SUPPLEMENTAL LOANS
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 these 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.
Due to recent legislative changes, students applying for a private educational loan will be 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. Loan servicing is retained for the life of the loan by all of these lenders.
Click here to see a comparison of these lenders.
Sallie Mae Smart Option Loan......(888) 272-5543
Wells Fargo Collegiate Loan.........(800) 378-5526
Chase Select Loan.........................(866) 306-0868
CFI Extra Loan.................................(888) 234-6400
CitiAssist Loan.................................(800) 967-2400
You are not required to borrow from one of the loan programs listed above.
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.
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
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