HOW NEED IS DETERMINED:

Most financial aid at Wake Forest is determined on the basis of a family's demonstrated financial need. An important underlying assumption in determining need is that parents will assist with educational expenses to the extent their income and assets permit; and students will share in the costs of education by working, borrowing, and saving. In evaluating students for institutional aid, except in the most extraordinary circumstances, Wake Forest considers all undergraduate students to be dependent on their parents, even though some students may meet the federal definition of "independent."

For those students whose families cannot meet educational costs, as determined by a standard set of criteria, help is available in the form of government grants, loans, and work-study. Also, through the generosity of many individual donors and corporations, Wake Forest has scholarship and institutional funds to supplement federal assistance.

Need is determined from the financial information you and your parents provide to the University. Wake Forest is one of twenty-nine need-blind colleges and universities following the same "consensus approach" to need analysis. This approach, used by many of the nation's leading institutions, is built on the principles of Institutional Methodology developed by the College Scholarship Service (CSS) of the College Board. Wake Forest uses the methodology to estimate the amount you and your family can reasonably be expected to contribute toward your education. While Federal Methodology is used to determine eligibility for federal financial aid, Institutional Methodology affects the amount of grant aid awarded, as well as the total award from all sources.

Families applying for institutional aid are required to file the CSS PROFILE. To determine eligibility for federal financial aid, the university uses the information families submit on the Free Application for Federal Student Aid (FAFSA). Before awarding any type of aid, Wake Forest requires all students and parents to provide signed copies of income tax forms, including all relevant schedules, and W-2 wage statements. Both students and parents (including stepparents) must submit tax documents. The tax and wage information helps our office verify the financial information reported on the CSS PROFILE and FAFSA.

Need analysis procedures are complex and take into account items such as student and parent income, investments, real estate, home equity, number of students in college, trust funds, college savings plans, business and farm assets, medical expenses, student summer earnings, and unusual circumstances.

In the case of divorced or separated parents, both parents (and their respective spouses, if applicable) are expected to provide financial information. When you complete your Profile registration, the College Board will notify you that Wake Forest requires the Noncustodial Profile. You will receive an e-mail that explains this requirement, which you should share with your noncustodial parent. This e-mail will provide a link to the Noncustodial Profile website, with login instructions for your noncustodial parent.

In simple terms, the amount of aid a student will be offered is calculated by this formula:

ANNUAL COST OF ATTENDANCE
- EXPECTED FAMILY CONTRIBUTION
- OUTSIDE AID
= FINANCIAL NEED

This College Board web site can help you estimate much your family contribution will be, but families should be aware that financial aid estimates are only as good as the data on which they are based.

Once your financial need is determined, an award equal to your need will be offered. If you have met all of the financial aid deadlines, you will be notified in writing of your award shortly after admission letters are mailed. Most students receive some combination of gift aid (scholarships and grants) and self-help aid (student loans and employment). Students do not have to accept the self-help component of their financial aid package to receive gift aid or scholarships from the university. If a student refuses any portion of the self-help aid, however, the university is not obligated to increase the amount of gift aid. Families should review their financial aid award letter carefully and use the information to plan for the upcoming year's educational expenses.

Students must reapply for financial aid each year by completing the CSS PROFILE and Renewal FAFSA and submitting the appropriate tax documentation. Although Wake Forest is committed to maintaining the same level of support over the course of four years, changes in your family's financial circumstances may affect the amount of the award you receive each year.

The Office of Student Financial Aid wants to be responsive to unique or extenuating family circumstances that affect a family's ability to meet educational costs. If your family experiences a change in financial circumstances at any point in the year that was not addressed in the initial review for financial aid, we encourage you to submit a written letter of appeal. The appeal letter should provide a detailed explanation of the circumstances upon which the appeal is based and should include any supporting documentation. It is also helpful if the family outlines a monetary value associated with the change in circumstances. The Financial Aid Committee will attempt to respond to all appeals within two weeks of receipt of the appeal letter.

The Undergraduate Need-Based Aid brochure provides additional information about how need is determined.