Information for Undergraduate Aid Recipients

Know Your Responsibilities

Wake Forest expects aid recipients to fulfill responsibilities related to their aid. Please review the responsibilities listed below and contact Student Financial Aid with any questions.

• Apply for aid each year
• Gain financial aid knowledge and understanding
• Hold onto copies of your aid application
• Enroll full-time and in-person
• Use aid only for your educational expenses
• Notify us of any external assistance
• Notify us of any family financial changes
• Confirming and correcting FAFSA^® data
• Specific aid items have terms and conditions
• Maintain satisfactory academic progress
• Wake Forest discloses students’ directory information to scholarship donors
• Renewal is not automatic and eligibility can change
• Summer aid is limited
• Withdrawing during a semester affects aid eligibility
• Some aid may be taxable

Additional topics:

• Determining eligibility for need-based aid programs
• Receipt of aid
• Types of aid
• Requests for reconsideration (Appeals)
• External Scholarship Policy
• Study abroad
• Financing options

Apply for aid each year

Apply for aid each year by submitting required documents in a complete, accurate, clear and timely manner. The Free Application for Federal Student Aid (FAFSA)^® provides consideration for federal student aid programs.

Wake Forest’s FAFSA code is 002978.

The College Board Profile application provides consideration for Wake Forest need-based aid programs. Wake Forest’s Profile code is 5885. For returning students, the FAFSA^® and Profile should be submitted by February 1. Supporting documents should be submitted by March 1. Respond quickly to email messages, telephone calls, and letters from the aid office.

Students should check their WFU-issued email accounts daily and know how to access their financial aid records in WIN (see instructions at Helpful Resources). Aid eligibility notifications and all other notices and disclosures are made electronically. Students may request to opt out of electronic notifications by contacting Student Financial Aid. Students choosing to receive paper notifications will receive notifications at their permanent residence address of record.

Students may visit Student Financial Aid to request a copy of their Student Aid History report.

Gain financial aid knowledge and understanding

Find answers about financial aid on the financial aid website, in the Undergraduate Bulletin, and in other provided documents.

Hold onto copies of your aid application

Make sure you keep copies of all aid applications and documents.

Enroll full-time and in-person

Understand that eligibility is based upon full-time enrollment in an undergraduate degree program at Wake Forest, and in-person on campus learning mode (unless indicated otherwise). Notify the aid office of any such changes in your enrollment. Reduced need-based scholarships and grants eligibility is available in some cases for students not enrolled full-time. Because need-based scholarships and grants eligibility is reduced for part-time enrollment, it is unlikely that students who receive a significant amount of need-based scholarships for full-time enrollment will decrease their out-of-pocket payment amount by enrolling part-time.

Full-time enrollment, for purposes of financial aid, is a minimum of twelve hours each semester through the last day to drop second-part-of-term 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).

In addition, for purposes of federal aid programs (and most state aid programs), once a student has satisfied the courses required by his or her program of study, any additional courses in which the student enrolls are not considered part of the student’s program of study, and cannot be included when determining the student’s enrollment status or cost of attendance.

Eligibility for federal aid programs (and most state aid programs) is subject to a review of actual course registration.

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).

Use aid only for your educational expenses

Understand and agree that aid can be used only to pay for costs of attendance at Wake Forest and not for any other purpose (including support of family members or others, activities or goods or services that are not related to college enrollment, etc.). A student who determines that he or she has received aid in excess of the amount needed for college enrollment should contact the Office of Student Financial Aid.

Notify us of any external assistance

Notify our office in writing if external assistance is received, including scholarships, grants and educational benefits. Aid must be adjusted if additional resources reduce demonstrated need and/or federal eligibility. For more information, visit the External Scholarships section.

Notify us of any family financial changes

Make sure to notify our office in writing if your family’s financial situation changes.

Confirming and correcting FAFSA^® data

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

Specific aid items have terms and conditions

Make sure you understand and comply with the terms and conditions of specific aid items, including completion of entrance and exit counseling for federal student loan programs.

Maintain satisfactory academic progress

Maintain Satisfactory Academic Progress for aid eligibility; the full policy is available in our Satisfactory Academic Progress for Financial Aid Eligibility section and is available, upon request, from our office.

Aid determinations 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.

Wake Forest discloses students’ directory information to scholarship donors

Recipients of university scholarships, by accepting the scholarships, 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. To balance overspent scholarship accounts and fully utilize all available sources of funding during an academic year, the financial aid committee may shift sources of a student’s scholarship and/or grant funding.

Renewal is not automatic and eligibility can change

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.

Summer aid is limited

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.

Withdrawing during a semester affects aid eligibility

Students who begin a semester but later withdraw (or begin continuous enrollment status) 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, on this site, and are available upon request from the aid office.

Some aid may be taxable

Scholarship and grant assistance in excess of tuition, fees, and related expenses may be considered taxable income. More information may be found in IRS Publication 970 or consult with your tax professional. Foreign nationals may be subject to 14% federal tax withholding on the amount in excess of qualified tuition and related fees/expenses. DACA (Deferred Action for Childhood Arrivals) and undocumented students should submit their information to the Wake Forest Tax Department at tax@wfu.edu. Any information provided by DACA or undocumented students is used solely to determine tax status. 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. Please note – This is not to be considered tax advice. If you have questions please consult a tax professional