Student Loan Information

The Federal Direct Subsidized/Unsubsidized 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. For loans disbursed after July 1, 2022, the interest rate will be fixed at 4.99%.

Federal Subsidized 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.

Federal Unsubsidized 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); $57,500 for independent students (with no more than $23,000 being subsidized)


Federal Direct Loan - Master Promissory Note for Undergraduates
If you are interested in applying for a Federal Direct Subsidized/Unsubsidized Loan, you must complete the Master Promissory Note first. You may do so by accessing the instructions on our financial aid forms link. Make sure to complete the process completely. Our office will receive electronic notification once you are finished.

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)

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.  The maximum loan amount a student may borrow in a given year is $5,000.

Heartland/ECSI (Billing Service for Federal Perkins and Roanoke College Institutional Loans)