Graduate Program Financial Aid Opportunities

PENDING SACS APPROVAL

For students interested in pursuing a graduate degree from Roanoke College, the Free Application for Federal Student Aid (FAFSA) is available on October 1 and is based upon prior, prior year tax information.  All applicants should complete this form within two weeks of their application to Roanoke College.  Eligible students may benefit from financial aid programs such as:

Grant Opportunities:

Roanoke College grant funds are reserved for students pursuing their undergraduate degrees.  Additional tuition discounts such as the graduate reduction, part-time adult scholarship and/or senior citizen discount may be awarded to Roanoke College graduates who continue to pursue undergraduate coursework.  These grant funds are not available to students enrolled in graduate programs at Roanoke College.  There is no grant assistance offered from Roanoke College to help fund a student pursuing a graduate degree.

Loan Opportunities:

Federal Unsubsidized Loans: 

All graduate and professional degree students are eligible for up to $20,500 in unsubsidized loans annually.  Graduate and professional students have an aggregate loan limit of $138,500.  The graduate aggregate limit includes all federal loans received for undergraduate study.  For loans disbursed after 7/1/22, the interest rate is fixed at 6.54%.

Instructions to apply:  If a student is interested in applying for an unsubsidized loan as a graduate student, they must do so through the Department of Education.  Once the Department's site is accessed, the student should click on "Complete Aid Process" and then "Complete MPN for Graduate/Professional Students".  They will also need to complete "Student Loan Entrance Counseling" as a "Graduate or Professional Student".  Students will need to log in using their FSA ID and password in order to complete and submit federal student loan processes.  The student will receive notification from the Department of Education within 24 hours as to the status of their request.  For more information about the terms and conditions of this loan, please visit the Department of Education's site.

Grad PLUS Loan:

The U.S. Department of Education makes Direct Grad PLUS Loans to eligible graduate or professional students.  To be eligible, the student must be enrolled at least half-time (2 full unit courses) at an eligible school in a program leading to a graduate or professional degree or certificate; not have an adverse credit history (unless they meet certain additional eligibility requirements); and meet the general eligibility requirements for federal student aid.  The maximum Grad PLUS amount that may be borrowed equals the difference between the cost of attendance and any other financial aid the student is receiving.  In no case may the Grad PLUS loan exceed a student’s cost of attendance minus estimated financial assistance.  Once the promissory note and request are received, Roanoke College will certify the student’s expenses.  For loans disbursed after 7/1/22, the interest rate is fixed at 7.54%.

Instructions to apply:  Student's interested in applying for a Grad PLUS Loan must do so through the Department of Education.  Once the Department's site is accessed, the student should click on "Apply for Aid" and then "Apply for a Grad PLUS Loan".  Student's will also be required to complete a "MPN for Direct PLUS Loans".  Students will need to log in using their FSA ID and password in order to complete and submit federal student loan processes.  The student will receive notification from the Department of Education within 24 hours as to the status of their request.  For more information about the terms and conditions of this loan, please visit the Department of Education's site.

Private Alternative Loans:

Roanoke College works with a variety of different private organizations that provide alternative loans to help defray the graduate school cost 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 may also require the student to obtain a credit-worthy co-signer. 

Before borrowing ANY private educational loan, students and parents should note the following things:

  • You may be eligible for loans or other assistance under Title IV, HEA Programs
  • Terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private education loans

Before pursuing a private alternative educational loan to help defray the costs of the graduate program, students should make sure that they have explored all other options first. You may contact the Financial Aid Office at (540) 375-2235 to discuss your financial aid package.