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Student Responsibilities

The Office of Student Financial Aid expects students seeking or receiving aid to:

Apply each year by submitting required documents in a complete, accurate, clear and timely manner. For consideration for federal student aid programs, submit the Free Application for Federal Student Aid (FAFSA). Wake Forest’s FAFSA code is 002978.  For consideration for institutional need-based aid programs, submit the College Board PROFILE application . Wake Forest’s PROFILE code is 5885.  For returning students, the FAFSA and PROFILE should be submitted by March 1. Supporting documents should be submitted by April 1. FAFSA applicants are strongly encouraged to use the FAFSA’s IRS Data Retrieval Process to help simplify the federal verification process. Respond quickly to email messages, telephone calls, and letters from the aid office. Students should daily check their WFU-issued email accounts, and know how to access their financial aid records in WIN. Instructions are available through our Helpful Resources page.  The initial financial aid award notification is generally the only paper notification sent to students; all subsequent award notifications and all other notices and disclosures are made electronically. Students may request to opt out of electronic notifications by contacting Student Financial Aid.  If you choose to receive paper notifications, all notifications will be mailed to your permanent residence address of record.

Students may stop by Student Financial Aid at any time and request a copy of their Student Award detailed report.

Read and understand the contents of this web page, the Undergraduate Bulletin and other provided documents.

 

Keep copies of all aid applications and documents.

 

Understand that awards are based upon full-time enrollment in an undergraduate degree program at Wake Forest (unless indicated otherwise). Full-time enrollment for purposes of financial aid is a minimum of 12 hours each semester, through the last day to drop courses without penalty (University Academic Calendar). The third and subsequent attempts of previously-passed courses do not count as enrollment for purposes of federal aid programs and most state aid programs (including the North Carolina Need-Based Scholarship). Most students should enroll in an average of at least fifteen hours each semester, in order to complete degree requirements in four years (eight semesters).

 

Notify the aid office in writing if outside assistance is received, including scholarships, grants and educational benefits. Awards must be adjusted if additional resources reduce demonstrated need and/or federal eligibility. For more information visit the Outside Scholarship Policy page.

 

Notify the aid office in writing of any change in family financial circumstances.

 

Understand that Wake Forest corrects applicants’ FAFSA data based upon its review of families’ tax returns and other supporting documentation.

 

Understand and comply with the terms and conditions of specific awards, including completion of entrance and exit counseling for federal student loan programs.

 

Maintain satisfactory academic progress for federal aid eligibility; the full policy is available at Satisfactory Academic Progress for Financial Aid Eligibility, and is available, upon request, from the aid office. Aid awards for subsequent semesters that are made prior to the review of satisfactory academic progress are tentative, conditioned upon the student meeting satisfactory academic progress requirements. Additionally, a Wake Forest grade point average of at least 2.00 is required to receive Wake Forest need-based scholarship and loan assistance. Institutional aid is not awarded beyond the eighth (fall or spring) semester; this limit is prorated for transfer students. Students enrolled in the last year of the MS program in accountancy are considered graduate-level students.

 

Understand that recipients of University scholarships, by accepting the awards, agree to allow the University to release their directory information to the donor individuals and organizations. The University’s definition of directory information is listed at the Registrar’s Privacy Policy Page, and is available, upon request, from the registrar’s office. Foundations sponsoring named scholarships may use for reporting and promotional purposes student photos, annual reports, articles, and other materials submitted to the respective foundation by the University.

 

Understand that renewal of aid is not automatic; annual applications are required so current assessments of need can be made. Renewal of aid is based upon continued eligibility, demonstrated need and satisfactory academic progress. Factors that can significantly reduce or eliminate aid eligibility include: a decrease in the number of family members simultaneously enrolled as undergraduate students, and increases in family income or assets. The University may revoke aid for violation of University regulations or federal, state or local laws.

 

Understand that aid for summer sessions is generally limited to possible federal aid program eligibility, if any, and private educational loans. Students are admitted to degree-seeking status only for fall or spring semesters. Students admitted to the fall semester who enroll for the prior summer term are not considered to be matriculated into degree-seeking status for the summer term and are therefore not eligible for federal financial aid programs for the summer term.

 

Understand that students who begin a semester but later withdraw are subject to significant adjustment in aid eligibility, and in most cases must repay aid under applicable federal regulations and University policies as published in the Undergraduate Bulletin and www.wfu.edu/finaid/finaidpolicies.html and available, upon request, from the aid office.

 

Understand that scholarship and grant assistance in excess of tuition, fees, and required books and course supplies may be considered taxable income. Recipients should consult IRS Publication 970 for more information. Foreign nationals, and undocumented students who have received DACA (Deferred Action for Childhood Arrivals) status, may be subject to additional IRS requirements (required tax withholding, filing federal and state quarterly estimated tax payments, etc.); such students should submit their DACA approval notice to the Wake Forest Financial Services Tax Office at tax@nullwfu.edu. Undocumented students who have not yet applied for DACA status should consult the U.S. Citizenship and Immigration Services web page for information about applying for DACA status. Students without DACA status may be subject to mandatory 30% withholding of scholarship amounts to the IRS.