What Does It Really Cost to Attend the University of Richmond?
Virginia is one of the oldest states in the nation, so it’s no surprise that it also boasts some of the oldest colleges and universities. Founded in 1830, the University of Richmond is an historic liberal arts school with an impressive reputation. So it’s no surprise that the university also comes with a hefty price tag.
If your teen is considering a college career at the University of Richmond, it’s important to note that families often pay far less than the list price to attend this institution. Keep reading to find out why college tuition rates vary so dramatically, along with what it really costs to attend the University of Richmond.
Why College Costs Are Highly Variable
The list price for a University of Richmond degree may make your teen think twice about applying. However, like most private educational institutions, the University of Richmond boasts a large endowment that enables it to give out more funding in the form of scholarships and grants. Many colleges are willing to incentivize the best and brightest students through financial awards.
Wondering what your net price will be for admission to the University of Richmond? Start by adding up the value of all local, state, and federal grants, along with scholarships and institutional aid. Subtract the total from the price printed in the school brochure.
What Is the List Price at the University of Richmond?
University of Richmond charges a high list price for tuition, room, and board. For the 2016-2017 academic year, the average cost was $63,040. In most cases, families earning $175,000 or less paid a lower rate, as did individuals in the top 30% of accepted students.
What Is the University of Richmond Financial Aid Net Price?
The list price at the University of Richmond is more than $10,000 less than the sticker price. For the 2016-2017 year, you can expect to pay $52,493 after financial aid.
What Is the Family Income-Based Cost of Attending University of Richmond?
Prospective University of Richmond students should note that net prices depend in large part on family income. View average net costs per income bracket below:
|Family Income||Average Net Price|
How Much Merit Aid Do University of Richmond Students Receive?
Merit aid can make college tuition more affordable, and the good news is that a large percentage of University of Richmond students receive this form of funding. Currently, the school offers merit-based financing to 19.3% of its undergraduates, with an average award amount of $6,431.
Students who don’t qualify for financial aid at the University of Richmond can expect to pay $56,609 per year in tuition and fees.
How Many University of Richmond Students Take Out Loans?
The gap between the financial aid net price and expected family contribution can be significant. To that end, many college students take out loans to make up for the difference. Around 53% of students at the University of Richmond borrow money to finance their degrees, with an average federal loan per student of $4,040.
Student Outcomes at the University of Richmond
If you’re wondering whether the University of Richmond is the right school for your teen, it pays to do your homework with regard to student outcomes. Because 88% of students graduate in six years, parents can feel relatively confident about their kids finishing on time. Ten years out from finishing college, the average salary was $64,500 for Richmond grads.
Local Area Cost Considerations
Attending school at the University of Richmond probably won’t break the bank. With a cost of living index of 102.5, the area is on par with other cities throughout the U.S. Housing prices are also affordable, especially if students live with roommates. Expect to pay $927 for a one-bedroom, $1061 for a two-bed, and $1412 for a three-bedroom space.
For students who plan to hold down a job while attending school, expect to work long hours to cover expenses. The minimum wage in Virginia is just $7.25. Long-term Richmond employees earn an average salary of $50,549 a year.
Ways to Save Money on College
Working part time is a great way to reduce the amount you’re borrowing to attend school. If you don’t find a position you like in Richmond, consider applying for a work-study job on campus. These positions generally afford students time to do homework, read, and study while earning cash.
Students can also subsidize the cost of college by applying for independent scholarships. For example, the National Merit Scholarship program provides grants to 15,000 students a year based on their scores on the PSAT. Students can find additional scholarship opportunities on the University of Richmond website.
CollegeVine created its Applications Team with a goal of supporting students who might not have access to college admissions help through their high schools. From navigating the college applications process to dealing with FAFSA and financial aid documents, we help students every step of the way. Call today to find out more about how we can help you get into your dream school.
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