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.
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.
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. |