Intensive Learning Term (May Term) Financial Aid Opportunities
All Roanoke College students are required to complete at least one unit of Intensive Learning (IL) in order to graduate from Roanoke College. While most of these courses are offered on campus and are covered in the student's normal tuition rate (as long as the student has not participated in an IL course already), the College provides a wide array of travel courses as well. In these instances, whether traveling domestically or abroad, the student is responsible for covering their travel expenses.
The Financial Aid Office is pleased to announce the following scholarship and loan opportunities for those students who wish to pursue an Intensive Learning travel course. We encourage you to contact our office during the Fall semester prior to your travel to discuss the options available to you. Remember that your deposit to enroll in an IL travel course is December 1st so, you need to plan early!
Scholarship Opportunities for May Intensive Learning Travel Programs:
For a list of scholarship opportunities, visit the Travel Scholarship for May Term page.
Before pursuing any of these loan opportunities, students should make sure that they have explored all federal student loan options first. You may contact the Financial Aid Office at (540) 375-2235 or (800) 200-9221 to discuss your eligibility.
Parent Loan for Undergraduate Students (PLUS)
This loan program offers non-need based loans to assist parents of dependent students. The interest rate, effective July 1, 2017, is 7.001%. The maximum 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 PLUS loan exceed a student's cost of attendance minus estimated financial assistance. These loans are subject to a credit review. Once the online Promissory note is completed, Roanoke College will certify the student's expenses.
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. Funds are limited so, interested students should contact the Financial Aid Office directly before submitting an application to have their eligibility confirmed. 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. The maximum loan amount a student may borrow in a given year is $5,000.
Alternative Loan Program
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.
Before borrowing ANY private educational loan, students 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