Financial Aid

Benefits Offered by Suggested Lenders

The following points are the borrower benefits all lenders are required to provide in order to be suggested as a lender by WFU. You are not required to borrow from one of these lenders.

Fee and/or interest rate reduction options
Electronic funds transfer (EFT) through lender flow for maximum efficiency
Superior customer service provided to all students, parents and financial aid staff

Compare Lenders

We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:

Code of Conduct

Wake Forest University adheres to a code of conduct in suggesting lenders, as approved by the National Association of Student Financial Aid Administrators.

Private Lenders

Individual borrower prices for private loans vary; they are based on the credit worthiness of the borrower and/or cosigner. Please contact the lender if you have additional questions. These lenders are listed according to lowest Annual Percentage Rate (APR) offered to applicants and cosigners with the most favorable credit worthiness.

The Prime Rate is currently 5.50%. The one-month LIBOR rate is currently 1.70%. The three-month LIBOR rate is currently 1.91%.

Discover Student Loans

Variable rates from 2.95% to 11.62% APR
Fixed rates from 4.74% to 12.49% APR
Minimum loan $1,000
Half-time minimum enrollment required
No origination, disbursement or repayment fees
0.25% interest rate reduction for automatic debit of payments
1% cash reward for 3.0 grade point average
No payments while in school at least half-time
Choice of in-school or deferred repayment
15 year repayment period
Cosigner optional

Learn more on Discover

College Ave Student Loans

Variable rates from 3.96% APR to 11.98% APR
Fixed rates from 4.72% to 12.94% APR
Multiple repayment options (deferral of principal and interest until graduation, interest only while in school, $25 flat monthly payment while in school, immediate repayment)
Multiple term options (8, 10, 12, or 15 years)
No originations or application fees and no penalty for early repayment
0.25% interest rate reduction for automatic payments
In the event of the student’s death or permanent and total disability, the loan will be forgiven
Can be used for past due balances

Learn more on College Ave Student Loans

College Ave Parent Loans

Variable rates from 5.23% APR to 11.76% APR
Fixed rates from 5.96% to 11.91% APR

Learn more on College Ave Parent Loans

Suntrust: Custom Choice Loan

Variable rates from 4.126% to 13.125% APR
Fixed rates from 5.351% to 14.050% APR
Interest rates are based on 1-month LIBOR
No origination, disbursement or repayment fees
Must be enrolled at least half-time
1% interest rate reduction at graduation
0.25% interest rate reduction for automatic debit of payments from any eligible bank account
Cosigner release available after 48 consecutive on-time payments
No Satisfactory Academic Progress requirements

Learn more on Suntrust

Union Federal Private Student Loan (funded by Suntrust)

Variable rates from 4.126% to 13.125% APR
Fixed rates from 5.351% to 14.05% APR
Interest rates are based on 1-month LIBOR
Co-signer release after 36 on-time payments
Past-due balance option
0.25% interest rate reduction after 36 on-time payments
0.25% interest rate reduction for Automatic Clearing House payments
Additional 0.25% interest rate reduction for automatic withdrawal of payments from a SunTrust deposit account
1% principal reduction per loan at graduation
International students may apply with eligible U.S. cosigner
Student loan protection in case of death

Learn more on Union Federal Private Student Loan

Sallie Mae: Smart Option Student Loan

Variable rates from 4.37% APR to 11.23% APR
Fixed rates from 5.74% to 11.85% APR
No disbursement or repayment fees
Applying with a creditworthy cosigner may help to qualify and/or receive a lower interest rate. Borrowers may apply to release their cosigner from the loan after they graduate, make 12 on-time principal and interest payments, and meet certain credit requirements.
A 0.25% interest rate reduction is available for automatic debit
Easy online application and 24/7 online account management
Combined billing is available for Sallie Mae-serviced student loans
Can be used for past due balances on a prior loan period when:
- Less than 365 days have passed from the loan period end date to the first disbursement
- At the time of the request, the student borrower is enrolled or intends to enroll, or the student borrower has graduated
- The student was previously enrolled either half or full time during the prior enrollment period, and did not withdraw

Learn more on Sallie Mae

Wells Fargo: Collegiate Loan

Variable rates from 4.81% to 10.72% APR
Fixed rates from 5.94% to 11.26% APR
No origination, disbursement or repayment fees
Make no payments until 6 months after leaving school
Reduce interest rate up to 1.00% with new or existing Wells Fargo Checking Package® account
Reduce interest rate an additional 0.50% with auto payment and graduation

Learn more on Wells Fargo

SoFi Private Student Loans

Variable rates from 4.99% to 12.49% APR
Fixed rates from 5.99% to 12.99% APR
Minimum loan $5,000
Half-time minimum enrollment required
No origination, disbursement or repayment fees
0.25% interest rate reduction for automatic debit of payments
No payments required while in school at least half-time
Choice of in-school or deferred repayment
5, 10, or 15 year repayment period
Cosigner released after 24 months of full principal and interest payments

Learn more on SoFi

PNC: Solution Loan

Variable rates from 5.19% to 11.39% APR
Fixed rates from 6.03% to 12.29% APR
Interest rates are based on 1-month LIBOR
No origination fees
No payments due until 6 months after graduation or enrollment in-school less than half-time
15 year repayment period
0.5% interest rate reduction for Automatic Clearing House auto- debit during repayment and on time payments
Cosigner release option after 48 on-time payments
Multiple reayment options (deferral of principal and interest until graduation, interest only, immediate repayment)

Learn more on PNC

Citizens One Student Loan

Variable rates from 6.39% to 11.99% APR (10-year loan)
Fixed rates from 6.45% to 12.05% APR (10-year loan)
Interest rates are based on 1-month LIBOR
No origination, disbursement or repayment fees
0.50% interest rate reduction for automatic debit of payments from any eligible Charter One account
0.25% interest rate reduction for automatic debit of payments from any eligible bank account
Cosigner release available after 36 consecutive on-time payments
In the event of the death or total and permanent disability of the student borrower, the TruFit Student Loan will be forgiven. If the loan is cosigned, the co-borrower will be released from all future obligations relating to the debt.
Can be used for past due balances

Learn more on Citizens One

NC Student Assist Loan

Fixed rates of 5.75%
No origination fee
0.25% interest rate reduction for automatic debit of payments from any eligible bank account
Available to undergraduate and graduate students
Deferred payments while in school and for six months after enrollment

Learn more on NC Student Assist

NC Parent Assist Loan

Fixed interest rate – 5.25%
0.25% interest rate reduction for auto-draft of payments
No origination fee
For parents of undergraduate students

Learn more on NC Parent Assist

We invite all lenders who would like to be considered for inclusion on this list to submit a proposal to the Wake Forest Office of Student Financial Aid. All proposals must include: origination fees, range of interest rates, range of Annual Percentage Rates, monthly payments, number of payments, total cost of loan, due date of first payment, and borrower benefits. Disclosure statements must be submitted annually, in order to remain on the list of suggested lenders.