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Supplementing Need-Based Aid
We do not have the resources to cover our expected family
share of the costs of education. What are our options?
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
Federal Stafford Loans are available to students
who complete the FAFSA and do not borrow the maximum Subsidized
Federal Stafford 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.
The lenders listed below do not require borrowers to pay a 1% default fee. They offer excellent service, and electronic application processing and fund delivery. None of these lenders sell their education loans.
College
Foundation, Inc. .............(888) 234-6400
Citibank
..........................................(800) 967-2400
Wachovia
.......................................(800) 338-2243
Wells Fargo.....................................(800) 378-5526
Click here to see a comparison of these four lenders.
You are not required to borrow from one of the lenders listed above.
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.
Each of the loan programs listed below offers zero fees, borrower discounts during repayment, excellent service, and electronic application processing and fund delivery. None of these lenders sell their education loans.
CitiAssist Loan...............................(800) 967-2400
CFI Extra Loan................................(866) 234-6400
Wachovia Education Loan............(800) 338-2243
Wells Fargo Collegiate Loan........(800) 378-5526
Click here to see a comparison of these four lenders.
You are not required to borrow from one of the loan programs listed above.
The
Achiever Loan is a long-term supplemental loan
which allow families to borrow up to the full cost of education
for four years. The Achiever Program enables families to establish
a fixed line of credit for a four-year period, relieving them
of annual loan applications. For more information, call Key
Education Resources at (800) 539-5363.
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. The Office of Student
Financial Aid will mail detailed loan information to all students
who have applied for need based aid, including a list of preferred
lenders. Families are encouraged to read the literature carefully
and direct specific questions to lenders.
FinAid.org provides a Loan Discount Analyzer for comparing the benefits offered by various lenders.
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.
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