Applying for Financial Aid

What does it cost to attend Wake Forest for a year?

2007-2008 Cost of Attendance

Tuition.......................$34,330
Room...........................$6,000
Board..........................$3,500
Books & Supplies.........$850
Personal Expenses...$1,350
Transportation..............$650

TOTAL........................$46,680

What forms and documents do I need to submit to apply for
financial aid?

All students applying for financial aid are required to complete the CSS PROFILE and the FAFSA. In addition, parents and students must submit signed copies of federal income tax returns (including all schedules, W-2 wage statements, partnership tax returns and schedules, and S corporation tax returns and schedules). If either the student or parent did not file a tax return in the previous year, please contact the Office of Student Financial Aid to obtain a non-tax return filer form.

If my parents are separated or divorced, do they both need to submit financial information?

Yes. Wake Forest's policy for determining need is based on the principle that both parents have a responsibility to contribute to the costs of education. We therefore need financial information from both households. The custodial parent and current spouse (if applicable) should complete the CSS PROFILE and FAFSA applications. The noncustodial parent and current spouse (if applicable) should complete the CSS Noncustodial Profile. Both parents and stepparents are required to submit copies of W-2 wage statements and income tax returns, including all schedules, to verify reported income.

Where do I obtain the CSS PROFILE and FAFSA applications?

The online CSS PROFILE application may be accessed at https://profileonline.collegeboard.com/index.jsp. The CSS PROFILE school code for Wake Forest is 5885.

The online FAFSA application is available at http://www.fafsa.ed.gov/. The paper version is available at most secondary schools and colleges. The FAFSA school code for Wake Forest is 002978.

What is the difference between the CSS PROFILE and the
FAFSA?

The CSS PROFILE is used to determine eligibility for institutional funds, while the FAFSA is used to determine eligibility for federal aid. There are variations in the way the two applications gather information and evaluate criteria to determine need. The CSS PROFILE was developed by the College Scholarship Service of the College Board and is the primary tool used by many private institutions to determine the expected family share of costs for education. In evaluating a family's ability to pay educational expenses, the CSS PROFILE follows what is known as institutional methodology (IM). The information is used to determine how need-based funding will be awarded from the resources of the institution. The FAFSA follows federal methodology (FM) and is used solely to determine eligibility for federal aid, including Pell Grants, Supplemental Educational Opportunity Grants, Perkins Loans, Stafford Loans, and Federal Work-Study jobs. Both applications are necessary to establish eligibility for all available sources of financial aid.

What are the due dates for applying for financial aid? When
can I expect to hear about my award?

Incoming freshmen and transfer students are encouraged to submit the CSS PROFILE between October 1 and February 1. All income tax documents must be submitted to CSS IDOC by
March 1. The FAFSA should be completed by March 1. Students who meet the March 1 priority deadline should receive notification of eligibility for financial aid by mid-April.

Returning students should complete the CSS PROFILE and FAFSA by March 1, and submit all tax documents to CSS IDOC by April 1. Returning students who meet the April 1 priority deadline will be notified of financial aid awards by mid-June.

Do we need to have our taxes completed to file the CSS
PROFILE and FAFSA applications?

No. Students and families may complete both applications using reasonable estimates of income. Before a final award can be made, however, completed tax documents must be submitted to CSS IDOC, in order that we can verify the information reported on your financial aid applications. At that time, the information on the CSS PROFILE and FAFSA will be adjusted to reflect actual figures and calculate your eligibility for aid.

If I am not able to provide all of the materials by the deadlines, will I lose the opportunity to receive financial aid?

Wake Forest is committed to meeting the demonstrated need of all admitted students. Financial aid awards, however, cannot be made until all necessary documentation is received. Since a financial aid award may determine a student's ability to attend Wake Forest, all students are encouraged to meet the priority deadlines. Also, by submitting the materials by the deadlines, students maximize their chances to be considered for the full range of gift aid, including a variety of need-based scholarships. Late applicants may miss out on these opportunities. If a family's financial situation changes and need develops after the deadlines have passed, students may still apply for financial aid.

Do I need to reapply for financial aid each year?

Yes. All returning students must reapply for aid each year by submitting the CSS PROFILE and the Renewal FAFSA by
March 1, and sending all required US income tax documents to CSS IDOC by April 1.

Will I receive the same financial aid award for all four years?

The total dollar amount of financial aid awards is based on need. Any change in family circumstances, such as an increase or decrease in parents' or student's income, assets, family size, or number of family members attending college, may affect eligibility for financial aid. If the family's circumstances do not change significantly over four years, the financial aid package should be comparable each year.