Frequently Asked Questions about Loans
What type of loan programs does Roanoke College participate in?
- Federal Direct Stafford Loan Program (both Subsidized and Unsubsidized)
- Federal Direct PLUS Program
- Roanoke College Loan Program
- Various Alternative Loan Programs from outside Vendors
Are my parents responsible for my educational loans?
No. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for your educational loans if you are under 18 and they co-sign your loan. In general you and you alone are responsible for repaying your educational loans.
If I take a leave of absence, do I have to start repaying my loans?
Not immediately. The Stafford loan has a grace period of 6 months and the Perkins loan a grace period of 9 months before the student must begin repaying the loan. When you take a leave of absence, you will not have to repay your loan until the grace period is up. If you use up the grace period, however, when you graduate you will have to begin repaying the loan immediately.