@TheYellowBiscuit here is a link from UR’s website which may help address your concerns http://financialaid.richmond.edu/forms/PDFs/consinfo.pdf <<read through this carefully, it has a lot if good info.
As far as I am aware, the Richmond Promise is a 4 year commitment, as long all eligibility requirements continue to be met- total parental income is less than $60k, student is eligible for need based aid, etc. If parental income rises above that threshold, you would still be eligible for UR’s generous (meets 100%) need based aid, but you might need to contribute some to your costs as their need based aid formula calculates, which could be paid for through federal student loans that you can take out yourself. If your parents income or assets had a large increase they might be expected to contribute some $ toward their efc.
UR’s financial aid office has been very responsive and helpful to my family over the years. I think it would be a good idea for you to ask them for more specifics about the Richmond Promise, so you know more about what expect in the future if your circumstances change.
I am not sure what they sent you concerning loans, but you are permitted to supplement your financial aid award amount up to the Cost of Attendence with loans or outside scholarships. So on top of UR’s billed costs of tuition, room and board ($62,730), UR adds on $2160 for books, supplies, personal expenses and incidentals, and the federal student loan fee of $60, to get a COA of $64,890 - more info here: http://financialaid.richmond.edu/undergrad/cost.html
I don’t know whether they gave you a work study award as part of your package. If they did, those funds will not be applied toward your bill, you must earn them throughout the school year, so you need to come up with those work study funds over the summer/save throughout the school year to have that amount to put toward your bill before each semester starts.
Outside scholarships can be used to reduce the self help portions of your financial aid award (work study, loans) before UR reduces your UR grants. I know this is all very complicated and confusing. UR’s financial office personnel are very responsive and helpful, I urge you to reach out to them:)