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Federal Student Aid ID

Effective May 11, 2015:  The FSA ID ― a username and password ― has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging in to fafsa.gov, the National Student Loan Data System (NSLDS®) at www.nslds.ed.gov, StudentLoans.gov, StudentAid.gov, and Agreement to Serve (ATS) at www.teach-ats.ed.gov

Step by step instructions can be found on the following .pdf:  Federal ID Procedures

IDOC Processing Time

Wake Forest uses the College Board’s Institutional Documentation Service (IDOC), to collect families federal tax returns and other requested documents.  For the 2015-2016 academic year, IDOC has instituted a new electronic upload feature that many families have chosen to utilize instead of submission through the mail.  The adoption rate is so high that the College Board is unable to maintain their standard processing time of 2-3 business days.  Processing is currently taking 5-8 business days from upload.  To expedite the completion of your application, be sure to submit all documents at the same time. Please note that Wake Forest is notified of the student’s upload date, and will use that date to determine that the deadline was met.

CashCourse Scholarship Winner!

Congratulations to WFU First Year Divinity Student Monica Banks for winning CashCourse’s My Story scholarship contest.  The My Story scholarship  contest asked students to submit an essay about a personal finance situation that other students can learn from.  Monica’s submission won first prize in this national contest.

To sign up for a free CashCourse account with access to non-commercial, research backed financial literacy information visit CashCourse today and create your  student account.  Access additional financial literacy information through WFU’s Financial Literacy page.

New Undergraduate Federal Stafford Loans

Borrowers of subsidized Stafford Loans first disbursed on or after July 1, 2014 are once again eligible for an interest subsidy during the 6-month grace period.

(Subsidized Stafford loans made from July 1, 2012 to June 30, 2014 were not eligible for subsidized interest benefits during the six-month grace period after a student graduates or falls below half-time enrollment.  For loans made during those two years, interest accrues during the grace period and will be capitalized if unpaid by the borrower.)

Click here for comprehensive information about loan repayment.

The Budget Control Act of 2011 changed some aspects of student loans for graduate students.

As of July 1, 2012, graduate students no longer receive the interest subsidy on the Subsidized Stafford loan. The graduate Stafford loan program is entirely unsubsidized, which means the loan accrues interest while a student is in school. The maximum amount a student can borrow is $20,500 per academic year.

You may use a federal loan repayment calculator to better understand your total loan amounts and repayment options. We recommend the following website: Finaid Loan Calculators

Extension of Loan Repayment Option: Pay As You Earn

President Obama has announced an extension of the Pay As You Earn (PAYE) repayment option to approximately 5 million additional borrowers, who first took out loans between 2007 and 2011, and whose dates of borrowing exclude them currently. The PAYE option caps monthly payments at 10 percent of discretionary income, setting monthly payments on a sliding scale based upon income. Any remaining balance is forgiven after 20 years of payments, or 10 years for those in certain public service jobs. The PAYE plan will be available to these additional borrowers by December 2015.

For additional information please review the Presidential Memorandum – Federal Student Loan Repayments and the Presidential Fact Sheet: Making Student Loans More Affordable