Affording a College Education
Providing for college can be among a family’s largest investments.
At Wake Forest, we meet 100% of the demonstrated financial need of eligible admitted undergraduate students, with grants, scholarships, work-study, and subsidized loans.
Information about Scholarships and Federal Student Aid programs can be found below. You can also learn about other financial programs that may be able to assist you.
We have provided an FAQ section below if you have questions or are seeking additional information. If you still can’t find what you’re looking for, please feel free to reach out to us and we’ll be happy to assist you!
Federal Student Aid Programs
You may apply for Federal Student Aid programs by completing the Free Application for Federal Student Aid (FAFSA)™.
Federal Pell Grant
Pell Grants assist undergraduate students with the highest financial need. Grants range from $624 to $6,195 per year.
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 4.99% for loans disbursed after July 1, 2022. 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.
Federal TEACH Grant
Teacher Education Assistance for College and Higher Education (TEACH) Grants require recipients to agree to complete a teaching service obligation as a condition for receiving the grant, and require repayment with interest if the recipient does not complete the service obligation. Wake Forest students at both the bachelor’s and master’s degree level who are pursuing education licensure for secondary school teaching of high-need fields in mathematics, biology, chemistry, physics, or comprehensive science, should contact Student Financial Aid for additional information and counseling.
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 7.54% for loans disbursed between July 1, 2022, and June 30, 2023. A 4.228% origination fee is deducted for loans with a first disbursement occurring between October 1, 2021 and September 30, 2022. 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.
These scholarships are based on academic and extracurricular achievement as well as leadership potential. The four-year scholarships are awarded after national high school competition. The three- and two-year scholarships are awarded after national college and university competition.
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.
Interested students should write to:
Department of Military Science
Box 7599, Reynolda Station
Winston-Salem, NC 27109-7599
Veterans Education Benefits
The U.S. Department of Veterans Affairs (VA) has approved Wake Forest University as an eligible institution at which students may use its Education Benefit Programs.
Wake Forest participates in the Yellow Ribbon Program. Students eligible for the Post 9/11 GI Bill® at the 100% benefit level qualify for Yellow Ribbon. No separate application is required. Active duty service members and their spouses using transferred benefits became eligible for Yellow Ribbon on August 1, 2022.
To get started, you must apply for benefits on the VA’s website. Once the VA makes a decision, they will mail your Certificate of Eligibility (COE) letter to you. Upon receipt, please email a copy of your COE to the VA Certifying Official, Courtney Kim (email@example.com).
Types of Aid
What types of gift aid are available?
Students with financial need under federal methodology may qualify for Federal Pell Grants and Federal Supplemental Educational Opportunity Grants. In addition, Wake Forest offers many need based scholarships from its own funds and gifts provided by individual and corporate donors. The State of North Carolina provides Need-Based Scholarships to certain eligible students whose parents’ primary domicile is in North Carolina.
What types of need-based loans are available?
Subsidized Federal Direct Loans: Undergraduate students with federal eligibility may qualify for Subsidized Federal Direct Loans of up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. 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.
What is the difference between a Subsidized Federal Direct Loan and an Unsubsidized Federal Direct Loan?
Subsidized Federal Direct Loan eligibility is based on financial need according to federal eligibility standards. Interest on this loan does not accrue while the student remains in school. If the total costs of education are not met by other forms of financial aid, any student, regardless of need, can qualify for an Unsubsidized Federal Direct Loan by completing the FAFSA™. Interest on an Unsubsidized Federal Direct Loan accrues while the student attends college.
Do I have to accept all of the loans offered in my aid notification? If I refuse a loan, will it affect the grant portion of my award?
You can choose to reduce the amount of the loan or refuse all of it and still keep the grant portion of your aid package.
What is Federal Work-Study?
As part of their financial aid package, students with federal eligibility may be offered an opportunity to work to earn money to cover educational expenses. Earnings are limited to the amount awarded in the aid package. Typically, Wake Forest students work about ten hours per week with hourly pay rates of $7.25. Earnings are paid directly to the student as the work is performed and are not credited to the student’s account. Students generally use their earnings to cover personal expenses and books.
Where should outside scholarship information be sent?
Outside scholarship donors should include the name and social security number of the intended recipient, as well as the term(s) for which the scholarship is intended, on the face of the check. Checks should be made payable to Wake Forest University (or co-payable to Wake Forest University and the student) and sent to:
Office of Student Financial Aid
P.O. Box 7246
Winston-Salem, NC 27109-7246
How many semesters of financial aid can I receive?
Undergraduate students may receive institutional aid while making satisfactory academic progress and enrolled in coursework required by their academic program.
If I drop to part-time status, will this affect my financial aid?
Students receiving financial aid who are considering enrolling part-time should seek advice from a staff member in the Office of Student Financial Aid. A student enrolled part-time may be able to receive prorated financial aid, including institutional, federal, and state aid programs. Since federal aid is determined on an academic year basis, a student’s part-time spring semester enrollment could potentially also reduce aid eligibility for the previous fall semester.
An undergraduate student may not register for fewer than twelve hours without specific permission from the appropriate dean to register as a part-time student.
Enrollment in fewer than six hours triggers earlier loan repayment period start dates than would otherwise be the case.
Enrollment in fewer than twelve hours may void a student’s health insurance; students should seek advice from their health insurance carrier before enrolling less-than-full-time.
Do I have to maintain a certain grade point average to be eligible for financial aid?
Students are expected to maintain a minimum grade point average based on attempted course hours. Students should refer to the Undergraduate Bulletin or the policy section of the financial aid web site for further details.
Is financial aid available to cover the cost of summer school?
Institutional scholarship aid administered by the Office of Student Financial Aid is not available for summer session classes. Students with remaining Pell Grant or federal loan eligibility may receive these funds for summer enrollment. Limited Work-Study jobs are also available. A separate Application for Summer Financial Aid is required and should be submitted to the Office of Student Financial Aid by mid-April. Parent loans and private alternative student loans are the major forms of aid for summer enrollment. Private alternative student loans must be pre-approved by the lender before being certified by the Office of Student Financial Aid.
If I take a semester off during the school year, is my aid transferable to summer sessions?
Institutional funds are not transferable to summer sessions, but a student may be eligible to receive any unused federal funds. All students applying for summer financial aid must complete the Application for Summer Financial Aid by mid-April.
Is financial aid available to cover study abroad options?
Students who receive need-based aid and are interested in studying abroad should carefully review the university’s study abroad policies.
In general, students who enroll in one of Wake Forest’s study abroad programs are eligible for aid in the same manner as for a semester on the Reynolda campus. There is, however, no additional need-based scholarship funding to cover additional costs of a study abroad program, and aid is not available in advance to pay for deposits or airfare. Students with remaining federal loan eligibility are able to apply for loans to fund additional costs.
Students who elect to attend approved non-Wake Forest study abroad programs will find their aid packages will differ significantly from aid packages for a semester on the Reynolda campus. Students should contact both the Office of Student Financial Aid and the Center for International Studies for more details about required procedures. All students interested in studying abroad are encouraged to begin the application process early.
Financial Aid Applications
Financial aid applications become available October 1. Do not wait until after admittance to apply for financial aid.
If you have any questions or concerns about financial aid options, please reach out to us and one of our financial aid specialists will be happy to assist you!
Contact Info (Undergraduate)
- Monday-Friday, 8:30 a.m.-5 p.m.
For additional contact information, visit our Contact page.