Refunds of Credit

Following the Add/Drop period of each semester, Roanoke College begins receiving student and parent loan funds. Those students who have overpaid the balance of tuition or have borrowed for living expenses will receive a refund of their credit. Refunds are not processed until there is a credit on the student account and are generally done back to the payer on the account if there have been cash payments.  Stafford loan credits are disbursed to the student and PLUS loan money is refunded back to the parent borrower.

Request a Student Account Refund

Due to Department of Education guidelines, Roanoke College is required to refund any Federal Title IV funds which exceed the applicable charges for the award year excluding $200 from a previous award year.  If you have previously signed a Federal Title IV Release form, we may also exclude all non-applicable charges for the current award year from the refund check. Federal loans will be refunded within 14 days of their receipt.      

It is understandable that students are anxious to receive their refunds however the processing of such large groups of disbursements through the Financial Aid Office and the Business Office generally takes 7 - 14 days. Students should plan ahead to manage rent and expenses during this time. Individual requests for advances cannot be honored. 

If a student is expecting a refund, it is beneficial for fastest processing to have a bank account entered for Reimbursements & Refunds.  Students may do this online in Self Service by the following steps:

  • Log in Self Service - click Banking 
  • Add Account
  • Enter routing number and bank account number
  • Confirm numbers & designate for Reimbursement & Refunds
  • Submit
  • It is okay if it says Unverified since this shows until processing first time

Echecks are currently processed once a week with the bank file sent on Wednesday, allowing funds to be available on Friday in your bank account.   Paper checks are processed weekly on Fridays, student checks are sent to their campus mail box after 2 p.m. and parent checks mailed out. 

Often with the advance deposit crediting fall semester and PLUS loans split between the semester, the credit from fall may be needed to complete projected spring costs.  If a parent or student would like their credit held over for the next semester,  please contact the Business Office at 540-375-2255  or email Kaye Felts, at felts@roanoke.edu. 

If a parent would like their excess PLUS loan funds to be disbursed to the student, they should contact the Business Office or provide email permission to felts@roanoke.edu.