Financial Aid Consumer Information Guide

I. Conditions Governing Financial Aid Awards

A. General

• In order to receive financial aid, you must be an enrolled student and maintain satisfactory academic progress in a degree program, must not be in default on a student loan, and must not owe a refund on a grant. See “Standards of Academic Progress” in Section II.
• You are required to notify the Financial Aid Office in writing of any changes in your financial (including the receipt of external scholarships, grants, or loans), academic, residency and/or domicile status. Changes in these areas may reduce your financial aid award.
• You must be enrolled in at least 12 credit hours (repeat classes are counted only once and cannot include the repetition of previously passed courses) each fall term and each spring term in order to be considered a full-time student. If, at the end of the add period, your course load is fewer than 12 credit hours, your financial aid awards may be reduced or cancelled.
• Financial aid awards may be reduced or cancelled in the event of your withdrawal from the college. See Section VII.
• If you are not satisfied with your financial aid award, you may appeal in writing to the Director of Financial Aid at any time. Also, if changes have occurred since the time you submitted your financial aid application (i.e., loss of employment, divorce or separation, etc.), you may inform the Financial Aid Office and request a re-evaluation of your financial need.
• First-time students must show proof of high school graduation by providing our Admissions Office an official end-of-year transcript.

B. Specific Program Conditions

• If you have accepted a Nunnally Loan, you must come to the Financial Aid Office at the start of the semester to sign a promissory note and other pertinent documents. Failure to sign the promissory note will result in cancellation of this award. Full-time enrollment is required.
• If you have accepted a Pre-Ministerial Grant, you must come to the Financial Aid Office at the start of the semester to sign the Pre-Ministerial Agreement and promissory note. This award is available to students preparing for full-time, church related vocations after no longer being enrolled. If you fail to abide by this requirement, you must begin repayment of the grant beginning three months after you leave school. Full-time enrollment is required.
• If you have accepted the A. Purnell Bailey Scholarship, you must complete the A. Purnell Bailey Agreement with the Office of the Chaplin at the start of the semester. Full-time enrollment is required.
• The Federal Pell Grant is a federal need-based grant for undergraduate students that have not earned a bachelor’s, graduate or profession degree. Eligibility is confirmed upon receipt of an accepted FAFSA and verification documents. The award is renewable based on the federally calculated student aid index and satisfactory academic progress toward a degree. Amounts can change yearly and students must file the FAFSA each year. Federal law limits the amount you may receive over your lifetime. The amount is limited to be the equivalent of six years of Pell Grant funding.
• The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students who are eligible for the Federal Pell Grant and who demonstrate exceptional financial need. The award is renewable based on the federally calculated student aid index and satisfactory academic progress toward your degree. Students must file the FAFSA each year to be considered.
• The Virginia Tuition Assistance Grant (VTAG) is a grant from the State of Virginia awarded to Virginia residents who attend a private college in Virginia. The program is administered by the State Council of Higher Education in Virginia (SCHEV). Your TAG award is subject to the following conditions: 1) you must be enrolled full-time (12 hours each semester). You must be eligible for a Fall award in order to receive a Spring award; 2) you must maintain Virginia residency; 3) you must submit a TAG application to the Financial Aid Office by September 15th if you are a first-time TAG recipient; and 4) TAG awards are subject to the availability of funds.  Students may receive TAG for a maximum of eight semesters. Additionally, in the event you withdraw from Randolph-Macon College, your TAG award may be affected. Please feel free to visit schev.edu.
• Students who receive Randolph-Macon funding may receive a named, endowed scholarship. These scholarships are established by individuals who care deeply about RMC. An endowed scholarship may establish a connection between the student and the donor. Please note that:
  • A named endowed scholarship does not change the total amount of financial aid awarded.
  • Funds awarded through endowed scholarships replace the amount of any RMC funding on a dollar-for-dollar basis.
  • Scholarships are awarded to students who meet the criteria specific to each fund.
  • No additional application materials are required beyond the FAFSA. Students are automatically considered for these funds when they apply for financial aid. Selection is based on a student’s match with a donor’s criteria.
  • Recipients are expected to write a letter of appreciation to the donor and attend the Donor-Appreciation reception.

C. Disbursement of Funds

• YOUR FINANCIAL AID AWARD NOTIFICATION IS NOT A BILL. In order to determine the amount you will owe the College, each semester you must subtract the semester’s aid, excluding Federal Work Study, from semester charges. See “Paying Your Bill” in Section VI. Initial bills are sent electronically by the Business Office in July for fall charges, and in November for spring charges. You should contact the Business Office if you have questions regarding your bill.
• If your financial aid exceeds direct charges, you may request a refund from the Business Office after enrollment census each semester. Please note that actual dollars will not be credited to your account until enrollment census each semester.
• The electronic posting of your loan proceeds will be disbursed to your account no sooner than the last day to add a class each semester. Please refer to the disclosure notice from the US Department of Education for the exact Federal Direct Student Loan disbursement amount, which may be less than the amount shown on your award notification due to the loan fees that will be deducted and dates of disbursements. Please note that disbursements will not be made until the Master Promissory Note, Entrance Counseling and all documents have been completed.
• Parent loans: Randolph-Macon College Plitt Loans are credited to your account by the College. The electronic posting of loan proceeds of Federal Direct PLUS loans will be disbursed to your student’s account no sooner than the last day to add a class each semester, after the promissory note has been signed. The amount of your Federal Direct PLUS loan may be less than the amount on the award notification as the US Department of Education will deduct up to 4.228%  origination fee. This fee is subject to change each October 1.
• You will receive notice regarding your rights to cancel a Federal Direct Student Loan, or Federal PLUS Loan at the time your account is credited with actual cash from these programs.

II. Standards of Academic Progress for Financial Aid Recipients

A. Academic Standings and Progress

Students must meet certain standards of Satisfactory Academic Progress (SAP) to maintain eligibility for federal and institutional aid.* Randolph-Macon College is required to measure students’ progress using a qualitative standard (GPA) and a quantitative standard (progress toward a degree). Additionally, students must complete all degree requirements within 150% timeframe that the College has determined it should take to earn that degree. This requirement is measured in credit hours. Recipients of federal student and/or institutional aid are expected to make reasonable progress toward their degree as a condition of receiving and continuing to receive aid.

B. Satisfactory Progress

Program Pursuit (Quantitative Standard): To remain in good academic standing for federal, state and institutional aid, a Randolph-Macon College undergraduate student must successfully complete 67% of all credit hours attempted. Classes in which the student earns grades of F, W, I or U are not considered successfully completed. A student’s program pursuit is reviewed at the end of each spring semester once final grades have been posted. Transfer credits accepted by the College are included as both attempted and earned credits for the SAP quantitative standards, maximum time frame and the minimum completion ratio

GPA Requirements (Qualitative Standard): To remain in good academic standing, a Randolph-Macon College undergraduate student must earn and maintain a minimum cumulative grade point average of 2.00. Randolph-Macon College reviews cumulative grade point average at the end of the spring semester each academic year after final grades have been posted.

Evaluation Periods and Frequency of Measurement: If a student has already used a semester of Warning and is still not meeting SAP standards, they will be ineligible for federal, state and institutional financial aid until the appropriate standards are achieved. The student may request a one-time waiver of these eligibility standards if they are unable to meet them due to an extenuating circumstance or personal hardship.

The following are examples of hardship and/or circumstances that may be deemed appropriate for a waiver request:  injury or illness of the student, injury, illness or death of an immediate family member or other family difficulty, fire, flood or other catastrophic event, other circumstances beyond the student’s control that occurred during the term in which the student was not able to meet the academic progress requirements.

To request a waiver of these eligibility requirements, the student may submit a Satisfactory Academic Progress Waiver Form to the Financial Aid Office. The deadline for submission is August 1^st for the fall semester and January 15^th for the spring semester. The information should include the following: 

• The reason the student was unable to meet the minimum academic standards.
• Documentation of any circumstance that may have contributed to the student’s inability to meet the standards.
• An explanation of what has changed in the student’s situation that will allow them to demonstrate satisfactory academic progress at the next evaluation.
• A plan for meeting the standards in a reasonable timeframe. This plan should include an academic plan that the student creates with an academic advisor.

Requests are reviewed by the Satisfactory Academic Progress Committee, and the student is notified of the outcome via their RMC email. If granted a one-time waiver, a student’s federal, state and institutional aid may be reinstated for a period of one or two semesters. At the end of each waiver period, the student must meet the minimum SAP requirements. If the student is not meeting the minimum standards, they will be ineligible for federal, state and institutional aid until they are meeting minimum SAP requirements. All decisions made by the Satisfactory Academic Progress Committee are final and cannot be appealed.

A waiver will only be granted when there is reasonable expectation that the student will meet future satisfactory academic progress standards.  Students who are denied a waiver will be ineligible for federal, state, and institutional aid until they are meeting minimum SAP requirements.

Students who do not apply for a waiver will be ineligible for federal, state, and institutional aid until they are meeting minimum SAP requirements.

Federal regulation prevents a student from submitting the same appeal two semesters in a row. However, there is no limit to the number of appeals a student may submit if they can document there are new circumstances preventing the student from meeting SAP standards.

*Academic scholarships may have different academic progress requirements from other institutional funding.

C. Grade Progression

Students are expected to enroll in sufficient credit hours annually to meet degree requirements.  To progress a grade level for loan eligibility students should be at 30 earned credits for sophomore status, 60 earned credits for junior status and 90 earned credits for senior status. Failure to meet these levels will result in reduced borrowing eligibility.

D. Randolph-Macon Scholarship Recipients

1. Academic Scholars

2. A. Purnell Bailey scholars follow the same guidelines as the Presidential Scholarship.

E. Unofficial Withdrawal

Students who have been awarded any type of federal financial aid and did not pass any classes are required to be reviewed per federal regulation. The Financial Aid Office must determine if the student earned the non-passing grades while attending class or if they stopped attending class but never completed the official withdrawal process. Students who stopped attending class may be required to repay a portion of their federal financial aid for that semester if it is determined they ‘unofficially withdrew.’ An “unofficial withdrawal” occurs when a student stops attending all classes and stops participating in any academic activity beyond the date they last attended class.

At the end of each semester the Financial Aid Office will review all federal financial aid recipients who receive non passing grades (F, I, W, U) to determine if the grade was earned due to attending class or because the student was no longer attending class. To evaluate this, the Financial Aid Office will contact the Office of the Registrar and instructors to determine the last date of attendance or academic activity.

If it is determined that a student unofficially withdrew from the College, there will not be a reduction in institutional charges. As a result, any federal funds that must be returned will appear as a charge on the student account and will be the student’s responsibility.

III. Student Employment

A. On-Campus

1. There are opportunities for student employment throughout the campus. Enrolled students access job opportunities through The Edge Career Connector.
2. The Financial Aid Office does not place students in jobs. A student selects the position they wish to apply for and applies via The Edge Career Connector.
3. Students are required by federal regulation to provide verification of their eligibility to work in this country. Required forms of identification are listed on Form I-9 which is available from Human Resources. One form is required from List A or B and another from List C. Students will not be allowed to work on campus until the required forms of identification, tax forms and the Student Employment Authorization Form have been completed.
4. International students are required to obtain a social security card. The Office of International Education has information on obtaining the card.

B. Off-Campus

Enrolled students may access off-campus job opportunities in the Ashland-Richmond area through The Edge Career Connector.

IV. Student Rights and Responsibilities

As a consumer, you have the following rights:

A. The right To:

• Know what financial aid programs are available at Randolph-Macon College.
• Know the deadlines for submitting applications.
• Expect fair treatment in the awarding of financial aid.
• Have full information on the requirements for types of aid available at Randolph-Macon College.
• Know what portion of the financial aid received must be repaid, what portion is grant aid, and what portion must be earned.
• Appeal the financial aid award or any decision of the Financial Aid Office pertaining to you which does not fall under the jurisdiction of federal or state regulations. This right includes answers to questions, explanations of Financial Aid Office policies and decisions, and the request for reconsideration. See #5 under “General Conditions Governing Financial Aid” on page 1.

B. It is your responsibility to:

• Be aware of and comply with financial aid application procedures and deadlines each year.
• Provide correct information; misrepresenting information on the financial aid application is a violation of law, subject to fine, imprisonment, or both.
• Accept responsibility for reading and understanding all forms where your signature, including your electronic signature, is required. You should keep copies for record-keeping purposes.
• Accept responsibility for all agreements that are signed.
• Report all new or increased resources if they were not known by the Financial Aid Office at the time you first accepted the offer of aid. Failure to report any resources could jeopardize future eligibility for financial aid or may require repayment of all funds previously disbursed.
• Keep track of all loans so that the total amount is known when it is time to begin repayment. In the event of default on any student loan received while attending RMC, the College reserves the right to withhold your academic transcript until the default has been eliminated.
• Complete your Exit Counseling before graduation, transferring, or when withdrawing from the College if a College Loan or Federal Direct Student Loan was received.
• Aid is generally limited to eight semesters and is applicable to primary degree requirements.

V. Tax Reform and Financial Aid

• The Tax-Reform Act of 1986 requires that grants and scholarships (not to include loans) received in excess of tuition (not to include room and board), required books, fees and equipment, must be reported as taxable income on your federal income tax return.
• The College is not required to issue a 1099, so you must keep accurate records of grants and scholarships received and tuition and book expenses. In other words, it will be your responsibility to report this information to the Internal Revenue Service.
• Please note that grants and scholarships are awarded on an academic year and income taxes are filed on the calendar year. Therefore, in the 2025 income tax year, grants and scholarships in excess of tuition, books, fees and equipment must include those received in Spring 2025, Summer 2025 and Fall 2025.
• We strongly advise that you and your parents contact your tax consultant for details on this aspect of the tax law, and other tax laws pertaining to higher education tax credits.

VI. Paying Your Bill

• Your bill will be electronically generated by the Business Office in July for the first semester and in November for the second semester. Your billing statement is available on-line through MyMaconWeb on the Finances tab.
• Payment Options – Billing at RMC is on a semester basis. You have four options when paying your RMC bill:
  • Option 1: You must pay the balance due each semester by the due date for that semester; early August for Fall and mid-January for Spring.
  • Option 2: You may make equal monthly payments by participating in the Monthly Payment Plan. Should you choose this option, you must complete the Monthly Payment Plan application online at Transact. This is a five month semester based payment plan.  The plan opens June 1 for the fall semester and November 1 for the spring semester.
  • Option 3: You may pay the amount you owe the college using the Federal PLUS Loan. Please see the “Next Steps” for instructions on applying for this loan.
  • Option 4: Private loans through banks or credit unions are also available. You are free to choose your lender. You may wish to visit elmselect.com for information regarding Alternative/Private Loans.
• It is your responsibility to ensure that proper payment has been made to your account and that the balance due is paid by the due date.
• Failure to pay your account balance can result in late fees, holds on your account and disenrollment. Please make the necessary arrangements to pay your bill so that this does not occur.
• External Loans/Scholarships: Any external scholarships or loans (e.g., ROTC scholarships, private scholarships and loans) will not be posted to your account until the funds are received by the Business Office. This may cause your account to appear past-due. You must keep the Business Office informed and do your part to ensure that these funds arrive.

VII. The Return of Financial Aid Funds if You Withdraw

The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, leave or are dismissed prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.

If a student leaves the institution prior to completing 60% of a payment period or term, the Financial Aid Office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned – (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.

Refunds are allocated in the following order:

• Unsubsidized Federal Direct Student Loans
• Subsidized Federal Direct Student Loans
• Federal Direct Parent (PLUS) Loans
• Federal Pell Grants for which a return of funds is required
• Federal Supplementary Opportunity Grants (SEOG) for which a return of funds is required
• Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant for which a return of funds is required.

B. NON-FEDERAL AID MAY BE PRORATED BASED ON THE PERCENTAGE OF THE TERM COMPLETED, ROUNDED TO THE NEAREST DOLLAR. IF THERE ARE NOT ADJUSTMENTS TO FEES, THERE WILL BE NO ADJUSTMENTS TO NON-FEDERAL AID.

Any refunds will be allocated to the funds in the following order:

• College
• State
• Private

C. THE COLLEGE’S REFUND POLICY, WHICH DETERMINES ADJUSTMENTS IN YOUR CHARGES SHOULD YOU WITHDRAW FROM THE COLLEGE, IS DESCRIBED IN THE COLLEGE’S CATALOG.

Before any money is returned to you or your parent, the Financial Aid Office will apply the rules as described in items “A” and “B” of this section.

VIII. Federal Loan Information

A. Direct Student Loan

The Federal Direct Student Loan is a long-term, low-interest loan created to help you, the student, pay for your education. Beginning July 1, 2025, the interest rate is fixed at 6.39% on unsubsidized and unsubsidized loans for all borrowers, but rates are subject to change by the US Congress each July 1. Repayment begins six months after you graduate or stop attending school at least half-time. The loan is federally funded and insured.

Federal Direct Student Loans are available whether or not you have demonstrated financial need. For those with need, a subsidized loan means the interest will not accrue while you are in school. For those without need, an unsubsidized loan requires that you pay the interest; however, the US Department of Education will allow interest to accumulate while you are in school and be capped (added) to your principal balance at repayment. Depending on need, you may borrow a loan that is part subsidized and part unsubsidized. You must submit the Free Application for Federal Student Aid (FAFSA) in order to receive a Federal Direct Student Loan. The Direct Student Loans may be subject to a loan fee of up to 1.057%, at the time of this printing and is subject to change each October 1. The specific loan fee you are charged will be reflected in the disclosure statement you will receive from the US Department of Education.

B. DIRECT STUDENT LOAN ENTRANCE COUNSELING AND DIRECT LOAN MASTER PROMISSORY NOTE

All first-time Direct Student Loan borrowers are required to complete Entrance Counseling and a Master Promissory Note before the loan can be disbursed. You may complete these documents at studentaid.gov.

C. DIRECT PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

The Federal Direct PLUS Loan is a credit-based loan available to parents to help meet the cost of their child’s education. Parents can borrow up to the full cost of attendance less any other financial aid received. The parent borrower is responsible for the interest from the date of the first disbursement. Beginning July 1, 2025, the interest rate is fixes at of 8.94%, but rates are subject to change by the US Congress each July 1. Repayment typically begins within 60 days after the final disbursement for the academic year.

To qualify, the lender conducts a review of the parent’s credit history. If the parent’s credit is denied, then you, the student, may qualify for more unsubsidized Direct Student Loan funds. Parents of returning students must reapply for a Direct PLUS Loan approval each year to determine if the student qualifies to receive additional unsubsidized funding. This loan is federally funded and insured. First time Direct PLUS Loan borrowers are required to complete a Master Promissory Note before the loan can be disbursed. All Direct PLUS Loan applicants must submit a FAFSA.

The Federal Direct PLUS Loans may be subject to an origination fee up to 4.228% and is subject to change each October 1.

Beginning July 1, 2026, the maximum aggregate borrowing level for the Federal Direct PLUS loan cannot exceed $65,000 during a student’s enrollment.  The annual cap is $20,000 per year.  Legacy provisions exist for borrowers who participated in the program prior to July 1, 2026.

Every Direct Student and Direct PLUS loan is required by law to have at least two separate disbursements. Direct Student and Direct PLUS loans cannot be disbursed in only one disbursement and must be split equally between semesters.

D. Loan History

You may view your loan history at studentaid.gov. You must have your Federal FSA ID in order to access your information.

Sample Loan Repayment Chart

NOTE: Estimates based on a 10-year repayment term. Loan repayment calculators are available online at studentaid.gov.

Randolph-Macon College values the complexity and diversity of the world in which we live and seeks to be a community that recognizes the dignity and inherent worth of every person. The College does not discriminate on the basis of race, gender, disability, age, national origin, religion or sexual orientation in its admissions, financial aid, athletics, employment or educational programs.

The Provost and Vice President for Academic Affairs coordinates the College’s nondiscriminatory efforts.