Student Loan Options
Federal Loans – Completing the FAFSA
Students seeking financial aid must complete the Free Application for Federal Student Aid (FAFSA). The Wake Forest University School 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 School of Business financial aid office. To determine which FAFSA to complete, please reference the chart below (click to expand).
The Federal Direct Loan
Federal Direct Loans are government loans available to all U.S. citizens and legal residents. A completed FAFSA is required to determine eligibility. Students may borrow a maximum of $20,500 in the Unsubsidized Direct Loan per academic year, and have the option of paying the accruing interest on a quarterly basis while in school. See studentaid.gov for additional information, including current interest rates and origination fees.
The Federal Graduate PLUS Loan
Graduate and professional students have an additional, affordable option for funding their education with the Federal Graduate PLUS Loan, which 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 received. A completed FAFSA is required to determine eligibility.
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 loan 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 among lenders. As with the Federal 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. International students will find a lender option that does not require a U.S. co-signer.
If you have specific financial aid questions, please contact the Financial Aid Office at 336.758.4424 or 336.758.4048, or email the Financial Aid team at firstname.lastname@example.org.
Please refer to Wake Forest Student Financial Services for more information on university-wide policies related to student billing, payments, and refunds.