Financial aid awards are for one academic year only. A new financial application and other required forms must be submitted each year. A separate application may be required for summer school assistance and is usually available by March 1.
Students must be enrolled at least half-time in a degree seeking program to receive Federal Stafford Loans. Full time at the graduate level is 9 hours, half time is 4.5 hours.
If you drop below half time, you may no longer be eligible to defer repayment on loan/s borrowed for prior periods of enrollment. To receive any 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. Renewal students must be in good academic standing and making satisfactory academic progress in order to receive financial aid.
Satisfactory Academic Progress
Federal regulations require that schools monitor the academic progress of each applicant who applies for and/or receives federal aid. Students must be making Satisfactory Academic Progress (SAP) towards their academic objective in order to maintain their eligibility for financial aid. This federal regulation is to ensure students receiving federal aid will meet the minimum GPA requirement as determined by their department to receive their degree. The GPA required for graduation may differ from the minimum GPA allowed for continuation in the Graduate School of Arts and Sciences. For detailed information on Wake Forest University’s SAP policy, please download or view the applicable PDF below:
The federal government requires schools to verify certain financial information of aid applicants who are selected for review and verification on the basis of certain prescribed computer edit checks. If your application is selected for verification, you must verify that the information you reported is correct. Therefore, it is important that you keep copies of your financial records, including your and/or your spouse’s U.S. income tax returns (from the previous year), records of benefits received from the Social Security Administration (Form SSA-1099), Department of Veteran Affairs, and other agencies. We may also ask you to complete a Federal Verification Worksheet. If we request documentation, you must submit it promptly, as we cannot disburse any financial aid funds until the verification process has been completed.
Any substantive changes in a student’s financial situation should be reported immediately in writing to the Office of Student Financial Aid. Examples of such changes are a significant decrease in income, unusual medical expenses, or a change in marital status. If warranted and carefully documented, adjustments may be made to the expected family contribution, cost of attendance, and satisfactory academic progress.
Any recipient of additional aid from any source which is not included in his/her financial aid award letter (North Carolina Baptist Association, private church funding, outside scholarships, etc.) is required to notify the Office of Student Financial Aid. The receipt of additional aid may result in a reduction of any need-based award if total resources exceed computed financial need (except for unsubsidized loans, in which case, all sources of financial aid may not exceed the Cost of Attendance).
Rights and Responsibilities
You have the right to know:
- The cost of attendance
- The refund policy for students who withdraw
- What financial assistance is available from federal, state, and institutional sources
- Procedures and deadlines for submitting applications for financial aid
- How financial aid recipients are selected
- How your eligibility was determined, including all resources the aid office considered available to you
- An explanation of each type of award you receive and how and when funds will be disbursed to you
- For any student loan you receive: the interest rate, total amount you must repay, when your repayment begins, the length of your repayment period, and the cancellation or deferment provisions of your loan
- For any Federal Work-Study job, a description of the job, the hours you must work, the rate of pay, and how and when you will be paid
- The satisfactory academic progress policy
- How to appeal a decision by the Office of Student Financial Aid concerning your aid award
- Campus crime statistics (See Annual Crime and Fire Reports)
It is your responsibility to:
- Read directions thoroughly, complete all application forms accurately, and to comply with all deadlines
- Provide any supplemental information or documentation required by the Office of Student Financial Aid (or other agency if applicable)
- Read, understand, and keep copies of any forms you are required to sign
- Repay any student loans you may receive
- Complete an entrance interview and an exit interview if you receive federal, state, or other loans while in attendance at Wake Forest University
- Notify the Office of Student Financial Aid of any change in your enrollment status or financial status (including any scholarships or grants received from outside sources)
- Changes of address and enrollment status must also be reported to your lender, if you have a loan
- Satisfactorily perform the work agreed upon in a Federal Work-Study job
- Know and comply with all requirements for continuation of financial aid, including satisfactory academic progress requirements