Policies
Annual Application
Financial aid awards are for one academic year only. A new
financial application and other required forms must be submitted
each year. A separate application may be required for summer
school assistance and is usually available by March 1.
Enrollment Status
Students must be enrolled at least
half-time to receive Federal Stafford Loans. If you receive
loan funds before dropping below 6 semester hours in the Divinity
School or below 4.5 semester hours in the Graduate School of
Arts & Sciences, you may be required to refund all or a
portion of those funds directly to the lender.
Also, you may no longer be eligible to defer repayment on
loan/s borrowed for prior periods of enrollment. To receive
any federal loan, a student must be accepted or enrolled in
a degree or certificate program. Admittance to a graduate program
as a "Special Student" does not meet the admissions
criteria to qualify for federal financial aid. Renewal students
must be in good academic standing and making satisfactory academic
progress in order to receive financial aid.
Satisfactory Academic Progress
Federal regulations require that schools monitor the academic progress of each applicant who applies for and/or receives federal aid. Students must be making Satisfactory Academic Progress (SAP) towards their academic objective in order to maintain their eligibility for financial aid. For detailed information on Wake Forest University's SAP policy, please click on the applicable link below:
Divinity Students
Graduate Students
Verification
The federal government requires schools to verify certain financial
information of aid applicants who are selected for review and
verification on the basis of certain prescribed computer edit
checks. If your application is selected for verification, you
must verify that the information you reported is correct. Therefore,
it is important that you keep copies of your financial records,
including your and/or your spouse’s U.S. income tax returns
(from the previous year), records of benefits received from
the Social Security Administration (Form SSA-1099), Department
of Veteran Affairs, and other agencies. We may also ask you
to complete a Federal Verification Worksheet. If we request
documentation, you must submit it promptly, as we cannot disburse
any financial aid funds until the verification process has been
completed.
Professional Judgment
Any substantive changes in a student's financial situation should be reported immediately in writing to the Office of Student Financial Aid. Examples of such changes are a significant decrease in income, unusual medical expenses, or a change in marital status. If warranted and carefully documented, adjustments may be made to the expected family contribution, cost of attendance, and satisfactory academic progress.
Outside Scholarships
Any recipient of additional aid from any source which is not
included in his/her financial aid award letter (North Carolina
Baptist Association, private church funding, outside scholarships,
etc.) is required to notify the Office of Student Financial
Aid. The receipt of additional aid may result in a reduction
of any need-based award if total resources exceed computed financial
need (except for unsubsidized loans, in which case, all sources
of financial aid may not exceed the Cost of Attendance).
Rights and Responsibilities
You have the right to know:
- The cost of attendance
- The refund policy for students who withdraw
- What financial assistance is available from federal, state, and institutional sources
- Procedures and deadlines for submitting applications for financial aid
- How financial aid recipients are selected
- How your eligibility was determined, including all resources the aid office considered available to you
- An explanation of each type of award you receive and how and when funds will be disbursed to you
- For any student loan you receive: the interest rate, total amount you must repay, when your repayment begins, the length of your repayment period, and the cancellation or deferment provisions of your loan
- For any Federal Work-Study job, a description of the job, the hours you must work, the rate of pay, and how and when you will be paid
- The satisfactory academic progress policy
- How to appeal a decision by the Office of Student Financial Aid concerning your aid award
- Campus crime statistics (See Annual Crime and Fire Reports)
It is your responsibility to:
- Read directions thoroughly, complete all application forms accurately, and to comply with all deadlines
- Provide any supplemental information or documentation required by the Office of Student Financial Aid (or other agency if applicable)
- Read, understand, and keep copies of any forms you are required to sign
- Repay any student loans you may receive
- Complete an entrance interview and an exit interview if you receive federal, state, or other loans while in attendance at Wake Forest University
- Notify the Office of Student Financial Aid of any change in your enrollment status or financial status (including any scholarships or grants received from outside sources)
- Changes of address and enrollment status must also be reported to your lender, if you have a loan
- Satisfactorily perform the work agreed upon in a Federal Work-Study job
- Know and comply with all requirements for continuation of financial aid, including satisfactory academic progress requirements
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