University of Richmond Tuition and Fees

University of Richmond Tuition and Fees

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    By Kim Franke-Folstad

    (Last Updated – 02/2025)

    The University of Richmond is a small private university known for its emphasis on research and collaborative learning. Its proximity to Virginia’s capital city of Richmond gives students easy access to business and government internships, cultural activities, outdoor recreation, and more. Here’s an overview of the University of Richmond tuition, fees, housing costs, acceptance rate, and more.

    Total Cost of Attendance

    The University of Richmond total cost of attendance was $65,110 in 2023-24. Here’s a breakdown of those costs:

    Costs for 2023-24

    Tuition & Fees

    $62,600

    Books & Supplies

    $1,000

    Room & Board

    $16,210

    Other Expenses

    $1,510

    Total Cost of Attendance

    $81,320

    Financial Aid

    To help cover the University of Richmond cost, around 69% of beginning undergraduate students use financial aid. More specifically, 13% get some type of federal grant, 14% get state or local government grants/scholarships, and 63% get institutional grants/scholarships.

    Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

    The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

    •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

    •  Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.

    •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

    •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

    Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

    You can find other financial aid opportunities on databases such as:

    •  US Department of Education – Search for grants from colleges and universities by state

    •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

    Recommended: Virginia Student Loan & Scholarships

    Private Student Loans

    At the University of Richmond, around 32% of students take out federal student loans to help pay the Richmond tuition. Roughly 5% take out private student loans, averaging $28,805, to help cover University of Richmond costs.

    Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

    What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

    Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.

    If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

    Recommended: Guide to Private Student Loans

    Projected 4-Year-Degree Price

    Based on costs from the 2023-2024 school year, a four-year degree at the University of Richmond — including tuition, books, room and board, and other expenses — would be approximately $325,280.

    In comparison, the average four-year cost for a U.S. private university is $241,680, making the University of Richmond significantly more expensive.

    This student loan and scholarship information may be valuable as you research schools and costs.

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    Undergraduate Tuition and Fees

    Costs for 2023-24

    Tuition & Fees

    $62,600

    Books & Supplies

    $1,000

    Room & Board

    $16,210

    Other Expenses

    $1,510

    Total Cost of Attendance

    $81,320

    The total cost of attendance for undergraduates at the University of Richmond was $81,320 in 2023-24. This is notably higher than the average annual cost of attendance for private colleges in the U.S., which is $60,420.

    Graduate Tuition and Fees

    Costs for 2023-24

    •  Average tuition: $27,852

    •  Fees: $0

    Tuition and fees for graduate students at the University of Richmond in 2023-24 averaged $27,852. This is higher than the average cost of graduate school tuition and fees in the U.S., which is $21,730 per year.

    Cost per Credit Hour

    The University of Richmond uses a system of “units” rather than credits. One unit is the equivalent of 3.5 semester hours and costs approximately $9,360.

    Campus Housing Expenses

    Costs for 2023-24

    On Campus

    Off Campus

    Food & Housing

    $16,210

    $16,210

    Other Expenses

    $1,510

    $1,510

    Total Estimated Living Expenses

    $17,720

    $17,720

    There are six freshman residence halls at the University of Richmond, and all of them are co-ed (with students housed by gender within each hall). Most are double rooms, but there are some single and triple rooms available. (Freshmen can’t request a specific dorm.)

    For upperclass students, there are 12 residence halls and two apartment complexes on campus. Only juniors and seniors can apply to live in an on-campus apartment. There are also apartments and houses available for rent off campus that are not affiliated with the University.

    University of Richmond Acceptance Rate

    Fall 2023

    Number of applications

    15,121

    Number accepted

    3,478

    Percentage Accepted

    23%

    At 23%, the University of Richmond acceptance rate is selective.

    Admission Requirements

    The University of Richmond uses what it calls a “holistic admission” process. Along with traditional measures of student success, admissions officers take other factors into account while reviewing each application.

    Required:

    •  Common Application or Coalition Application

    •  High school transcript

    •  Secondary school report

    •  Recommendation letter

    •  Personal statement or essay

    Optional:

    •  Up to 2 additional recommendation letters

    •  SAT or ACT scores

    The application deadline for Early Action or Early Decision I is November 1. The deadline for Early Decision II and Regular Decision is January 1.

    SAT and ACT Scores

    The University of Richmond is test-optional, which means incoming freshmen do not have to submit ACT or SAT test scores for admission. If you indicate on your application that you want your scores to be considered, they must be submitted by the credential deadline for your admission status (that’s November 15 for Early Decision I, December 1 for Early Action, January 15 for Early Decision II, and February 15 for Regular Decision.)

    Although standardized test scores are not required for admissions, many students do submit them. Here’s a look at the scores of students who enrolled in Fall 2023 at the 25th and 75th percentiles.

    Subject

    25th Percentile

    75th Percentile

    SAT Evidence-Based
    Reading/Writing

    690

    750

    SAT Math

    720

    780

    ACT Composite

    32

    34

    Graduation Rate

    The University of Richmond’s overall graduation rate for students who began their studies in 2017 is 88%.

    Here’s a breakdown of the school’s graduation rate by how long it took that cohort of students to earn a degree.

    •  4 years: 82%

    •  6 years: 88%

    Post-Graduation Median Earnings

    The median annual earnings of University of Richmond graduates is $76,178. This is higher than the median earnings for all graduates of four-year colleges, which is $53,747.

    Bottom Line

    The University of Richmond offers a high-quality education with an emphasis on research and collaborative learning. While the school’s tuition is higher than the average for other private universities, the available student aid options could help make the cost more affordable.

    SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.

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    Photo credit: iStock/Rebecca Todd
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