A 5-foot-8, 207-pound native of Charlotte, North Carolina, Richard started all 11 games he played in last season for the Eagles and rushed for 749 yards on 145 carries and nine touchdowns.
He also caught 30 passes for 213 receiving yards and two touchdowns.
Richard has two seasons of eligibility remaining.
Over 19 career games at Boston College, Richard has 200 carries for 1,027 rushing yards and 11 touchdowns.
The Hoosiers are losing their top two running backs at the conclusion of the season as Roman Hemby and Kaelon Black are graduating.
Richard will join a backfield that could also include Lee Beebe Jr.