HOW TO APPLY FOR A STAFFORD / FORD
FEDERAL DIRECT LOAN
Stafford / Ford Federal Direct Loans are the US Department of Education's
primary source of self-help aid. A Subsidized Stafford / Ford Federal Direct
Loan is awarded to undergraduates on the basis of need, as determined by the information
provided on the Free Application for Federal Student Aid (FAFSA).
No interest is charged for subsidized loans prior to repayment. Eligibility for an
Unsubsidized Stafford / Ford Federal Direct Loan is not based on need. Any
student enrolled in an approved degree or certificate program can obtain an Unsubsidized Stafford / Ford Federal Direct Loan by
simply completing the FAFSA application. Interest on unsubsidized
loans is charged from the time the loan is disbursed until it
is paid in full.
Five Steps to Receive a Federal Stafford / Ford Direct Loan:
1) File a Free
Application for Federal Student Aid (FAFSA).
· Your award letter will outline the loan amount you
are entitled to receive. Students may borrow up to $3,500 for
freshman year, $4,500 for sophomore year, and $5,500 for junior and senior years.
Important note to newly-admitted students: For 2012-2013, students who have received notification of eligibility for only the Unsubsidized Federal Stafford Loan should email email@example.com to specify to Wake Forest University the amount of Unsubsidized Loan (up to $5,500 – the $3,500 base level plus the $2,000 additional amount described below) that they wish to borrow for the 2012-2013 academic year.
· Undergraduates who are unable to meet their expected family contribution may be eligible to borrow an additional $2,000 of unsubsidized Stafford / Ford Loan. Students who wish to borrow this additional unsubsidized loan amount should notify the Financial Aid Office in writing. Parents who borrow under the PLUS loan program should reduce the amount requested by this $2,000 of additional unsubsidized Stafford / Ford Loan.
2) If you are a first-time
Stafford / Ford Direct Loan borrower at Wake Forest University, visit
StudentLoans.gov to complete an entrance loan counseling
session. Your loan cannot be processed until you have completed
entrance loan counseling.
3) All students who are borrowing a Stafford / Ford Direct Loan from the U.S. Department of Education for the first time must sign a new master
promissory note. (This includes students who have previously signed a promissory note with any lender other than the U.S. Department of Education.) This promissory note remains
in effect throughout the student's undergraduate years. To sign a promissory note with the U.S. Department of Education, visit StudentLoans.gov
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Get MS Internet Explorer
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4) Receive notification from Wake Forest that the loan
has been credited to your account.
5) Complete an exit loan counseling session prior to leaving
Wake Forest (withdrawal, transfer, graduation, or dropping below
· Online exit loan counseling is required of all borrowers of Stafford / Ford Direct Loans, and is available on-line at this site: www.nslds.ed.gov
This web tool may be helpful in determining what your loan payments will be: Loan Repayment Calculator