Graduated from the Cornell University College of Industrial and Labor Relations in 1971 with a BS degree. He received an M.F.A. from Columbia University, a Mirillees Fellowship in fiction at Stanford University and a grant from the National Endowment for the Arts.
He said growing up in the Bronx, he doubted he would ever be able to write about his own neighborhood because nobody would be interested. What changed his mind was reading the novel "Last Exit To Brooklyn" by Herbert Selby, Jr. That taught him he could write about anywhere. He published his first novel about where he grew up in 1974 called "The Wanderers".
Richard Price attended and was a mentor at the 2nd annual HatcH audiovisual festival in Bozeman, MT in October 2005. HatcH is a film and arts festival whose mission is to provide mentorship, education, inspiration, and recognition to the next generation of creative innovators.