HOW TO APPLY FOR A FEDERAL STAFFORD LOAN
Federal Stafford Loans are the US Department of Education's
primary source of self-help aid. A Subsidized Federal Stafford
Loan is awarded on the basis of need as determined by the information
provided on the Free Application for Federal Student Aid (FAFSA).
No interest is charged prior to repayment. Eligibility for an
Unsubsidized Federal Stafford Loan is not based on need. Any
student can obtain an Unsubsidized Federal Stafford 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.
Steps to receive a Federal Stafford Loan (Subsidized or
Unsubsidized):
· 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.
Undergraduates who are unable to meet their expected family contribution may be eligible to borrow an additional $2,000 of unsubsidized Stafford loan, under recently passed federal legislation. 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 in newly available unsubsidized Stafford loan.
· Complete Wake Forest's Federal Stafford Loan Reply Form and return it to the Office
of Student Financial Aid. If you wish to borrow less than the
Stafford Loan amount listed in your award letter, please indicate
the amount requested for the full academic year on the Reply
Form. Each lender offers different repayment
terms and approval requirements. Wake Forest suggests students
carefully investigate the loan terms and conditions before choosing
a lender.
The lenders listed below offer
fee and/or interest rate reduction options, to make the loan less expensive than those of most other lenders. They also offer excellent service, as well as electronic application processing and fund delivery. None of these lenders sell their education loans.
Click here to see a comparison of these lenders.
College Foundation.....................(888) 234-6400
Citibank..........................................(800) 967-2400
Wachovia.......................................(800) 338-2243
Sallie Mae......................................(888) 272-5543
Chase.............................................(800) 487-4404
Wells Fargo...................................(800) 378-5526
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 (Highly recommended!)
Loan Discount Analyzer from FinAid.org.
· 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. Your loan cannot be processed until you have completed
entrance loan counseling.
· Students who are first-time borrowers must sign a master
promissory note with a chosen lender. This promissory note remains
in effect throughout the student's undergraduate years.
· Receive an approval notice from the lender.
· Receive notification from Wake Forest that the loan
has been credited to your account.
· Complete an exit loan counseling session prior to leaving
Wake Forest (withdrawal, transfer, graduation, or dropping below
half-time attendance.)
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