Scholarships FAQ

  • What Is the Difference Between a Named Endowed Scholarship and a Named Annual Scholarship?

    Both named endowed and named annual scholarships are vital to eliminating financial barriers for our bright and ambitious students. Named endowed scholarships are invested through the University’s endowment, grow over time, and support our scholars in perpetuity. Named annual scholarships are not invested, and therefore offer direct and immediate aid to current and incoming Spiders. Over the course of the five-year renewable commitment, gifts to named annual scholarships are used in full each year.


     

  • How Can I Establish a Scholarship?

    There are a number of giving vehicles through which you can establish a scholarship at Richmond, including cash, securities, and donor-advised funds.

    There are also several gift planning avenues available for establishing a future scholarship, including a charitable bequest through your will or trust, naming the University as a beneficiary of your retirement plans or life insurance policies, and life-income gifts such as charitable gift annuities and charitable remainder trusts. For more information on gift planning vehicles, please contact our Office of Gift Planning at giftplanning@richmond.edu or (804) 287-1864.

  • How are Students Selected for Scholarships?

    Scholarships are awarded through the Office of Financial Aid based on demonstrated need. If a scholarship is established with any additional requirements or restrictions, the Office of Financial Aid will collaborate with the appropriate campus partners to determine the best recipient(s).

  • When Will My Scholarship Be Awarded?

    Once fully funded, named endowed scholarships will be awarded the fall of the next calendar year. The amount of the award will be approximately 4.5% of the scholarship’s book value. For example, if your scholarship is fully funded at $100,000 in December, it will be awarded the following August at approximately $4,500.

    Gifts to named annual scholarships must be made before June 1 to be awarded the fall of that same year. Gifts made after June 1 will be awarded in the fall of the following calendar year. These gifts will be awarded in full.

  • What Happens After I Create a Scholarship?

    Named endowed scholarship benefactors can expect to receive financial details regarding the scholarship’s investment performance, reporting on the University’s endowment as a whole, and, in most cases, information on or communication from their specific student recipient(s). Named annual scholarship benefactors can expect to receive reporting on a cohort of outstanding named annual scholarship recipients and their work at UR and in the community. All of our scholarship donors receive access to special events, unique opportunities to engage with UR’s leadership, and communications for our community of benefactors.