The Budget Control Act of 2011 changed some aspects of student loans for graduate students.
As of July 1, 2012, graduate students no longer receive the interest subsidy on the Subsidized Stafford loan. The graduate Stafford loan program is entirely unsubsidized, which means the loan accrues interest while a student is in school. The maximum amount a student can borrow is $20,500 per academic year.
You may use a federal loan repayment calculator to better understand your total loan amounts and repayment options. We recommend the following website: Finaid Loan Calculators
Federal Stafford and PLUS Loan Interest Rates 2013-14
A bill recently passed by Congress and signed by the President has set interest rates for loans disbursed between July 1, 2013, and June 30, 2014:
Undergraduate loans: 10-year Treasury note rate + 2.05% (3.86%)
Graduate loans: 10-year Treasury note rate + 3.6% (5.41%)
Parent loans: 10-year Treasury note rate + 4.6% (6.41%)
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
* 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.
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.
Remove Your Name from Telemarketing
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
Or call 888-382-1222.
(This information has been provided by Sallie Mae.)
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
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.
As of December 21, 2012, eligible borrowers of federal student loans may enroll in the new "Pay as You Earn" program. The new income-based repayment plan caps monthly loan payments at 10 percent of a borrower's discretionary income. After 20 years of payments, the government will forgive the loans. (The Education Department's older income-based repayment program currently caps monthly loan payments at 15 percent of discretionary income, with loan forgiveness after 25 years.) The new program will accept enrollees who were new borrowers after October 1, 2007, and who also took out a loan on or after October 1, 2011.
These web sites provide helpful information about repayment options:
CashCourse: Student Loan Repayment Resources
Student Debt Repayment Assistant
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
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
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.
Prevent Identity Theft
United States Department of Education and Credit Score provide information about preventing
identity theft on their web sites.
Merchant Services and NetCredit also provide helpful information about identity theft.
Complaints Lists provides a comprehensive guide to consumer awareness.
If you believe that you are the victim of a scholarship scam,
contact any of the following agencies:
Fraud Information Center
Postal Inspection Service