Other Financing Options

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 up to $2,000 by working 10-12 hours weekly during the academic year.

Interested students should reach out to Lauren Trethaway at with additional questions. Earnings are paid bi-weekly directly to the student as work is performed and time sheets are submitted in Workday.

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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 award year. StudentLoans.gov provides the latest available interest rates and fees. An origination fee of 1.073 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).

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Federal Direct PLUS Loans

Federal Direct PLUS Loans allow credit-worthy parents of dependent undergraduate students to borrow to assist in financing their student’s education. Students must apply for federal student aid (submit a FAFSA^®) each academic year before a parent can be considered for a Federal PLUS Loan. Federal PLUS Loans are based on a parent borrower’s credit history rather than on financial need. There is a fixed interest rate of 8.94% for the life of the loan, for loans disbursed between July 1, 2025, and June 30, 2026. A 4.228% origination fee is deducted for loans with a first disbursement occurring before September 30, 2026. (The net disbursement amount is approximately 96%.) Federal Student Aid Interest Rates and Fees provides the latest available interest rates and fees. Repayment of principal and interest generally begins 60 days after final disbursement of the loan 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 a benefiting student’s account at the University. As required by law, the University reports benefiting students’ enrollment information to the National Student Loan Data System (NSLDS).

Considerations

Before choosing to borrow a Federal PLUS Loan, a parent should fully understand all terms and conditions, not assume that the Federal PLUS Loan is the most favorable option, and compare the Federal PLUS Loan with non-federal education parent loan options (such as those offered by financial institutions such as banks and credit unions, and by many states’ higher education agencies (e.g.: for NC https://www.ncseaa.edu/programs-2/), as well as other possible financing options including home equity financing (available for education expenses in most states). See https://studentaid.gov/understand-aid/types/loans/plus for Federal PLUS Loan information. Notably, Federal PLUS Loans differ from non-federal education loans in several ways, including the following:

• For a student who withdraws during a term (due to illness, for example), Federal PLUS Loan proceeds are included in the Return of Title IV Funds calculation, which often requires the school to return a portion of the parent’s Federal PLUS Loan proceeds to the government, and therefore results in an unexpected new unpaid balance due from the parent to the school.

• Federal PLUS loans are generally not dischargeable in bankruptcy. Instead, they require borrowers to prove “undue hardship” through a difficult separate lawsuit called an adversary proceeding.

• Non-federal parent education loans may feature more diverse and flexible options such as no up-front fees (borrowed amount equals disbursed amount), various fixed and variable interest rate options, loan repayment incentives and rebates, more repayment options, and a better overall (and in some cases more local) loan servicing experience. Some non-federal parent education loan providers may offer pre-approval for a multi-academic-years total loan amount, so that year-to-year approval is not required for each academic year’s loan.

Changes

Several features of the Federal PLUS Loan are changing July 1, 2026.

Prior to July 1, 2026

• Federal PLUS Loans allow creditworthy parents of dependent undergraduate students to borrow up to the cost of attendance minus any other financial aid received.

Starting July 1, 2026

• All Federal PLUS Loan borrowers who borrow on or after July 1, 2026 no longer have access to the Income-Contingent Repayment Plan, nor Public Service Loan Forgiveness, for any of their loans (past, current, and future). Instead, all of their loans will change either to the Tiered Standard Plan or the new Repayment Assistance Plan. As a result, payment amounts might increase significantly in some cases. None of their loans will remain eligible for Public Service Loan Forgiveness, regardless of the number of previous payments made that would have otherwise counted toward this program.

•New Federal PLUS Loan borrowers starting July 1, 2026 have a $20,000 annual academic year borrowing limit per dependent undergraduate student and a $65,000 aggregate borrowing limit per dependent undergraduate student for the Federal PLUS Loan. Parents who have borrowed a Federal PLUS Loan before July 1, 2026 (or whose student has borrowed a Federal Direct Student Loan before July 1, 2026) can continue borrowing under the old loan limits (cost of attendance minus any other financial aid received) as long as the student is continuously enrolled for fall and spring semesters, for up to three more academic years or until the benefitting student finishes their academic program, whichever comes first. Important: Parents who are considered to be new borrowers should plan Federal PLUS Loan annual borrowing amounts with consideration of the $65,000 aggregate borrowing limit per dependent undergraduate student (for example, borrowing a maximum of $16,250 per academic year for four years, so that the $65,000 aggregate borrowing limit per dependent undergraduate student is not reached prior to the student’s degree completion) and with consideration of a combination of financing options for each academic year.

Please visit Types of Aid for more information and application instructions.

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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.

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.