IMPORTANT NEWS!
Loss of in-school interest subsidy and repayment benefits for graduate and professional students beginning in 2012-13:

The Budget Control Act of 2011 changed some aspects of student loans for graduate students. These changes WILL NOT affect the amount of loan funding available. However, graduate loan funding will become more expensive. Here are the key provisions affecting future federal graduate loans:

1. The first change is beginning with the 2012-2013 academic year. This will not affect Stafford loans for the upcoming 2011-2012 academic year. Beginning July 1, 2012, all graduate students will lose the interest subsidy on the Subsidized Stafford loan. The graduate Stafford loan program will become entirely unsubsidized, which means the loan will accrue interest while a student is in school. The maximum amount a student can borrow will remain at $20,500 per academic year.

2. The second change is the loss of the “origination fee rebate” on federal Stafford and Grad PLUS loans. Currently, there is a 1% origination fee on a Stafford and a 4% fee on a Graduate PLUS loan, but a portion of the fee, .5% for a Stafford and 1.5% for a Grad PLUS, is rebated at the time of disbursement. Beginning July 1, 2012, the full fee will be charged.

3. The last change is the loss of the .25% interest rate reduction if you pay your loans electronically while in repayment.

In closing, please note these changes will go into effect for loans borrowed for the 2012-13 academic year beginning July 1, 2012. For additional information, please visit the following website: NASFAA Budget Control Act Summary You may also be interested in using a federal loan repayment calculator to better understand your total loan amounts and repayment options. We recommend the following website: Finaid Loan Calculators

Federal Direct Loan Interest Rates
2011-12

The fixed interest rate for undergraduate subsidized loans disbursed between July 1, 2011, and June 30, 2012, is 3.4%.

The fixed interest rate for graduate subsidized and all unsubsidized loans is 6.8%.

The fixed interest rate for Parent Loans is 7.9%.

Mary Morrow - Edna Richards Scholarship

Junior education majors from North Carolina may apply for $1,000 scholarships, to be used during the senior year. Applicants must be willing to teach in the public schools of North Carolina for at least two years following graduation. Applications are available in the Office of Student Financial Aid. For more infomation, contact the North Carolina Association of Educators at 1-800-662-7924, ext. 214.

Hispanic Scholarship Fund

Applicants must meet all of the following five requirements to apply for a scholarship through the Hispanic Scholarship Fund:

* Be of Hispanic Heritage: persons descended from Mexican, Puerto Rican, Cuban, Dominican, Central American (excluding Belize), South American (excluding Guyana, Suriname and French Guiana), or other Spanish cultures
* Be a US citizen OR legal permanent resident with a valid permanent resident card or passport stamped I-551
* Have a minimum 3.0 cumulative GPA on a 4.0 scale (or the equivalent)
* Be pursuing or plan to pursue your first undergraduate or graduate degree
* Must apply for federal financial aid using the Free Application for Federal Student Aid (FAFSA)

The North Carolina Hispanic College Fund

The North Carolina Hispanic College Fund awards annual scholarships worth between $500 and $2,500.  Scholarships recipients are recent graduates of North Carolina high schools who are of Hispanic/Latino background.  Recipients of a NC Hispanic College Fund scholarship must enroll in a degree program at a community college or a 2- or 4-year college/university and be committed to public service and community development.

NC Prospective Teacher Scholarship Loan Program

Students who are pursuing college degrees to become teachers in the public schools of North Carolina may apply for $2,500 per year. One year of service as a full time teacher in the State's public schools cancels one year of funding support received.

Student Loan Consolidation

With the change from Federal Stafford Loans through multiple lenders to Federal Direct Loans through the U.S. Department of Education, some borrowers are considering loan consolidation. Click on this link for more information.

Income-Based Repayment

There are two loan repayment programs based on income: Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR). Both IBR and ICR provide affordable monthly payment amounts. Under both plans, any remaining loan balance is forgiven after 25 years, and payments made can count toward the 120 payments required for Public Service Loan Forgiveness.

There are important differences between IBR and ICR. IBR applies to both the Federal Family Education Loan Program (FFEL) and the Federal Direct Loan Program, while ICR is only available for Federal Direct Loans. IBR does not apply to PLUS Loans or consolidation loans that include PLUS loans, while ICR does include Direct PLUS loans that are part of a Federal Direct Consolidation Loan.

On October 26, 2011, the President announced that the maximum paid by borrowers in income-based loan repayment will be reduced from 15% to 10% of discretionary income, effective in 2012, rather than the originally slated 2014.

This web site provides helpful information about repayment options:
Student Debt Repayment Assistant

Outside Scholarship Announcements

Wake Forest University does not endorse any outside scholarship organization, but is pleased to make students aware of possible scholarship opportunities that they may then investigate themselves. This link includes recent information on selected outside scholarships. For more opportunities, look in the Outside Scholarship Notebook on the front table in the Office of Financial Aid.

When applying for outside scholarships, it is important to be aware of the university's outside scholarship revision policy.
Click here for more information about our outside scholarships policy.

For free information about financial aid, contact our office; or conduct your own scholarship search with the tools listed on this page.

Tips on Winning Scholarships

Navy Baccalaureate Degree Completion Program

The Navy Baccalaureate Degree Completion Program offers up to $85,000 to complete your degree. Your service obligation can be fulfilled in four years. To be eligible, you must have completed 30 semester hours, have at least a 2.7 GPA, be younger than 34 years old, and meet the Navy's physical requirements. For more information, call 800-USA-NAVY.

Fraudulent Telemarketer Alert

The North Carolina State Education Assistance Authority has issued an alert that fraudulent telemarketers are attempting to charge a fee of $150 to provide information about state grants. Be wary of fee-based offers to provide financial aid information. If you suspect that you have received a fraudulent offer, contact the Attorney General's office in your state.

Block Credit Bureaus from Selling Your Name

Credit bureaus are permitted to sell your name, address, and other contact information as a part of a mailing list to companies that wish to offer you additional credit. To stop the four major credit bureaus from selling your contact information, you may call 888-567-8688.

Remove Your Name from Telemarketing Call Lists

To stop telemarketers from calling you, you may ask individual callers to put you on their "Do Not Call" list. After your request, a federal law requires the company to stop calling you. To stop other companies from telemarketing you, you may enroll in the National "Do Not Call" registry on the Web: www.donotcall.gov. Or call 888-382-1222.
(This information has been provided by Sallie Mae.)

Prevent Identity Theft

The United States Department of ducation and the Federal Trade Commission provide information about preventing identity theft on their web sites.

Merchant Services provides helpful information about online identity theft.

If you believe that you are the victim of a scholarship scam, contact any of the following agencies:

Federal Trade Commission
877-382-4357

National Fraud Information Center
800-876-7060

Better Business Bureau
703-276-0100

U.S. Postal Inspection Service
877-876-2455