To apply for federal financial aid, a student must complete a Free Application for Federal Student Aid (FAFSA). The FAFSA must be completed annually in order to be considered for student loans and work-study. There is no federal grant support for graduate level students based on the FAFSA.
The Graduate School of Arts and Sciences and the School of Divinity have the same Federal Title IV school code: E00429.
To receive financial aid from federal programs, you must meet the following criteria:
- be a U.S. citizen or an eligible non-citizen;
- be registered with Selective Service if you are a man who is at least 18 years old and born after December 31, 1959, unless you are not required to be registered;
- be enrolled at least half-time (4.5 hours) as a “regular student”;
- be working toward a degree or certificate;
- be making satisfactory academic progress;
- not owe a refund on any federal grant or be in default on any federal education loan, or have made satisfactory arrangements to repay any defaulted loans;
- have not borrowed in excess of aggregate loan limits;
- not have been convicted of drug distribution or possession
To receive a federal loan, a student must be accepted or enrolled in a degree or certificate program. Admittance to a graduate program as a “Special Student” does not meet the admissions criteria to qualify for federal financial aid. Continuing students must be in good academic standing and making satisfactory academic progress in order to receive financial aid.
All forms of institutional or private aid will be taken into consideration when determining your eligibility for any federal financial aid. After your award has been calculated, the receipt of other aid may cause a revision in your original award. A student must notify Student Financial Aid if you are receiving aid from any outside sources
Five Steps to Receive a Federal Direct Stafford Loan:
1) File a Free Application for Federal Student Aid (FAFSA). Wake Forest will receive an electronic version of your FAFSA in 3-5 business days and asses your eligibility for federal aid. An electronic award notification will be sent to your WFU email account with detailed instructions on how to accept your aid offered through the Wake Information Network.
2) Complete Federal Entrance Counseling. Students beginning a new graduate program and receiving federal student aid must complete federal loan entrance counseling before a federal student loan can disburse
3) Sign Master Promissory Note. First time Stafford loan borrowers must complete a master promissory note. If you received a Stafford loan as an undergraduate student, a promissory note is valid for 10 years. To ensure you have a valid promissory note, please visit StudentLoans.gov
4) Ensure all Requirements are met. Students can view unsatisfied requirements by accessing their Financial Aid Status under the Virtual Campus section of WIN.
5) Requesting a Refund. If a student accepts a loan in excess of tuition and fees to assist with living expenses, the student will be eligible for a refund. Any questions regarding the processing of a refund should be addressed to Student Financial Services
The Federal Student Aid website has a helpful repayment tool to calculate what your loan repayment will be.
Financial Aid Transcripts: Financial aid transcript information is collected electronically from the National Student Loan Data System (NSLDS) and sent to Wake Forest via the Student Aid Report. If you attend or attended another school after the spring 2003 semester, we may request that your previous school submit a current financial aid transcript to Wake Forest.
Important news: Loss of in-school interest subsidy and repayment benefits begins in 2012-13:
The Budget Control Act of 2011 changed some aspects of student loans for graduate students. These changes WILL NOT affect the amount of loan funding available. However, graduate loan funding will become more expensive. Here are the key provisions affecting future federal graduate loans:
1. The first change is beginning with the 2012-2013 academic year. This will not affect Stafford loans for the upcoming 2011-2012 academic year. Beginning July 1, 2012, all graduate students will lose the interest subsidy on the Subsidized Stafford loan. The graduate Stafford loan program will become entirely unsubsidized, which means the loan will accrue interest while a student is in school. The maximum amount a student can borrow will remain at $20,500 per academic year.
2. The second change is the loss of the “origination fee rebate” on federal Stafford and Grad PLUS loans. Currently, there is a 1% origination fee on a Stafford and a 4% fee on a Graduate PLUS loan, but a portion of the fee, .5% for a Stafford and 1.5% for a Grad PLUS, is rebated at the time of disbursement. Beginning July 1, 2012, the full fee will be charged.
3. The last change is the loss of the .25% interest rate reduction if you pay your loans electronically while in repayment.
Please note these changes will go into effect for loans borrowed for the 2012-13 academic year beginning July 1, 2012. You may also be interested in using a federal loan repayment calculator to better understand your total loan amounts and repayment options.
Federal Student Loan Ombudsman
The Ombudsman Group is dedicated to helping resolve disputes related to Direct Loans, Federal Family Education Loans (FFEL), Program loans, Guaranteed Student Loans, and Perkins Loans. If you’re in a dispute about your federal student loan, contact the Federal Student Aid Ombudsman Group as a last resort.
Via on-line assistance: http//studentaid.gov/repay-loans/disputes/prepare
|Via mail:||FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633