HOW TO APPLY FOR A FEDERAL PLUS LOAN

Through the Federal PLUS Loan Program, parents may borrow up to the annual cost of attendance minus any aid the student receives for the year. Eligibility for a PLUS Loan is based on a parent's creditworthiness and not on need.

To apply for a PLUS Loan in 2011-12:

1) Student (not parent) completes the FAFSA at: www.fafsa.gov/

2) Parent initiates a credit authorization at: StudentLoans.gov/

3) Parent signs a master promissory note at: StudentLoans.gov/

4) Parent completes Wake Forest's PLUS Authorization Form and return it to the Office of Student Financial Aid. On the form, indicate the total amount you wish to borrow for the academic year. Please keep in mind that this figure cannot exceed the cost of attendance minus any aid received by the student.

Undergraduates who are unable to meet their expected family contribution may be eligible to borrow an additional $2,000 of unsubsidized Stafford loan. Students who wish to borrow this additional unsubsidized loan amount should notify the Financial Aid Office in writing. Parents who borrow under the PLUS loan program should reduce the amount requested by $2,000.

Parents should start the application process sometime in July to meet fall semester deadlines, since lender processing can take several weeks.

We encourage families to plan ahead to borrow the full amount needed for the year and have the amount disbursed in two payments rather than reapplying each semester. This arrangement expedites the process and can also defer loan repayment, since repayment begins 60 days after the final loan disbursement is made for the year.