Next Steps Information

Additional information on next steps and what to expect

  • Accepting/Declining Funds

    Your financial aid for the 2022-2023 academic year may include one or more funds that are offered in a pending status. You must accept or decline these funds by logging in to your Wake Forest University financial aid portal.

    Log into Wake Information Network (WIN)
    Go to Virtual Campus
    Click **NEW Financial Aid Portal**

    The financial aid portal will open to the Home Page. Here you will see your documents and your messages.

    Under Your Documents

    • You will find the Federal Aid Authorization application. Click on Complete it now! To answer the use of Title IV Federal Aid question. You must complete this step to accept your offered student loans.
    • You will find the Information Release (FERPA) form. Click on Complete it now! This form will give your parents/representatives permission to speak to Student Financial Aid on your behalf.

    Use the drop-down menu to navigate to the fourth option Accept Financial Aid. Here you can accept/decline all or part of your offered federal work study eligibility and direct loan eligibility for the 2022-2023 aid year.

    For funds in Pending Status, you may:

    1. Accept the full aid amounts by selecting Accept All.
    2. Choose Decline or Accept for each fund.
    3. Accept a partial amount by entering the amount in each semester amount field and selecting Accept.
    4. If undecided, leave in Pending status to preserve the option to accept later.
    5. When you are finished making your financial aid decision, please click Submit.

    If you wish to decline all or part of a fund in Accepted status, contact the financial aid office.

    If you wish to accept all or part of an fund in Declined status, contact the financial aid office.

    If you are a first-time borrower of a Federal Direct Student Loan, you will need to complete the student loan entrance counseling requirement and sign the Master Promissory Note (MPN) at studentaid.gov.

    Important:  Your loans will not show as a credit on your billing statement until you accept them in your financial aid portal.

  • Complete Entrance Counseling and sign the Master Promissory Note (MPN)

    If you are a first-time borrower of a Federal Direct Student Loan, you will need to complete the student loan entrance counseling requirement and sign the Master Promissory Note (MPN) at studentaid.gov.

    Entrance Counseling

    Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default. To complete entrance counseling:

    1. Go to https://studentaid.gov/entrance-counseling/
    2. Find your student status (undergraduate or graduate) and click “Log In to Start”.
    3. Sign in with your FSA ID (the same credential used to complete the FAFSA).
    4. Complete entrance counseling and submit.

    Master Promissory Note

    The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). To complete the MPN:

    1. Go to https://studentaid.gov/mpn/
    2. Find your student status (undergraduate or graduate) and click “Log In to Start”.
    3. Sign in with your FSA ID (the same credential used to complete the FAFSA).
    4. Sign the MPN and submit.
  • Disbursements

    Student Financial Aid will disburse institutional, federal, and state funds just before the start of the fall/spring/summer semesters. Funds are credited to student accounts electronically. Student records must be complete, enrollment status must be correct, and Direct Loans and/or Federal Work Study must be accepted/declined before funds will disburse to student accounts. Private loan funds are applied to student accounts through electronic fund transfer. If a student chooses a lender that does not offer electronic fund transfers, loan funds are applied to the student account as soon as the loan check arrives in Student Financial Aid. Paper checks may require the endorsement of the student.

  • Direct Deposit

    Wake Forest encourages students to utilize direct deposit. This will provide you with a convenient and secure way to access your funds faster.

    Direct Deposit in 3 Easy Steps:

    Step 1: Sign into WIN/Personal Tab/Employee & Student Payment Inquiry/Direct Deposit Authorization & Maintenance

    Step 2: Enter your banking information under the ‘Accounts Payable Payments (Expense Reimbursements & Student Account Refunds)’ section of the form.

    Step 3: Read the ‘Conditions & Submissions’ section and click on the ‘Submit Direct Deposit Information’ button. You will get a confirmation message that your information has been accepted.  (You must click on submit in order to be enrolled for direct deposit)

    Direct Deposit- Important Additional Information:

    • If you do not enroll in direct deposit, then your student reimbursement and student account refunds will be mailed to your primary residence in the form of a paper check. Student Financial Services does not disburse paper student refund checks from their office in Reynolda Hall. All expense reimbursement and/or student refunds are direct deposited or sent to your primary address in the form of a paper check. If you elect a paper check then your primary address needs to be correct with the appropriate Registrar’s Office.
    • After Student Financial Services’ processes the reimbursement, direct deposits can take up to two business days from the Tuesday or Thursday processing date to be delivered to banking institutions based on individual bank processes.
    • You should verify that your payment has been deposited into your bank account prior to relying on the funds for withdrawal
    • If your banking account information changes, you will need to access WIN and make any necessary changes immediately.
  • Requesting a Refund

    When the credit balance from student financial aid exceeds the charges applied to a student’s account, the student may request a refund of that credit balance to use for their educationally related expenses.

     

    No student refund request is needed if:

    You have a credit balance and have Title IV aid disbursed to your student account for the current semester.

    Title IV Aid consists of the following:

    • Federal Pell Grant
    • Federal Supplemental Educational Opportunity Grant (FSEOG)
    • Federal Direct Loans
    • Federal Parent (Plus) Loans

    Student refund request is needed if:

    • You do not have Title IV aid (see above) for the current semester.
    • You have participated in the Nelnet monthly payment plan (current semester) and have completed all monthly payments which results in a credit balance on your student account because of the last monthly payment.
    • You have a study abroad scholarship disbursed for travel expenses.

    Please find the WFU Student Refund Request form below:

    https://docs.google.com/a/wfu.edu/forms/d/e/1FAIpQLSdq2SynWH9Qr6-3LT1XHKKs3FTGa4Mmqd01gGKAbUh6xVthdw/viewform

Receipt of Aid

  • Aid funds are credited to student accounts near the beginning of each term.

    Unless otherwise noted below, aid funds are credited to student accounts near the beginning of each term. Students with excess funds not needed to pay University charges may request a refund for the surplus amount through the Office of Student Financial Services. Payment is based only upon funds actually applied to the student’s account. Students experiencing delays in the delivery of funds from sources outside the University should contact those sources (i.e., the lenders or donors) directly.

    Wake Forest University provides in a timely manner, credit balances from federal financial aid to students who have completed all application and disbursement requirements. Students receiving a Federal Pell Grant, which when added to other financial aid exceeds University charges, can purchase books within seven days of the start of each semester, using either a student refund or a credit on the Deacon One Card. Students who have received a financial aid eligibility notification, have completed all requirements for the disbursement of funds, and have concerns about the ability to purchase books, should contact Student Financial Services. Students whose financial aid eligibility has not been determined, should contact Student Financial Aid.

Types of Aid

  • Programs students apply for by completing the FAFSA

    Programs students apply for by completing the Free Application for Federal Student Aid (FAFSA)

    Federal Pell Grant

    Pell grants assist undergraduate students with the highest financial need. Amounts vary up to about $6,200 per year.

    Federal Supplemental Educational Opportunity Grant (FSEOG)

    FSEOG grants assist undergraduate students with the highest financial need. A typical amount is $1,400.

    Federal Direct Loan Program

    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 denied 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.)

    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 aid year. Federal Student Aid Interest Rates and Fees provides the latest available interest rates and fees.

    The fixed interest rate for Federal Direct Loans (to undergraduate students) disbursed between July 1, 2021 and June 30, 2022 is 3.73%. A 1.057% federal origination fee is deducted. Learn More

    Federal Work-Study

    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 funds 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.

Requests for Reconsideration (Appeals)

Outside Scholarship Policy

  • Outside scholarships are added to an original financial aid package if possible.

    Outside Scholarship Policy

    Outside scholarships are added to an original financial aid package if possible. In some cases based on federal student aid program rules, outside scholarships reduce need-based student loan and work-study eligibility. In no case may aid exceed the estimated cost of attendance.

    Outside scholarship donors or the student recipient should provide official notification (copy of donor’s congratulatory letter to student, copy of donor’s award certificate to student, donor’s check to student, etc.) of outside scholarship awards to the Office of Student Financial Aid, so that the outside scholarship can be processed appropriately.

    Outside scholarship donors should include on the check the recipient’s name and the term(s) for which the scholarship is intended. Checks should be payable to Wake Forest University (or co-payable to Wake Forest University and the student) and sent to the Office of Student Financial Aid, P.O. Box 7246, Winston-Salem, NC, 27109-7246. Checks delivered by donors to the student should be forwarded to the aid office. If a student has instead previously deposited outside scholarship funds into her/his personal bank account, the student should notify the Office of Student Financial Aid to prevent the expected outside scholarship proceeds from showing as anticipated credit against semester charges on the student’s DEAC account. It is not recommended that students deposit outside scholarship funds into personal bank accounts; doing so may result in the student losing certain tax benefits.

    By submitting, or allowing donors to submit, checks to Wake Forest, a student gives permission for Wake Forest to write the Wake Forest University student identification number on the face of the check. If funds are not received by Wake Forest in a timely manner from an outside scholarship donor, the student becomes responsible for payment of charges previously deferred by the anticipated receipt of funds from the donor.

Veterans Education Benefits

Study Abroad

Other Financing Options

  • To finance major purchases such as houses, cars and higher education, most families spread the costs over time.

    To finance major purchases such as houses, cars and higher education, most families spread the costs over time, by using past savings, drawing on current earnings and/or borrowing against future income. Families considering financing options may wish to investigate the loan programs listed below and at Supplemental Loans from Private Lenders page. The IRS has information regarding possible tax deductions for interest payments made on educational loans.

    Employment Opportunities, both on and off campus, are available on a limited basis to Wake Forest students. Federal funding assists Wake Forest in its job location and development activities for students. Students may earn from $1,500 to $2,000 by working ten to twelve hours weekly during the academic year. Jobs are available in the libraries, in academic departments and in other campus locations, as well as in the city of Winston-Salem. Interested students should check the job postings in the aid office upon arrival on campus. Earnings are paid bi-weekly directly to the student as work is performed and time sheets are submitted.

    Federal Direct Unsubsidized Loans are available to students meeting all Federal Direct Loan program requirements other than demonstrated need. Students must apply for need-based aid before being considered for this unsubsidized loan. Total annual borrowing under combined subsidized and unsubsidized Federal Direct Loans is limited to $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors (up to an aggregate amount of $31,000 as an undergraduate). Independent students and those dependent students whose parents are denied Federal PLUS Loans may increase the unsubsidized loan limits above by $4,000 for their freshman and sophomore years and by $5,000 for subsequent years of undergraduate study (up to an aggregate amount of $57,500). 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 aid year. Federal Student Aid Interest Rates and Fees provides the latest available interest rates and fees. An origination fee of 1.057 percent is deducted from loan proceeds. (The net disbursement amount is approximately 99%.) Interest accrues during the in-school period but payment of interest may be deferred upon request; it is best to pay interest to avoid capitalization, which increases the loan principal. Funds are paid by electronic funds transfer to student accounts. Entrance and exit counseling requirements apply to Federal Direct Unsubsidized Loans as well as to the subsidized loans. As required by law, the University reports borrower information to the National Student Loan Data System (NSLDS).

    Federal Direct PLUS Loans allow credit-worthy parents of a dependent student to borrow up to the cost of education minus any expected aid. Students must apply for federal need-based aid (submit a FAFSA) before their parents can be considered for this loan. Under the Bipartisan Student Loan Certainty Act of 2013, interest rates are determined each June for new loans for the upcoming aid year. Federal Student Aid Interest Rates and Fees provides the latest available interest rates and fees. Loan fees of 4.228% are deducted from loan proceeds. (The net disbursement amount is approximately 96%.) Repayment of principal and interest generally begins immediately and continues over a period of five to ten years, although limited deferments of repayment are sometimes available. Federal PLUS Loans are paid by electronic funds transfer to student accounts. Please visit Types of Aid for more information and application instructions. As required by law, the University reports benefiting students’ information to the National Student Loan Data System (NSLDS).

    Private Supplemental Education Loans are offered by financial institutions and agencies. In most cases, it is advantageous for students to pursue Federal Direct Unsubsidized Loans and for parents to pursue Federal PLUS Loans before seeking alternative loans. Several non-federal education loan programs are listed at Supplemental Loans from Private Vendors.

    A Payment Plan is offered through the Office of Student Financial Services. Families unable to secure financing through other less-expensive options may wish to consider this plan.