University College was formed in 1962. The origin of University College may be traced back to 1920 when the department of economics of Richmond College was formed, eventually to become the department of economics and applied economics. In 1924 the Evening School of Business Administration was organized as a separate division of the University of Richmond. In 1949 the department of economics and applied economics in Richmond College was combined with the Evening School of Business Administration to form the School of Business Administration with both day and evening classes. In 1962, the Evening Division was separated from the School of Business Administration to become the University College. This new college is one of seven divisions of the University of Richmond.

The Junior College of University College, organized in 1964, [was] a coeducational day school that provided two years of liberal arts education for high school graduates. Through a cooperative Evening Program, students, after completing two years in the Junior College, [could] complete all requirements for an undergraduate degree in Commerce, or they [could] continue their educational programs in other divisions of the University of Richmond. Graduate degrees in Commerce or the Humanities [could] be earned in the evening in University College.