SUPPLEMENTAL LOANS FROM PRIVATE LENDERS

Supplemental loans are designed to help students who need additional assistance with educational costs. In most cases, it is advantageous for students to pursue Unsubsidized Federal Stafford Loans and for parents to pursue Federal PLUS Loans before seeking alternative loans. A major advantage of these two programs is that the federal government caps the interest on the loans.

If a student still needs assistance beyond what is available through federal loan programs, there are a number of private lenders who offer supplemental loans to cover educational expenses. The supplemental loans listed below are not based on need, and they can replace a portion of the Expected Family Contribution. Loan approval is generally based on creditworthiness and ability to repay. The maximum that may be borrowed is the difference between cost of attendance and other financial aid.

College Cost Adjuster provides a helpful tool for calculating what a student may need in private loans, after financial aid, savings, and availability of current income are considered.

Students applying for a private educational loan are required to complete the Private Education Loan Applicant Self-Certification Form available through their lender's website.  Information regarding the total cost of attendance at Wake Forest University can be found here:

http://www.wfu.edu/finaid/costofattendence.html

Each lender offers different rates, fees, repayment terms, and approval requirements. Wake Forest suggests students carefully investigate the loan terms and conditions before choosing a lender. If you currently have a Federal Stafford Loan or if a parent has a Federal PLUS Loan, it is often advantageous to explore supplemental loan options with your present lender.

The lenders listed below offer zero fees and/or borrower discounts during repayment, excellent service, and electronic application processing and fund delivery.

Click here to see a comparison of these lenders.

Sallie Mae Smart Option Loan............................(888) 272-5543
Fifth Third Smart Option Loan............................(800) 222-7192
Wells Fargo Collegiate Loan...............................(800) 378-5526
SunTrust................................................................(800) 552-3006
Charter One Trufit ...............................................(800) 721-3969
U.S. Bank...............................................................(800) 242-1200
National Education...............................................(800) 353-3357
PNC Solution Loan...............................................(800) 762-1001
cuStudentLoans EdAccess.................................(888) 549-9050
CitiAssist Loan......................................................(800) 967-2400
Chase Select Loan...............................................(866) 306-0868
Discover................................................................(877) 728-3030
Union Federal Private Student Loan.................(866) 513-8445

You are not required to borrow from one of the loan programs listed above.

Wake Forest adheres to a strict code of conduct in its relations with private lenders.

We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:

Simple Tuition

College Board Student Loan Comparison Calculator

Loan Discount Analyzer from FinAid.org.

We invite all lenders who would like to be considered for inclusion on this list to submit a proposal to the Wake Forest Office of Student Financial Aid. All proposals must include: origination fees, range of interest rates, range of Annual Percentage Rates, monthly payments, number of payments, total cost of loan, due date of first payment, and borrower benefits.

Special Note: Different from the regular CitiAssist Loan, the Citi-Assist Loan for Wake Forest University Need-Based Program may be awarded by the Wake Forest University Office of Student Financial Aid to help fund the documented need of some students. The in-school interest is paid by Wake Forest. Citibank will bill Wake Forest for the interest due, while the student is enrolled as an undergraduate degree candidate at Wake Forest. Students should apply with a creditworthy co-signer, which will help to assure an approval, and may help you get a better interest rate.

Students who have been recommended for the CitiAssist Loan for Wake Forest University Need-Based Program must go on-line to complete the loan application:

http://www.studentloan.com/schools/wfu/specialprogram