Federal Perkins Loans: Loans of up to $4,000 per year are offered to students who demonstrate need under federal eligibility. Perkins Loans currently have an interest rate of 5%. There are no origination or insurance fees, and no interest accrues during enrollment or in periods of deferment. Repayment starts nine months after graduation or when a student withdraws from school and continues for up to ten years. (This program will not be available after 2017-18.)
Subsidized Federal Direct Loans: Undergraduate students with federal eligibility may also qualify for Subsidized Federal Direct Loans of up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. New loans disbursed between July 1, 2017, and June 30, 2018, have a fixed interest rate of 4.45%. The federal government pays the interest during enrollment and periods of deferment. Repayment begins six months after graduation or withdrawal from school and continues for up to ten years. (Federal Direct 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. Interest will accrue during the grace period and will be capitalized if unpaid by the borrower.)
Institutional Loans: Wake Forest also offers a number of need-based loans that are awarded at the discretion of the Office of Student Financial Aid. Annual awards range up to $4,000 and have a fixed interest rate of 5%, with terms similar to the Federal Perkins Loan.
Discover Undergraduate Loans for Wake Forest Students: A Discover Undergraduate Loan may be recommended by the Wake Forest University Office of Student Financial Aid to help fund the documented need of some students. If the loan is approved by the lender (Discover), the in-school interest will be paid by Wake Forest. Discover Student Loans will bill Wake Forest for the interest due, while the student is enrolled at least half-time as an undergraduate degree candidate at Wake Forest.