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Completing the FAFSA

Students seeking financial aid must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. The Wake Forest University Schools of Business Title IV Code is E00515. Individuals will not be considered for federal student loans until the FAFSA has been submitted to the U.S. Department of Education and a student aid report is received by the Schools of Business financial aid office.

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Loan Programs

The Federal Direct Loan

Federal Direct loans are guaranteed government loans available to all U.S. citizens and legal residents. Students may borrow a maximum of $20,500 in the unsubsidized Direct loan per academic year.  A student has the option of paying the interest on a quarterly basis while in school. The current interest rate is 6.8%. A completed FAFSA is required to determine eligibility.See www.studentaid.ed.gov for more information.

The Graduate PLUS Loan

Graduate and professional students have an additional option in funding their higher education: the Federal Graduate PLUS Loan. This loan, guaranteed by the federal government, is one of the most affordable ways to pay for school.  Grad PLUS has a fixed interest rate. Eligibility for this loan is not based on household income, assets or financial need, but it is determined, in part, by your personal credit history. Many students with limited or no credit history can qualify. An eligible student can borrow up to the cost of attendance minus any other aid. A completed FAFSA is required to determine eligibility.

Private Loans

Like federal loans, private loans are designed to help students who need financial assistance with educational costs. In most cases, it is advantageous for students to first pursue Unsubsidized Federal Direct Loans and Federal Graduate PLUS Loans before seeking private loans. Private loans are not based on need; approval is generally based on creditworthiness and ability to repay. Students who do not meet a lender's credit qualifications or who are not U.S. citizens may need to apply with a credit-worthy co-signer. Interest rates, grace periods, repayment options and fees are determined by the lender and can vary considerably for lender to lender. As with the Graduate PLUS Loan, the maximum amount that may be borrowed is the difference between cost of attendance and other financial aid.

Wake Forest partners with Elm Resources to provide a list of private lenders based on the quality of products and services they provide to students. However, if you wish to use another lender that is not on this list, you have the right to do so.

Veteran Affairs Educational Benefits

Wake Forest University welcomes all Veterans and is a partner in the Yellow Ribbon Program, sponsored by the United States Department of Veterans Affairs For more information, visit: http://www.gibill.va.gov/. Veterans who are 100% eligible for Post 9/11 educational program will receive up to $12,850 in matching funds from the University per academic year as part of the Yellow Ribbon Program agreement. 

QUESTIONS: If you have any questions about financial aid, please contact Jamie Childress at 336.758.4424 or email at childrjp@wfu.edu.