Student Loan Information

The Federal Stafford Loan Program

This loan program offers loan funds to students of any income level who are enrolled at least half-time and who are pursuing either their first bachelor's degree or a teacher's certificate. These funds may be "subsidized" or "unsubsidized. The interest rate for subsidized stafford loans is fixed at 6.0%. The rate for unsubsidized stafford loans is fixed at 6.80%.

Subsidized Stafford Loan: This loan is awarded to students who demonstrate financial need through the FAFSA. Repayment of this loan is deferred as long as the borrower remains enrolled on at least a half-time basis. Six months after the student graduates or ceases at least half-time enrollment, repayment of the loan (principal and interest) begins.

Unsubsidized Stafford Loan: This loan is offered to students who do not demonstrate sufficient financial need, according to the FAFSA analysis, but wish to borrow funds for their educational expenses. The student may make interest payments on this loan while enrolled on at least a half-time basis. Repayment on the principal is deferred until six months after the student graduates or ceases at least half-time enrollment.

Limits:
Freshman $3,500 + Additional $2,000 Unsubsidized Loan Funds
Sophomore $4,500 + Additional $2,000 Unsubsidized Loan Funds
Junior/Senior $5,500 + Additional $2,000 Unsubsidized Loan Funds

Aggregate Loan Limit = $31,000 for dependent students (with no more than $23,000 being Subsidized); $57,000 for independent students (with no more than $23,000 being subsidized)

Roanoke College Preferred Lender List for Federal Stafford Loan Program:

Lender Name	Lender Code
Edamerica	831453
PNC Bank	809402
SunTrust	819873
Wachovia	830005
Wells Fargo	807176

How did Roanoke College select these lenders? Click here to find out.

Stafford Loan Master Promissory Note
If you are interested in applying for a Stafford loan, you must complete the Master Promissory Note first. You may do so by clicking on the link above. Make sure to complete the process completely. Our office will receive electronic notification once you are finished. Be sure to note the preferred lenders listed above. If your lender does not participate, you may still borrow with them. Simply request a paper MPN from them and mail it to our office after completing it.

Are you curious what your loan payments may be? Check out Finaid's loan repayment calculator. You will have the ability to manipulate figures so you can determine just what your payment will be when you enter into repayment. (Loan Repayment Calculator)

Guarantor: Educational Credit Management Corporation (ECMC)
Roanoke College uses ECMC as our primary guarantor. The majority of student loans are processed with this Virginia based company. Students can access their current loan information through this website using the quick statement program.

The Federal Perkins Loan Program

This loan is available to students based on demonstrated financial need. It is typically awarded to Pell-eligible freshmen. The average annual award at Roanoke College is $1,500. The current interest rate is 5%. No interest is charged until the student is scheduled to begin repayment nine consecutive months after they graduate, leave school, cease to be at least a half-time student as defined by the institution, or cease making satisfactory academic progress.

Are you curious what your loan payments may be? Check out Finaid's loan repayment calculator. You will have the ability to manipulate figures so you can determine just what your payment will be when you enter into repayment. (Loan Repayment Calculator)

Campus Partners (Billing Service for Federal Perkins and Roanoke College Institutional Loans)

The Roanoke College Loan Program

This loan is available to students based on demonstrated financial need. It is awarded at the discretion of the Director of Financial Aid. The fixed interest rate is 8%. No interest is charged until the student is scheduled to begin repayment six consecutive months after they graduate, leave school, cease to be at least a half-time student as defined by the institution, or cease making satisfactory academic progress. If you qualify, the Roanoke College Financial Aid Office will require you to complete the RC Loan Master Promissory Note and the RC Loan Request Form.

Are you curious what your loan payments may be? Check out Finaid's loan repayment calculator. You will have the ability to manipulate figures so you can determine just what your payment will be when you enter into repayment. (Loan Repayment Calculator)

Campus Partners (Billing Service for Federal Perkins and Roanoke College Institutional Loans)

Alternative Loans

Roanoke College offers a wide variety of alternative loans to help fray the costs of attendance. The interest rate and maximum amounts vary depending upon the chosen program. These loans are subject to a credit review conducted by the lender. Many of them also require that the student obtain a credit-worthy co-signer. International students may be eligible to borrow with a US citizen as a co-signer.

Are you curious what your loan payments may be? Check out Finaid's loan repayment calculator. You will have the ability to manipulate figures so you can determine just what your payment will be when you enter into repayment. (Loan Repayment Calculator)

BorrowSmart: To learn more about the alternative loan options available and ways to reduce your student loan debt, visit BorrowSmart. This education payment counseling experience offered through both the phone and web will help you determine affordable payment strategies to save you and your family money.

 
Southside Tobacco Loan Forgiveness Program
The Soutside Virginia Tobacco Loan Forgiveness Program is desigend to provide a stimulus for economic revitalization in communities within Southside Virginia by encouraging native Southside Virginians to complete a degree and then return to and settle in a locality within Southside Virginia, the region that nurtured and developed them during their formative years.  The program assists with tuition and academic fees.  It is not a need-based program.