Defender or holding midfielder Pablo Mills (Bury), midfielder Kane Ferdinand (Peterborough United) and winger Shaquille McDonald (Derby County) have all departed, with two matches of the season remaining.
"When all the loan players are fit we have seven in the squad and we can only name five for any particular match," boss Gary Johnson said.
"Having assessed the squad I feel that these three are unlikely to feature in the final two games of the season so they have returned to their parent clubs.
"I would like to thank all three of them and wish them well for the future."
Ferdinand joined Cheltenham in October and has made 16 starts and one substitute appearance, while 30-year-old Mills made eight starts and teenager McDonald featured in four matches.
Cheltenham play Shrewsbury Town at home on Saturday (3pm) before finishing the campaign at AFC Wimbledon on May 2.