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 $400 to $4,310 per year and are available to undergraduates only.

- Academic Competitiveness Grants
Pell Grant recipients who are U.S. citizens and enrolled full time may be eligible for an Academic Competitiveness Grant of $750 the first year and $1,300 the second year of college. To receive these grants, students must have completed a rigorous secondary school program of study, graduated from high school after January 1, 2005, and have at least a 3.0 cumulative GPA to receive the grant for the second year.

- National SMART Grants
Pell Grant recipients who are U.S. citizens and enrolled full time may be eligible for a SMART Grant of $4,000 the third and fourth year of college, if they are majoring in science, technology, math, or certain designated foreign languages. To receive these grants, students must have at least a 3.0 cumulative GPA.

- Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG grants are for undergraduate students who demonstrate exceptional need. They range from $200 to $4,000 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, up to a maximum of $20,000. 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.

- Federal Stafford Loans
Students may borrow up to $3,500 for freshman year, $4,500 for sophomore year, and $5,500 for junior and senior years.

Graduate/professional students are eligible for up to $8,500 per year. Repayment starts 6 months after completion of college, graduate school, or military service. For new loans after July 1, 2006, there is a fixed interest rate of 6.8%. Effective July 1, 2008, the interest rate for new subsidized Stafford Loans to undergraduates is reduced to 6.0%.

Eligibility for a Subsidized Federal Stafford 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 Federal Stafford 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 Stafford Loan. (If parents are denied a PLUS Loan, freshmen and sophomores who have not previously requested the additional $2,000 in unsubsidized Stafford may request up to $6,000 -- juniors and seniors up to $7,000.) Graduate and professional students may borrow up to $12,000 in unsubsidized Stafford Loan each year. Unsubsidized Stafford Loans may not exceed cost of attendance minus other financial aid.

- 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.

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.

- North Carolina State Contractual Scholarship Fund
These grants are awarded at the discretion of the Office of Student Financial Aid to needy residents of North Carolina. Amounts vary according to need.

- 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.

-Need-Based CitiAssist Loans
The Need-Based CitiAssist Loan is a loan 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. The major benefits of this loan are that it has an interest rate as low as Prime minus 0.50%, there are no origination fees, and Wake Forest will subsidize the interest during the student's undergraduate years. Students who have been recommended for the Need-Based CitiAssist Loans must go on-line to complete an application and promissory note, in order to be approved for the loan.

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. As of July 1, 2006, there is a fixed interest rate of 8.5%. A 3% origination fee is deducted and an insurance fee of up to 1% may be deducted from the loan proceeds by the lender. Repayment begins 60 days after final disbursement of the loan.

- North Carolina Legislative Tuition Grant
North Carolina Legislative Tuition Grants are provided by the North Carolina General Assembly for students who are residents of North Carolina for the purpose of tuition payment under the terms of the Residency Manual of the University of North Carolina. Generally, these are students who, along with their parents, have been legal residents of North Carolina for at least twelve months prior to enrollment at Wake Forest. Certain other categories of students may also be eligible, including children of military personnel with North Carolina residency status who live out of state, residents who live near the state border, or residents who have recently moved out of state. Residency determinations are made by the aid office. Grants are reduced by twenty-five percent for those students having already completed 140 hours. Amounts on award letters are estimates, subject to adjustment when the actual authorized grant is determined each summer. The maximum grant amount for 2007-2008 is $975 per semester. To be eligible for $975 each semester, a student must enroll in a minimum of twelve hours (through October 1 in the fall and through the tenth day of classes in the spring), maintain satisfactory academic progress for federal aid eligibility, and have not received or qualified for a bachelor’s degree. Beginning with 2007-08, students enrolled for at least nine hours per semester will be eligible for a prorated award. A student in the five-year BS/MS in accountancy program is not eligible during the last year of that program. In addition, a student must not be enrolled in a program of study the objective of which is the attainment of a degree in theology, divinity or religious education, or in any other program of study that is designated by Wake Forest primarily for career preparation in a religious vocation. Students (including those studying abroad) must submit an NCLTG application to the aid office by the end of the first week of classes of their first semester of each academic year. There are no exceptions to this deadline; students who are otherwise eligible but who fail to submit a timely application cannot receive NCLTG funding. The online application is made available by the state each year during the summer. Once available, students should download, print, complete, sign, and return the NCLTG application to the Office of Student Financial Aid at Wake Forest University prior to the application deadline. The 2008-09 NCLTG application is available by clicking here. (Special note: Do not skip sections 12a & 12b.)

- 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 such as FastWeb, FinAid, and WiredScholar 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.