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Need-Based Programs

To be considered for all aid programs, students must file the forms and meet the deadlines for application. Additional information regarding the federal aid programs listed is available from the U.S. Department of Education Federal aid programs are subject to change by action of the U.S. Congress at any time.

 

Need-Based Scholarships are awarded from funds named for individuals and organizations that have made generous gift to the University, and from the College Scholarship program. Unless specific notification is otherwise provided, all scholarships and grants included in a student’s aid package are need-based awards, with amounts subject to be reduced by the receipt of outside scholarships or changes in a family’s financial circumstances. In order to balance and fully utilize all Wake Forest scholarship funds, the financial aid committee may change a student’s scholarship funding sources after the award notification is sent to the student. The financial aid committee anticipates students’ possible eligibility for the NC Need-Based Scholarship in the calculation of the grants and scholarships total of the original aid package. Students whose eligibility for the NC Need-Based Scholarship is later confirmed have their need-based scholarships reduced by an amount equal to the NC Need-Based Scholarship awarded.

 

Federal Pell Grants are based upon eligibility criteria and payment schedules issued by the U.S. Department of Education.

 

Federal Supplemental Educational Opportunity Grants (FSEOG) are made at the discretion of the aid office, with recipients of Federal Pell Grants receiving fist consideration.

 

Federal Perkins Loans, at an interest rate of five percent, are offered to the neediest students with federal eligibility. Recipients must execute a promissory note and complete entrance counseling before receiving funds. Interest does not accrue, nor is any payment required, during the in-school period. Instructions for completing promissory notes are sent by the University to fist-time borrowers, beginning shortly before the fall semester. Exit counseling is required prior to leaving the University (withdrawal, transfer or graduation). As required by law, the University reports borrower information to the National Student Loan Data System (NSLDS).

 

Wake Forest Student Loans of up to $4,000, at an interest rate of five percent with terms similar to those of the Federal Perkins Loan, are offered at the discretion of the aid office. The loan programs include the James W. Denmark Loan, the Hutchins Student Loan, the Grover and Addie Raby Loan, and the Wallace Loan. Instructions for completing promissory notes are sent by the University to enrolling students, beginning shortly before the fall semester.

 

Need-Based Private Loans and Need-Based Undergraduate Loans are offered at the discretion of the aid office. Approval by the lenders is contingent on the student’s credit history. Wake Forest subsidizes the interest during the student borrower’s undergraduate enrollment at Wake Forest. Interest paid by Wake Forest on behalf of a student to a private lender is reported to the IRS as taxable non-qualified scholarship income.  Recipients should consult IRS Publication 970 for more information.

 

Federal Direct Subsidized Loans are offered to students with federal eligibility in amounts of up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. The Bipartisan Student Loan Certainty Act of 2013 ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year. StudentLoans.gov provides the latest available interest rates and fees. An origination fee of 1.073 percent is deducted from loan proceeds. (The net disbursement amount is approximately 99 %.) Interest does not accrue, nor is any payment required, during the in-school period. Funds are paid by electronic funds transfer to student accounts. First-time borrowers must complete entrance counseling before receiving funds. Exit counseling is required prior to leaving the University (withdrawal, transfer or graduation), or when a student drops below half-time enrollment status. StudentLoans.gov provides the online counseling. As required by law, the University reports borrower information to the National Student Loan Data System (NSLDS).

 

Federal Work Study Employment (FWS) opportunities are offered to students with federal eligibility, selected by the aid office. Placement, either on campus or in nearby community service organizations, is done by the Student Employment Coordinator based upon a survey of student interests and skills. Placement is not guaranteed but is made on a first-come first-served basis until available funding or positions are exhausted. Earnings are limited to the amount awarded. The amount earned depends on the number of hours actually worked. Typically, recipients work about ten hours weekly, with hourly pay rates generally from $7.25 to $7.75. Earnings are paid directly to the student bi-weekly as work is performed; therefore, FWS awards are not subtracted from charges in the Office of Financial and Accounting Services.