After You’ve Applied for Aid

Logging in:

The financial aid portal will open on the homepage. You will see your documents and your messages.

Your documents:

• Look for 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 have the following options:

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 a 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.

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 are for repayment, and how to avoid delinquency and default.

To complete entrance counseling:

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:

Direct deposit in 3 easy steps:

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.

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.

Families considering financing options may wish to investigate the loan programs listed below and within our Supplemental Loans from Private Lenders section. The IRS has information regarding possible tax deductions for interest payments made on educational loans.

Employment opportunities

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 our libraries, academic departments, and at 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

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 first and second 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

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.

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

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.

Payment plans

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.