Pell Grants assist undergraduate students with the highest financial need. Grants range from $624 to $6,195 per year.
Federal Student Aid programs
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG grants assist undergraduate students with the highest financial need. A typical annual amount is $1,400.
Federal Direct Loans
For undergraduate students, the Federal Direct Loan interest rate is 2.75% for loans disbursed before July 1, 2021. A 1.057% origination fee is deducted for loans with a first disbursement occurring before October 1, 2021. Federal Student Aid Interest Rates and Fees provides the latest available interest rates and fees.
Annual borrowing maximums are based on credit hours earned: $5,500 (0-24.9 hours), $6,500 (25-54.9 hours), $7,500 (55 or more hours). Of these amounts, a portion (up to $3,500 (0-24.9 hours), $4,500 (25-54.9 hours), $5,500 (55 or more hours)) may be Subsidized (no interest accrues, and no repayment required while enrolled), based on FAFSA results of eligibility for need-based aid programs. Interest on an Unsubsidized loan is charged from the time the loan is disbursed until it is paid in full, and repayment begins while enrolled.
An undergraduate student whose parent cannot borrow a Federal PLUS Loan for credit reasons, may borrow additional Federal Direct Unsubsidized Loan amounts (up to $4,000 for students with credit hours earned less than 55, and up to $5,000 for other students).
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 students biweekly as work is performed, and therefore offered amounts cannot be subtracted from semester charges.
Wake Forest Need-Based Aid programs
Wake Forest Need-Based Scholarships
Wake Forest Need-Based Scholarships are made possible by the many annual donors to the Wake Forest Fund for Student Aid.
Wake Forest Endowed Need-Based Scholarships
Generous donors have established named scholarships that include financial need as an eligibility criterion. No additional scholarship application is necessary.
Wake Forest Private Education Loans
Wake Forest may offer institutional private education loans to students with demonstrated need. Loan amounts vary. These loans carry a fixed interest rate of 5%. The loan programs include the James W. Denmark Loan, the Hutchins Student Loan, and the Wallace Loan. These need-based loans are offered at the discretion of financial aid staff. Loan information is emailed to students upon acceptance of the loan. Promissory notes are mailed to students before the beginning of the fall semester.
Other financial programs
In addition to need-based aid, there are other financial programs available to assist parents and students in meeting educational expenses.
Federal Parent (PLUS) Loans
Federal PLUS Loans allow creditworthy parents of dependent undergraduate students to borrow up to the cost of attendance minus any other financial aid received. These loans are based a borrower’s credit history rather than financial need. There is a fixed interest rate of 5.30% for loans disbursed between July 1, 2020, and June 30, 2021. A 4.228% origination fee is deducted for loans with a first disbursement occurring between October 1, 2020 and September 30, 2021. Repayment begins 60 days after final disbursement of the loan.
A number of major lenders offer student and parent loans to qualified borrowers. Families are encouraged to carefully review and consider the terms of any private loans prior to applying.
Many local, regional, and national organizations sponsor scholarship programs and competitions. Check with your high school, church, civic groups, service clubs, credit unions, employers, and local businesses. There are many free financial aid scholarship searches on the Internet. Beware of any company that charges a fee for scholarship searches. From our experience, much of the scholarship information provided by these companies is readily available to the public.
Wake Forest currently accepts payments through FACTS Tuition Management. FACTS is a payment plan that provides families with the option to budget tuition and other educational expenses each semester.
Student Employment Opportunities
For students who are not eligible for Federal Work-Study, the Office of Student Financial Aid maintains and posts a current listing of employment opportunities on campus and in the community. Students are also encouraged to earn money for the school year through summer employment.
The Army ROTC Scholarship pays up to full tuition and required fees. The Army may also provide a monthly stipend. Wake Forest University may provide a room and board allowance and/or a leadership incentive grant. More information is available from the Department of Military Science.