Pell grants are generally reserved for students with high levels of need. Grants range from $600 to $5,550 per year and are available to undergraduates only.
FSEOG grants are for undergraduate students who demonstrate exceptional need. A typical award amount is $600 per year, with recipients of Federal Pell Grants receiving first consideration for these funds.
Federal Perkins Loans are awarded by Wake Forest to undergraduate students with financial need, as demonstrated by information provided on the FAFSA. Loans generally range from $200 to $4,000 per year. Interest is a fixed 5% rate, with a maximum ten-year repayment plan. No interest or repayment is required while the student is enrolled at least half-time in undergraduate or graduate school. Repayment starts nine months after completion of college, graduate study, or military service. Additional incentives include cancellation of loans for employment in certain careers. (This program will not be available after 2017-18.)
Students may borrow a Federal Direct Subsidized Loan up to $3,500 for freshman year, $4,500 for sophomore year, and $5,500 for junior and senior years. Undergraduates who are unable to meet their expected family contribution may be eligible to borrow up to $2,000 of additional Federal Direct Unsubsidized Loan. Eligibility for a Federal Direct Subsidized Loan is determined on the basis of need with information you provide on the FAFSA. Interest is deferred during the period of time students are in college.
Students who are not eligible for federal financial aid as determined by the FAFSA can still obtain an Unsubsidized Federal Direct Loan. Interest on an unsubsidized loan is charged from the time the loan is disbursed until it is paid in full. Students, however, have the option to allow interest to accrue and capitalize while they attend school.
If an undergraduate student’s parent is turned down for a Federal PLUS Loan for credit reasons, the student may borrow up to $4,000 for each of the freshman and sophomore years, as well as $5,000 for each of the junior and senior years, in additional unsubsidized Federal Direct Loan. (If parents are denied a PLUS Loan, freshmen and sophomores who have not previously requested the additional $2,000 in unsubsidized Federal Direct Loan may request up to $6,000 — juniors and seniors up to $7,000.) There is a fixed interest rate of 5.045% for loans disbursed between July 1, 2018, and June 30, 2019. A 1.069% origination fee is deducted.
Undergraduate students with federal need may be eligible to earn up to $2,000 per year in either on-campus or off-campus employment. Wages vary by employer. Earnings are paid directly to the student each month as work is performed; therefore, Federal Work Study awards are not subtracted from charges in the Office of Financial and Accounting Services.For more information about federal financial aid, visit the U.S. Department of Education Student Aid website.
The university awards grant funds from a variety of sources to assist students with financial need.
Various donors have established scholarships that include financial need as a component of the award. Amounts of these awards vary up to full tuition. The Office of Student Financial Aid works with the Admissions Office to match students with appropriate scholarships. No additional scholarship application is necessary.
Wake Forest awards loans of up to $3,000 per year at a fixed interest rate of 5% with terms similar to the Federal Perkins Loan. The loan programs include the James W. Denmark Loan, the Hutchins Student Loan, and the Wallace Loan. These loans are all need-based and are awarded at the discretion of the Office of Student Financial Aid. Promissory notes are mailed directly to students shortly before the beginning of the fall semester. Denmark, Hutchins, Wallace and other Wake Forest Loans 1617 (PDF)
In addition to need-based aid, there are other financial programs available to assist parents and students in meeting educational expenses.
Federal PLUS Loans allow creditworthy parents of dependent undergraduate students to borrow up to the cost of attendance minus any other financial aid received. These loans are based a borrower’s credit history rather than financial need. There is a fixed interest rate of 7.595% for loans disbursed between July 1, 2018, and June 30, 2019. A 4.276% origination fee is deducted. Repayment begins 60 days after final disbursement of the loan.
A number of major lenders offer student and parent loans to qualified borrowers. Families are encouraged to carefully review and consider the terms of any private loans prior to applying.
Many local, regional, and national organizations sponsor scholarship programs and competitions. Check with your high school, church, civic groups, service clubs, credit unions, employers, and local businesses. There are many free financial aid scholarship searches on the Internet. Beware of any company that charges a fee for scholarship searches. From our experience, much of the scholarship information provided by these companies is readily available to the public.
Wake Forest currently accepts payments through FACTS Tuition Management. FACTS is a payment plan that provides families with the option to budget tuition and other educational expenses each semester.
For students who are not eligible for Federal Work-Study, the Office of Student Financial Aid maintains and posts a current listing of employment opportunities on campus and in the community. Students are also encouraged to earn money for the school year through summer employment.
The Army ROTC Scholarship pays up to full tuition and required fees. The Army may also provide a monthly stipend. Wake Forest University may provide a room and board allowance and/or a leadership incentive grant. More information is available from the Department of Military Science.