Affording College
Providing for postsecondary education is often among a family’s largest investments.
Wake Forest meets 100% of the demonstrated financial need of eligible undergraduate students, with grants, scholarships, work-study, and subsidized loans.
See the FAQ section below and contact us with any questions. We are happy to assist!
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 within the lowest range of FAFSA® Student Aid Index (SAI) results.
Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOGs assist undergraduate students within the lowest range of FAFSA® Student Aid Index (SAI) results.
Federal Direct Loans
For undergraduate students, the Federal Direct Loan interest rate is 6.39% for loans disbursed after July 1, 2025. A 1.057% origination fee is deducted for loans with a first disbursement occurring before October 1, 2026. 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. Beginning with the 2026-27 academic year, annual borrowing maximums are prorated based on less-than-full-time enrollment. 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).
Federal Work-Study
Undergraduate students with federal need may be eligible to earn up to $2,000 per academic year in either on-campus or off-campus employment. Wages vary by employer. Placements are made on a first-come, first-served basis. Earnings are paid directly to students biweekly as work is performed, and therefore offered amounts cannot be subtracted from semester charges. To see if you have been awarded Federal Work-Study visit one.wfu.edu. Make sure to sign into your account, then go to Categories > Financial > Financial Aid portal.
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 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 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.
Supplemental Loans
Many private 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.
External Scholarships
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.
State-Based Grant and Scholarships
Students should contact their home state’s education agency to find out about available scholarships and grants from their home state.
Payment Plans
Wake Forest accepts payments through Nelnet Business Solutions, a monthly payment plan for each semester’s charges.
Student Employment Opportunities
For students who are not eligible for Federal Work-Study, the Office of Student Financial Aid maintains a listing of employment opportunities on campus and in the community. Students are also encouraged to earn money for the school year through summer employment.
ROTC
ROTC scholarships are based on academic and extracurricular achievement and 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 scholarship to assist undergraduate recipients with some housing and/or meal expenses.
To Apply
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, it will mail your Certificate of Eligibility (COE) letter to you. Upon receipt, please email a copy of your COE to vabenefits@wfu.edu.
FAQs
Types of Aid
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.
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.
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.
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.
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 $10.00. 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.
External (outside) scholarship donors should include the name and Wake Forest student ID 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
PO Box 7246
Winston-Salem, NC 27109-7246
Academic Eligibility
Undergraduate students may receive institutional aid while making satisfactory academic progress and enrolled in coursework required by their academic program.
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.
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.
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.
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.
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 or who elect to attend an approved non-Wake Forest study abroad program 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.
Financial Aid Applications
Financial aid applications become available October 1. Do not wait until after admittance to apply for financial aid.
Loan Fee Calculator
The Federal Loan Calculator tells you how much money you will receive from your student loan or help you to determine the amount you may need to accept.
Questions?
Please reach out if you have any questions. We are happy to assist you!
Contact Info (Undergraduate)
- Monday-Friday, 8:30 a.m.-5 p.m.
- 336.758.5154
- finaid@wfu.edu
For additional contact information, visit our Contact page.