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The first step to qualifying for need-based financial aid is filing the Free Application for Federal Student Aid (commonly known as the FAFSA). The results of your FAFSA will determine your eligibility for need-based financial aid.

What is “need-based aid”?

Need-based aid is financial aid that is provided based on a calculation of what your family needs to pay for college based on your FAFSA results. It can include grants that don’t need to be repaid as well as loans and federal work study.

You may have received scholarships or grants that were based on your academic or extracurricular merit. Need-based aid is provided in addition to merit scholarships.

There are several different types of need-based aid.

  • For qualifying students, Randolph-Macon provides what’s often called “institutional aid” or “institutional grants.” Grants do not need to be repaid.
  • You may also quality for federal need-based aid such as Pell Grants or SEOG grants. These do not need to be repaid.
  • Federal loans will also be offered to every student who files a FAFSA. There are different loan categories based on your FAFSA results. All loans are optional.

How do I apply for need-based financial aid?

The Free Application for Federal Student Aid (FAFSA) is the only form required to apply for need-based financial aid. You can apply for this need-based aid by filing the FAFSA online, using our Federal Title IV code: 003733. It is completely free to file the FAFSA.

The information you provide via the FAFSA will be used to by Randolph-Macon and by the federal government.

Prior to filing the FAFSA, you must first create a FSA ID. Both the student and at least one parent must have a FSA ID, which will be used as your legal signature when filing the FAFSA. In a two-parent household, either parent can complete the FAFSA. However, if your parents are divorced or separated, the parent who provided the most financial support is required to fill out the FAFSA.

Based on the information you supply, the FAFSA will determine your Student Aid Index (SAI). Once we have the results of your FAFSA, Randolph-Macon College will use that information to prepare a financial offer that will include any need-based aid we can offer.

If you application for financial aid is selected by the Federal Processor for verification, you will need to submit certain required documents. Your FAFSA Submission Summary (FSS) lets us know if your record has been selected for verification. You will receive notice from us of the specific documents required.

How will I be notified of my financial aid offer?

Randolph-Macon will upload your full financial aid offer into your Applicant Portal when it is completed. You will receive an email alerting you of this update. We will also send it to you via USPS.

This financial aid offer will contain information about need-based aid provided by Randolph-Macon as well as the federal government. You’ll also learn what, if any, loans you may be eligible for.

When will I get my award? What about these “delays”?

Maybe you’ve heard in the news that the FAFSA has been delayed this year due to some changes the federal government made to the form and its processing.

If you’ve already filed the FAFSA, the results began arriving at Randolph-Macon in late March, in order of submission. As soon as we receive your results, we’ll work quickly to prepare and send your financial aid award. We guarantee it’ll be our top priority!

Please know we are aware that many families may need to make corrections and we understand that process is still pending. We certainly recognize that this updated timeline may seem challenging. If you have questions about the delay, or want to speak to our financial aid team about its impact on your family, please contact us to do so at financial-aid@rmc.edu or (804) 752-7259.

Re-evaluation of need-based aid

We understand that some families experience circumstances that are not reflected on the Free Application for Federal Student Aid (FAFSA). Should this be the case for you, please reach out to our team directly at financial-aid@rmc.edu or (804) 752-7259.