TYPES OF AID

Programs students apply for by completing the FAFSA:

- Federal Pell Grant
Pell grants are generally reserved for students with high levels of need. Grants range from $600 to $5,550 per year and are available to undergraduates only.

- Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG grants are for undergraduate students who demonstrate exceptional need. A typical award amount is $600 per year, with recipients of Federal Pell Grants receiving first consideration for these funds.

- Federal Perkins Loans
These federal loans are awarded by Wake Forest to undergraduate students with financial need, as demonstrated by information provided on the FAFSA. Loans generally range from $200 to $4,000 per year. Interest is a fixed 5% rate, with a maximum ten-year repayment plan. No interest or repayment is required while the student is enrolled at least half-time in undergraduate or graduate school. Repayment starts nine months after completion of college, graduate study, or military service. Additional incentives include cancellation of loans for employment in certain careers.

- Stafford / Ford Federal Direct Loan Program
Students may borrow up to $3,500 for freshman year, $4,500 for sophomore year, and $5,500 for junior and senior years.

Eligibility for a Subsidized Stafford / Ford Federal Direct Loans is determined on the basis of need on the FAFSA. Interest is deferred during the period of time students are in college. Students who are not eligible for federal financial aid as determined by the FAFSA can still obtain an Unsubsidized Stafford / Ford Federal Direct Loan. Interest on an unsubsidized loan is charged from the time the loan is disbursed until it is paid in full. Students, however, have the option to allow interest to accrue and capitalize while they attend school.

If an undergraduate student's parent is turned down for a Federal PLUS Loan for credit reasons, the student may borrow up to $4,000 for each of the freshman and sophomore years, as well as $5,000 for each of the junior and senior years, in additional unsubsidized Ford Direct Loan. (If parents are denied a PLUS Loan, freshmen and sophomores who have not previously requested the additional $2,000 in unsubsidized Stafford / Ford Direct may request up to $6,000 -- juniors and seniors up to $7,000.)

- Federal Work-Study
Undergraduate students with federal need may be eligible to earn up to $2,000 per year in either on-campus or off-campus employment. Wages vary by employer. Earnings are paid directly to the student each month as work is performed; therefore, Federal Work Study awards are not subtracted from charges in the Office of Financial and Accounting Services.

For more information about federal financial aid, visit the United State Department of Education's new web site: http://www.college.gov/

Programs students apply for by completing the CSS PROFILE:

- Wake Forest Need-Based Grants
The university awards grant funds from a variety of sources to assist students with financial need.

- Wake Forest Endowed Need-Based Scholarships
Various donors have established scholarships that include financial need as a component of the award. Amounts of these awards vary up to full tuition. The Office of Student Financial Aid works with the Admissions Office to match students with appropriate scholarships. No additional scholarship application is necessary.

- Wake Forest Student Loans
Wake Forest awards loans of up to $3,000 per year at a fixed interest rate of 5% with terms similar to the Federal Perkins Loan. The loan programs include the James W. Denmark Loan, the Hutchins Student Loan, and the Wallace Loan. These loans are all need-based and are awarded at the discretion of the Office of Student Financial Aid. Promissory notes are mailed directly to students shortly before the beginning of the fall semester. Click here for more information about the terms of the Denmark, Hutchins, Wallace and other Wake Forest Loans.

- Need-Based Private Loans

- Need-Based Private Loan
The Need-Based Private Loan is offered at the discretion of the Wake Forest University Office of Student Financial Aid, based on need as documented by the FAFSA and CSS PROFILE. The amount of loan eligibility is outlined in the student's award letter. Need-Based Private Loans, offered by Liberty Bank, require approval based on the student’s credit history, a co-borrower, and two references. Application instructions are provided beginning mid-July. Students who do not secure approval should contact the Office of Student Financial Aid. The variable interest rate is the 1-month LIBOR plus 6.50%. Interest during the student’s undergraduate enrollment at Wake Forest is paid by Wake Forest on behalf of the student. The loan amount at the end of the interest subsidy period will be equal to the original principal loan balance, plus a 3 percent origination fee capitalized onto the loan balance at each disbursement, plus the interest that accrues between the end of the last quarter after enrollment (typically June 30) and the end of the nine-month grace period (typically February 5 of the following year). Any payments made during the interest subsidy period apply to the principal balance.

- Need-Based Undergraduate Loan
Through this program, Wake Forest University will pay the interest that accrues on a Discover Undergraduate Loan while you are enrolled in school at least half-time as an undergraduate student at WFU. This loan features fixed or variable interest rates and zero origination fees. Discover will determine your eligibility for the loan, and applying with a creditworthy cosigner may improve your likelihood for loan approval and may lower your interest rate. The Office of Student Financial Aid at Wake Forest University will determine your eligibility for the interest subsidy based on need as documented by your FAFSA and CSS PROFILE. To receive the interest subsidy, you must apply online through these links for a Discover Fixed Rate Undergraduate Loan or a Discover Variable Rate Undergraduate Loan, or apply by phone at 1-877-728-3030 anytime 24/7 using School Code 00297862.

In addition to need-based aid, there are other financial programs available to assist parents and students in meeting educational expenses:

- Federal Parent (PLUS) Loans
Federal PLUS Loans allow creditworthy parents of dependent undergraduate students to borrow up to the cost of attendance minus any other financial aid received. These loans are available through commercial lenders and are based a borrower's credit history rather than financial need. There is a fixed interest rate of 7.9%. A 2.5% origination fee is deducted (which can increase to 4% if any of the first twelve payments are late). Repayment begins 60 days after final disbursement of the loan.

- Supplemental Loans
A number of major lenders offer student and parent loans to qualified borrowers. Families are encouraged to carefully review and consider the terms of any private loans prior to applying.

- Outside Scholarships
Many local, regional, and national organizations sponsor scholarship programs and competitions. Check with your high school, church, civic groups, service clubs, credit unions, employers, and local businesses. There are many free financial aid scholarship searches on the Internet. Beware of any company that charges a fee for scholarship searches. From our experience, much of the scholarship information provided by these companies is readily available to the public.

- Payment Plans
Wake Forest currently accepts payments through FACTS Tuition Management. FACTS is a payment plan that provides families with the option to budget tuition and other educational expenses over a 10-month period. The fees for this program are a nonrefundable annual fee of $55 and a 3% Wake Forest finance charge. Payments are arranged through automatic bank debit payments.

- Student Employment Opportunities
For students who are not eligible for Federal Work-Study, the Office of Student Financial Aid maintains and posts a current listing of employment opportunities on campus and in the community. Students are also encouraged to earn money for the school year through summer employment.

- ROTC
The Army ROTC Scholarship pays up to full tuition and required fees. The Army may also provide a monthly stipend.  Wake Forest University may provide a room and board allowance and/or a leadership incentive grant.  More information is available from the Department of Military Science.