School of Professional and Continuing Studies Financial Aid

Financial Aid

In addition to SPCS scholarships, there are other sources of financial assistance available to students in the School of Professional and Continuing Studies. Generally, a student must be enrolled or unconditionally accepted for enrollment on at least a half-time basis (six credits per term) in an eligible degree or academic certificate program in order to be eligible for consideration for financial aid. In addition, the student must be a U.S. citizen or permanent resident (or other eligible non-citizen) and must be making Satisfactory Academic Progress (see sidebar) toward his/her degree or academic certificate. For detailed information about the various financial aid programs, visit https://financialaid.richmond.edu/spcs/index.html or contact the Office of Financial Aid at (804) 289-8438.

Federal Grants and Loans

Federal financial assistance is available in the form of Federal Grants and Federal Direct Loans. Federal Pell Grants are provided to low-income undergraduate students who have not already earned a degree but who are working toward a degree. Federal Pell Grant recipients must be enrolled for at least three credits per term. The Federal Pell Grant does not have to be repaid. Federal TEACH grants are also available to students who complete or who plan to complete coursework needed for a career in teaching, and who agree to serve for at least four years as a full-time, highly-qualified teacher in a high-need field in a school serving low-income students. The four years of service must be completed within eight years of graduation. Failure to comply with the requirements of the program result in the TEACH grant being converted to a Federal Direct Unsubsidized Loan, with interest accruing from the date the grant was disbursed, that must be repaid in full. Students enrolled in a graduate certificate program are not eligible for the TEACH Grant.

Federal Direct Loans are loans for students who are enrolled in an eligible degree or academic certificate program for at least six credits per term. Annual loan limits vary from $5,500 to $20,500 depending on grade level and dependency status. Subsidized Direct Loans are available to undergraduate students who demonstrate financial need; the federal government pays the accrued interest on these loans while the student is enrolled at least half time (six credit hours). Unsubsidized Direct Loans are available to both undergraduate and graduate students regardless of demonstrated need; students are responsible for accrued interest on these loans. The Direct Grad PLUS Loan, a credit-based loan, is available to graduate students.

To apply for Federal Grants and Federal Direct Loans, students must submit the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/h/apply-for-aid/fafsa. Please note that if you will need financial assistance in order to pay for your tuition charges, then the required applications must be completed at least six weeks prior to the start of the enrollment period. Applications will only be reviewed for those students who are registered for classes. Students will receive an email notification from the Office of Financial Aid when financial aid is available to be viewed on BannerWeb. Students who wish to borrow Federal Direct Loans are then able to accept or decline all or a portion of the loan(s) via BannerWeb. Financial aid is generally disbursed to the student's account at the beginning of each term. If financial aid exceeds billable charges, then the student has a credit balance and is due a refund. Refunds will not be issued until at least two weeks after the first day of class for each term. Title IV aid recipients may receive a partial refund by the first day of class.

Private Loan Programs

These are educational loans from private lenders. The maximum annual loan is the Cost of Attendance, as established by the Office of Financial Aid, minus any financial aid that the student may receive. Richmond will only process a private loan for students enrolled at least half-time (six credits).

These are credit-based loans and a poor credit history will prevent borrowing under these programs. Interest on these loans begins to accrue on the date of disbursement, and interest and principal payments begin after graduation, withdrawal from school, or enrollment at less than a half-time course load (6 credits/term). There are many different private loan products on the market. You may use any lender of your choice for private loans.

Virginia Tuition Assistance Grant

The Virginia Tuition Assistance Grant (VTAG) is available to full-time undergraduate students who are residents of Virginia and who are enrolled in a degree program. The VTAG application may be obtained online from the Financial Aid website. Deadline for applications is July 31 for the following academic year.