UR offers ‘no loan’ financial aid to Richmond public school students
RPS grads will receive grants to pay for undergrad costs
The University of Richmond is launching a “No Loan Program” in partnership with Richmond Public Schools, the university announced Wednesday. RPS graduates who attend the university can receive grants to pay for all demonstrated financial need — instead of loans that must be repaid.
“We know that the thought of taking out loans may create anxiety for families, particularly among first generation students,” UR President Ronald A. Crutcher said in a statement. “The University of Richmond and the city of Richmond want to retain our best students in the region, and the No Loan Program will further that effort.”
Undergraduate tuition at the private university is $56,860 this year, and room and board can reach an additional $13,000, depending on the type of housing and meal plan selected.
According to the university, graduates of Richmond schools, including magnet schools located in the city, have received more than $11 million in financial aid over the past decade. UR also offers the Richmond’s Promise to Virginia program, which provides grants for tuition, room and board for all Virginia students whose families earn below $60,000.
“The No Loan Program gives our students the remarkable opportunity to graduate with a degree from a world-class institution without taking on any debt,” RPS Superintendent Jason Kamras said in a statement. “We are incredibly grateful to President Crutcher and the entire University of Richmond team for this generous commitment to our students.”
Eighteen percent of UR’s 3,147 undergraduates this year come from Virginia, according to the university.
Subscribe to Virginia Business.