Supplementing Need-Based Aid

If you have questions about how much you owe, contact Student Financial Services.

To cover the expense of higher education, many families choose to spread the costs over time by taking out loans. The following educational loans are not based on need and may be used to pay a family's share of costs, without reducing eligibility for need-based aid.

Unsubsidized Ford Federal Direct Loans are available to students who complete the FAFSA and do not borrow the maximum Subsidized Ford Federal Direct Loan.

Federal PLUS Loans allow parents of dependent students to borrow up to the cost of education, minus any financial aid received. The PLUSLoan is guaranteed by the federal government and funded by private lenders. The program allows parents to spread the cost of education over a 10-year period.

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 Ford Federal Direct 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.

Each of the loan programs listed below offers zero fees, borrower discounts during repayment, excellent service, and electronic application processing and fund delivery.

Sallie Mae Smart Option Loan.......................(888) 272-5543
Fifth Third Bank Smart Option Loan.............(800) 222-7192
Charter One Trufit...........................................(800) 721-3969
Union Federal Private Student Loan.............(866) 513-8445 Discover...........................................................(877) 728-3030
Wells Fargo Collegiate Loan..........................(800) 378-5526
PNC Solution Loan..........................................(800) 762-1001
cuStudentLoans EdAccess............................(888) 549-9050
SunTrust...........................................................(800) 552-3006

Click here to see a comparison of these lenders.

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

How do we choose between loan options?

Each family must assess their lending priorities--interest rates, size of monthly payments, student vs. parent loans, deferment provisions, home equity options--and decide what type of loan best meets their current financial needs. We provide a comparison of recommended lenders on this page: http://www.wfu.edu/finaid/loan-compare.html

You may find it helpful to also use these comparison tools:

Simple Tuition provides a student loan comparison tool.

FinAid.org provides a Loan Discount Analyzer for comparing the benefits offered by various lenders.

The College Board provides a Student Loan Comparison Calculator.

What about home equity loans?

With today's low interest rates, borrowing against the equity in a primary residence to finance educational expenses is an option worth considering. The principal advantage is that the interest paid on a home equity loan can be deducted from taxable income, which is not possible on many other types of educational loans. Contact your local lending institutions for further information.

Does Wake Forest offer a monthly tuition payment plan?

The FACTS Plan at Wake Forest is a tuition management plan that gives families the option of dividing the cost of yearly tuition into ten monthly payments, beginning in August of the academic year. Information about the FACTS Plan is sent to all students with the summer billing statement. To learn more about the FACTS Plan, call (800) 609-8056 or email info@factsmgt.com.

Are there jobs available for students who are not eligible for Federal Work-Study positions?

A listing of on-campus and off-campus jobs is posted on the Financial Aid web site under Student Employment.