Pell grants are generally reserved for students with high levels of need. Grants range from $600 to $5,550 per year and are available to undergraduates only.
FSEOG grants are for undergraduate students who demonstrate exceptional need. A typical award amount is $600 per year, with recipients of Federal Pell Grants receiving first consideration for these funds.
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 turned down for 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.) There is a fixed interest rate of 4.529% for loans disbursed between July 1, 2019, and June 30, 2020. A 1.062% origination fee is deducted for loans disbursed before October 1, when it changes to 1.059%.
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 awards 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.
The university awards grant funds from a variety of sources to assist students with financial need.
Various donors have established scholarships that include financial need as a component of the award. Amounts of these awards vary up to full tuition. The Office of Student Financial Aid works with the Admissions Office to match students with appropriate scholarships. No additional scholarship application is necessary.
Wake Forest may award institutional private education loans to students with demonstrated need. Loan amounts vary. These loans carry a fix 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 awarded 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.
In addition to need-based aid, there are other financial programs available to assist parents and students in meeting educational expenses.
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 7.079% for loans disbursed between July 1, 2019, and June 30, 2020. A 4.248% origination fee is deducted for loans disbursed before October 1, when it changes to 4.236%. 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.
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.