Loan Information
Application Processing
When your application has been processed, you will receive
an
award letter indicating your total eligibility in subsidized
and/or
unsubsidized Stafford Loans, along with any scholarship monies
about which we have been notified. You will also receive a Federal Stafford Loan Reply Form for your designation of lender choice, amount
of loan requested if less than the amount awarded, and permission
to transmit your funds electronically, if this service is available
with the lender you choose.
Each lender offers different repayment terms and approval requirements. Wake Forest suggests students carefully investigate the loan terms and conditions before choosing a lender. Choosing
an electronic lender will greatly expedite the process of certifying
your loan and applying loan funds to your student account.
The lenders listed below offer fee and/or interest rate reduction options, excellent
service, and electronic application processing and fund delivery. All of these lenders retain servicing for the life of the loan. For first-year and returning
Wake Forest students, the normal amount of time between submitting
a FAFSA and receiving loan funds (by electronic lender) is four
weeks. Choosing a non-electronic lender may increase the process
by two weeks.
College
Foundation............ (888) 234-6400
Citibank................................
(800) 967-2400
Sallie Mae............................. (888) 272-5543
Wachovia...............................(800)
347-7667
Chase.....................................(800) 487-4404
Wells Fargo...........................(800) 378-5526
Click here to see a comparison of these lenders.
You are not required to borrow from one of the lenders listed above.
We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:
Simple Tuition (New!)
Loan Discount Analyzer from FinAid.org.
If you have previously completed a Master Promissory Note (MPN) as a Wake Forest graduate student, please indicate that on your Federal Stafford Loan Reply Form. If you choose one of the lenders listed
above, you can sign your MPN electronically using your FAFSA PIN through
their secure websites. If you are using another lender, please obtain a paper MPN from your lender and send it to the Office of Student Financial Aid for certification.
Your loan cannot be processed until
you have completed entrance loan counseling.
If you are a first-time Stafford Loan borrower at Wake Forest
University, visit www.mapping-your-future.org
to complete an entrance loan counseling session.
Financial Aid Transcripts
Financial aid transcript information is collected electronically
from the National Student Loan Data System (NSLDS) and sent
to Wake Forest via the Student Aid Report. If you attend or
attended another school after the spring 2003 semester, we may
request that your previous school submit a current financial
aid transcript to Wake Forest. Financial aid transcript information
is required before any federal aid funds can be disbursed.
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