. Checking and savings account information from a bank within the United States can be entered at the QuikPAY website and payments will be transferred electronically to the University of Richmond at no additional cost. You will have the option to have the site retain your bank account information or you may enter it each time you make an e-Payment.
  5. Payment Plans.  The University offers an installment plan administered by Higher One. tuitionpay.higherone.com/TuitionPay/Welcome.aspx?richmond The tuition installment plan provides students with a low cost plan for budgeting tuition. The monthly plan is NOT a loan program; therefore, no debt is incurred. No interest or finance charge is assessed on the unpaid balance due to the college. The only fee to participate in the payment plan is a $40 per semester nonrefundable enrollment fee. You will automatically receive monthly electronic statements.
    1. To participate in the three- or four-month payment plans, student applications must be received by HigherOne by August 10 for the fall and December 10 for the spring (dates are approximate). The budget period is August through October for the fall three-month plan; August through November for the four-month plan; January through February for the spring three-month plan; January through April for the four-month plan. The Monthly Plan is not available for courses offered during the summer terms.


Electronic payment is the preferred payment method, but it is optional. Payment may be mailed or made in person at the Cashier's Office on the 3rd floor of Queally Center. To send a check or money order through the mail to the university, please print a copy of the PDF invoice detach the bottom portion of the statement and mail with the payment (payable to the University of Richmond with your UR ID number printed clearly on the check) to: University of Richmond, Box R, University of Richmond, VA 23173.

No credit is given for a term's work nor a degree conferred until all charges have been satisfactorily settled. Failure to make satisfactory financial arrangements can result in delay of graduation, denial of registration privileges, removal from classes, and/or the withholding of transcripts.

If the University deems it necessary to engage the services of a collection agency or attorney to collect or to settle any dispute in connection with an unpaid balance on a student account, the student will be liable for all collection agency and/or attorney's fees, reasonable expenses, and costs incurred. Accounts referred to a collection agency are reported to a credit bureau. By registering for classes you are acknowledging receipt of this information and your acceptance of the associated responsibilities.

Mail all correspondence regarding your student account to the Bursar's Office:
Bursar's Office, Box R, University of Richmond, Virginia 23173

Direct Deposit

With Direct Deposit, your refund check will be automatically deposited to the bank account you specify, eliminating trips to the bank and the risk of your check being lost or stolen. It may take up to two business days for a direct deposit to post to your bank account. To participate, return the completed Student Authorization Form available on the Controller website controller.richmond.edu/common/pdf/payroll/direct-deposit-student.pdf along with a voided check to Accounts Payable. The mailing address is on the direct deposit form.
Refund of Tuition and Fees

Students are matriculated by semester. If a student withdraws from classes or is dropped from the University for whatever cause, a refund of fees for a semester shall be made in accordance with the University's refund policy, based on the following schedules. Failure to attend class does not constitute a withdrawal. Students who withdraw from the University and who are receiving any financial assistance may be required to return such assistance per Public Law 668.22 and institutional policy. The University complies with all federal regulations governing recipients of federal Title IV funds. Information regarding financial aid refund policies is available in the Office of Financial Aid. The amount of the refund is based on the date that the written withdrawal notification is received in the Office of the Dean. Any special fee associated with a particular course is non-refundable after the first day of term.

Refund Schedule (Spring and Fall Semesters Only)  
Withdrawal on or before the first day of term 100% less deposits
Withdrawal during the first week of term 100%
Withdrawal during the second week of term 70%
Withdrawal during the third week of term 50%
Withdrawal during the fourth week of term 25%
Withdrawal during the fifth week of term 25%
Withdrawal during the sixth week of term 25%
Withdrawal after the sixth week of term None
Refund Schedule (Summer Sessions Only)  
Withdrawal on or before the third day of term 100%
Withdrawal during the 4th - 7th day of term 50%
Withdrawal during the second week of term 25%
Withdrawal during the third week of term 25%
Withdrawal after the third week None
Appeals Process
The University of Richmond has an appeals process for students and parents who believe individual circumstances warrant exceptions from published policy. A student or parent has six weeks from the time of withdrawal to appeal the University's refund policy. All appeals must be in writing and directed to:
Annemarie Weitzel
Bursar's Office, Box R,
University of Richmond,
Virginia 23173.

Financial Aid

Financial Aid Overview

The University of Richmond offers graduate students various forms of financial assistance from federal and institutional resources. Financial aid recipients must be enrolled or unconditionally accepted for enrollment on at least a half-time basis in a degree program at the University. Details on the specific aid programs are outlined below. For more information, contact the Financial Aid Office (telephone: (804) 289-8438, email: finaid@richmond.edu, or financialaid.richmond.edu/grad/index.html).

Federal Loans

The Federal Direct Loan program allows graduate students to borrow federal loans to assist with educational expenses. Students must be U.S. citizens or permanent residents, be enrolled at least half-time, and be making satisfactory academic progress.

The Free Application for Federal Student Aid (FAFSA) and the appropriate Federal Direct Loan application must be filed at least six weeks prior to the start of the term. Visit financialaid.richmond.edu/grad/loans/index.html or contact the Financial Aid Office at (804) 289-8438 or finaid@richmond.edu for more information and applications.

Student Employment

On-campus employment opportunities may be available to graduate students enrolled at least half-time through the Federal Work-Study program (FWS) or the University Work Program (UWP). FWS is a need-based program. Students interested in this program must complete the FAFSA and demonstrate eligibility for need-based aid. The UWP program is available to students who do not apply for or qualify for need-based aid. For more information and for job opportunities, please visit the student employment website at studentjobs.richmond.edu or contact the Financial Aid Office at (804) 289-8438 for more information.

Veterans Benefits

Students eligible to receive tuition benefits administered by the U.S. Department of Veterans Affairs (VA) must apply for benefits through the VA. Students should forward Certificates of Eligibility to the Veterans Certifying Official, Registrar's Office, University of Richmond, VA 23173 to have enrollment certified. In addition to the tuition benefits offered under the Post 9/11 GI Bill program, the University participates in the Yellow Ribbon program. For details regarding eligibility for the Yellow Ribbon program at Richmond, go to financialaid.richmond.edu/yellowribbon.html.

Satisfactory Academic Progress

According to federal regulations and University of Richmond (UR) policy, students must maintain Satisfactory Academic Progress (SAP) to receive federal and institutional financial aid. Some private loan programs also require SAP. Evaluation of students' progress for financial aid purposes is made annually at the end of the spring term to determine financial aid eligibility for the following year (summer term, fall term, and spring term). When assessing SAP, the University will review all terms of enrollment at UR as well as transfer work accepted toward UR degree requirements, whether or not the student received financial aid during those terms.

The standards of academic progress outlined here are solely for the purpose of evaluating eligibility to continue receiving federal financial aid. They do not replace or modify academic standards required for continued enrollment at the University of Richmond. The effect of incomplete coursework, withdrawals, and course repetitions impacts SAP in the following ways:
  • Incomplete coursework is not included in the GPA or in the number of credits earned but is counted as attempted credit.
  • Courses from which a student withdraws are not included in the GPA or in the number of credits earned but are counted as attempted credit.
  • Repeated courses are counted only one time as earned credits. However, credits for each course taken, including all repeated courses, are counted as attempted credit. Both grades will be calculated in the cumulative GPA.
At the end of the spring term, Graduate Business students must meet both of the following requirements:
  • Have completed 67% of all attempted coursework, (including transfer work and pass/fail courses) AND
  • Have achieved a cumulative grade point average of at least a 3.0

In addition, students must complete degree requirements within the 150% maximum timeframe allowed. That is, as the MBA degree program requires 45 hours to complete, the maximum number of hours attempted to complete the program cannot exceed - 67 hours, including transfer work and pass/fail courses. Successful completion of a class means receiving one of the following grades for the class: A, B, C, D.

Students not meeting the SAP requirements for federal financial aid at the end of the spring term will not be eligible for any additional federal financial aid until the standards are met. Denial of aid under this policy may be appealed by the student, in writing, to the Director of Financial Aid within 30 days of notification that the student is no longer eligible for aid. Appeals will be considered for the following circumstances: the death of a relative of the student; an injury or illness to the student; or other special circumstances. A student's request must include information regarding why the student is not meeting the SAP standards and what factors have changed that will allow the student's academic progress to improve by the next evaluation.

Successful appeals will lead to one of two SAP statuses: Financial Probation or Eligible for Financial Aid. A student may be placed on 'Financial Probation' for the subsequent term if it is determined that he/she can regain eligibility after one term. A student may be found 'Eligible for Financial Aid' based on an academic plan that outlines future academic progress for the student as established by the Director of Financial Aid. The student will be notified of their SAP status based on the merits of the appeal. If the appeal is not granted, the student will be notified of the decision and will be financially responsible for their educational expenses.

Return of Financial Aid When a Student Withdraws

A student who withdraws during a semester may be entitled to a refund of certain charges as outlined in the Refund Policy. Withdrawal may also affect a student's financial aid eligibility for the semester as outlined in the federal Return of Title IV Program Funds Policy and the Return of Non-Title IV Program Funds Policy.

Return of Title IV Program Funds Policy

The 1998 amendments to the Higher Education Act (HEA) of 1965 and subsequent regulations issued by the Department of Education (43 CFR 668.22) establish a policy for the return of Title IV grant and loan funds for a student who withdraws. Title IV grant and loan funds include the following programs: Federal Direct Loans, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Work-Study, Federal Stafford Loans, Federal PLUS Loans, Federal Teach Grant and the Iraq and Afghanistan Service Grant.

The amount of Title IV funds the student earns, up to the withdrawal date, is based on a daily proration determined by dividing the total number of calendar days completed by the total number of calendar days in the semester (excluding breaks of five or more consecutive days). Adjustments must only be done up to and including the 60 percent point in time for the semester. After the 60 percent point in time, the student is considered to have earned all of the Title IV funds awarded for that semester.

Unearned Title IV funds must be returned to the Title IV programs. If the amount earned is greater than the amount that has been disbursed, the difference is treated as a late disbursement to the student. Unearned funds, up to the amount of total institutional charges (tuition, room, and board) multiplied by the unearned percentage of funds, are returned to the Title IV programs by the University of Richmond. The student must return any portion of unearned funds not returned by the school. For grants, regulations limit the amount a student must repay to the amount by which the original overpayment amount exceeds 50 percent of the total grant funds received by the student. Title IV loan funds that must be returned by the student are repaid per the loan terms. Unearned Title IV funds are returned to the Title IV programs in the following order: Unsubsidized Direct Stafford Loans, Subsidized Direct Stafford Loans, Perkins Loans, Direct PLUS Loans, Federal Pell Grants for which a return of funds is required, Federal Supplemental Educational Opportunity Grants for which a return of funds is required, TEACH Grant for which a return of funds is required, and the Iraq and Afghanistan Service Grant for which a return of funds is required.

Return of Non-Title IV Program Funds Policy

Non-Title IV financial aid will be adjusted for a withdrawing student based upon the University's Refund Policy. Adjustments will be made through the sixth week of classes. The amount to be returned to the non-Title IV financial aid program is the same percentage that will be refunded to the student for tuition and room charges. After the sixth week, the student is considered to have earned all of the non-Title IV aid. Non-Title IV financial aid funds are returned in the following order: institutional grants/scholarships, nonfederal loans, agency scholarships.

Students who are receiving financial aid and who are planning to withdraw from the University during a semester are strongly encouraged to meet with a financial aid advisor to review the impact that their withdrawal will have on their institutional charges and on their financial aid for the semester.