Refunds of Credit
Following the Add/Drop period of each semester, Roanoke College begins receiving the Stafford and PLUS 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 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.
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. Refunds are not processed until there is a credit on the student account.
Checks are processed on Fridays and are ready after 2:00 p.m. for pick up. If the Business Office has not been directed to hold a refund check for pick up, the check will be sent to the student's campus box.
If a parent would like their excess PLUS loan funds to be disbursed to the student, they should contact the Business Office with permission.
If a parent or student would like their credit held over for the next semester, the Business Office will need written permission. This can be accomplished by an email to a staff member.