Alternative Loan Information

Alternative Loans

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

Before pursuing a Private Alternative Educational Loan, students should make sure that they have explored all other options first. You may contact the Financial Aid Office at (540) 375-2235 or (800) 200-9221 to discuss your financial aid package.

For the 2014/2015 academic year, Roanoke College students chose to borrow funds from the following lenders:

CHESLA Loan from Connecticut Higher Education Student Loan Association (must be a resident of Connecticut)
Charles C. Powell Foundation (contact the foundation in Stuart, Virginia for more information)
Citizens Bank TruFit Student Loan
Credit Union Student Choice (a variety of alternative loan programs offered through various federal credit unions)
cuScholar Private student Loan (must be a member or join a participating not for profit Federal Credit Union)
Custom Choice Loan from SunTrust
Discover Student Loan  
Lancaster Dollars for Higher Learning (for students from Lancaster, Pennsylvania)
MEFA Loan (MA residents only)

NJCLASS Loan
(NJ residents only)
Pentagon Federal Credit Union Private Student Loan
Pierstorf Memorial Loan Fund (for Lutheran students)
PNC Solution Loan
Sallie Mae Smart Option Loan (interest payments may be required while enrolled)
Vermont Advantage Loan Program (must be a resident of Vermont)
Wells Fargo Collegiate Loan Program

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)

Self Certification Form
The US Congress recently mandated that private loan lenders require borrowers to complete a Self-Certification form when requesting any private educational loans. Do not submit your self-certification form to the Roanoke College Financial Aid Office. We are available to assist you with it's completion but, the form must be signed and sent directly to your lender. NOTE: Always check to see if you can E-Sign this form on your lender’s web site.

BorrowSmart: To learn more about the alternative loan options available and ways to reduce your student loan debt, visit BorrowSmart. This education payment counseling experience offered through both the phone and web will help you determine affordable payment strategies to save you and your family money.

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 most a student may borrow in a given year is $5,000.

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)

Campus Partners (Billing Service for Federal Perkins and Roanoke College Institutional Loans)

 

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