How and When Will My Financial Aid Be Disbursed?
Upon your acceptance to Roanoke College, the Admissions Office will send us an academic profile. Our office will automatically review this information to determine your eligibility for merit awards. If you submit the Free Application for Federal Student Aid (FAFSA), we will use those results in combination with the academic profile to determine your complete financial aid package. When each review of your file is complete, we will mail you a financial aid award letter listing all the aid for which you are eligible. When available, we will include the costs associated with your attendance at Roanoke College.
Once students have paid their advance deposit indicating their intention to enroll at Roanoke College, pre-registered for classes AND pay all prior semester charges, the Roanoke College Business Office will issue an official billing statement to families. These statements are usually mailed on or around July 1st and November 1st. At this time, provided all documents have been completed with our office, the Business Office will apply your institutional aid to your student account. NOTE: Institutional funds are awarded on a yearly basis with 1/2 applied toward Fall semester and 1/2 applied toward Spring semester. Federal grant funds (PELL), Federal Perkins Loan funds, and Roanoke College loan funds will NOT be disbursed or posted to student accounts until after the College's add/drop period expires. You should contact the Registrar's Office to inquire about these specific dates.
Additionally, if your financial aid package includes federal student loans, federal PLUS Loans or private educational loans, you should check to make sure that all of the necessary paperwork has been completed. The promissory notes and entrance counseling documents (in the case of Federal Stafford Loans) must be completed before your loan funds will be disbursed. If all documents are complete, loan funds will be disbursed based upon your class standing. For most upper class, currently enrolled students (i.e., sophomores, juniors and seniors), loan funds will be received on the first Friday of the semester AFTER the add/drop period expires. All students borrowing for the FIRST TIME at Roanoke College (i.e., new transfers and freshmen), will not receive their federal or private loan funds until 30 days into the semester. Once loan funds are received and posted to student accounts, the Roanoke College Business Office will email a disbursement notice to the student's Roanoke College email account.
If you receive a privately-funded scholarship (i.e. Rotary Foundation) and the funds are not reflected on your statement or WebAdvisor account, contact the donor. Inform them that you have received your statement from Roanoke College and ask if they need additional information to disburse the funds to Roanoke College. All outside scholarship funding should be sent to: Roanoke College Financial Aid Office, 221 College Lane, Salem, VA 24153
Any excess financial aid (any financial aid over and above what is used to cover charges on your bill) will be refunded to you by the Business Office once ALL financial aid (grants/loans) have been posted to your account. You can contact the Business Office at (540) 375-2255 for a date estimate.