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Financial Aid

To apply for federally sponsored loan programs, you must complete the Free Application for Federal Student Aid (FAFSA).

Procedures to apply for aid

  1. Complete the Free Application for Federal Student Aid (FAFSA). When your previous year tax returns are complete, fill out the FAFSA online. In order for Wake Forest Law to receive your FAFSA results, you must include our school code E00514.
    • The Department of Education will generate a Student Aid Report (SAR) and send the results to you and the law schools you have listed on your FAFSA. You’ll also receive a pin number to make corrections online and to complete your renewal FAFSA each year you are enrolled in law school.
  2. Once you are accepted, the Cost of Attendance (COA) is finalized, and we have received your FAFSA results, we’ll send an email detailing your eligibility.
    • All applicants are eligible for federal student loans up to the cost of attendance minus law school and outside scholarships or other financial aid.
  3. The University uses the William D. Ford Federal Direct Loan Program to originate all new federally guaranteed loans for students on the Reynolda Campus.   Information about the Direct Loan Program can be found at studentloans.gov

Loans

Generally, there are three kinds of student loans: publicly supported loans, such as the Stafford and the Grad PLUS, and private educational loans.

Direct Subsidized Loans and Perkins loans are available only to undergraduate students who have financial need

Unsubsidized Stafford Loan

Unsubsidized Loans are available to graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.  The maximum annual limit is $20,500.  Program aggregates are $138,500.  No more than $65,500 of this amount may be in subsidized loans; the graduate debt limit includes loans received for undergraduate study. Learn more »

Eligibility Requirements

A completed FAFSA is required.

Interest Rates

As of July 1, 2013 Federal Direct Loan unsubsidized interest rates are variable/fixed at 5.41% for the life of the loan.  However, future loan interest rates will vary based on the  10-year Treasury note” auctioned at the final auction held prior to the June 1 preceding the July 1 of the year for which the rate will be effective.

Interest Payments

The interest accrues on the loan from the time the loan is disbursed until it’s paid in full.  You can:

  • Pay the interest while you’re in school and during deferment or forbearance periods.  To pay the interest while you are in school, please contact the servicer of your loan(s).
  • Or, you can allow the interest to accrue and have the interest added to the principal amount of your loan at repayment.  This will increase the total amount that you have to repay because you will be charged interest on a higher principal amount.

Origination Fee: 1.072%

An origination fee,  is a payment associated with the establishment of an account with a bank, broker or the Department of Education providing services handling the processing associated with taking out a loan.  The fee will be proportionately deducted from each loan disbursement.

Repayment

Repayment begins six months after graduation or after your status drops to less than half time.  You have up to 10 years to repay and there is a minimum monthly payment of $50.  There is no penalty for prepayment.  Extended repayment, loan consolidation, deferment, and forbearance options are available.

For additional information, or to apply, go to www.studentloans.gov.

Grad PLUS

Graduate and professional students have another option for funding their higher education:  The Federal Graduate PLUS loan is guaranteed by the federal government.  An eligible student can borrow up to the cost of attendance minus any other aid.  Learn more »

Eligibility Requirements

A completed FAFSA is required. www.fafsa.ed.gov.

To qualify, your credit report cannot reflect any of the following adverse items:

  • 90 or more days late on a debit
  • Default on a debt during the past 5 years.
  • Debts have not been discharged due to bankruptcy during the past 5 years.
  • Has not been the subject of foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt during the past 5 years.

Request your free annual credit report. Its QUICK, EASY and SECURE at www.annualcreditreport.com. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. AnnualCreditReport.com is the official site to help consumers to obtain their free credit report.

  • We suggest checking with a different consumer credit reporting company evey four months. For example, request a report from Equifax in January, request a report from Experian in May, and a report from TransUnion in September (each request is free). FICA (credit) score is not included. An additional charge is required to receive your FICA score.

Interest Rate

As of July 1, 2013 Federal Direct Loan Grad Plus interest rates are variable/fixed at 6.41% for the life of the loan.  However, future loan interest rates will vary based on the “10-year Treasury note” auctioned at the final auction held prior to the June 1 preceding the July 1 of the year for which the rate will be effective.

Origination Fee: 4.288%

An origination fee,  is a payment associated with the establishment of an account with a bank, broker or the Department of Education providing services handling the processing associated with taking out a loan.  The fee will be proportionately deducted from each loan disbursement.

Repayment

Your Direct PLUS Loan enters repayment once your loan is fully disbursed (paid out).

However, if you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.

For additional information or to apply go to www.studentloans.gov.

Repayment after graduation: Learn about how, when, and to whom you make your federal loan payments.

Private/alternative loans

Interest rates can vary – mostly based on FICA score

Applicants with excellent credit scores and/or a cosigner may be interested

Contact FAO for additional information

The National Student Loan Data System (NSLDS )

www.nslds.ed.gov

For information about all of your Direct Loans, Federal Family Education Loan (FFEL ) Program Loans, Federal Perkins Loans, and federal grants, visit the Department’s National Student Loan Data System (NSLDS). You will need your Federal Student Aid PIN to access NSLDS.  NSLDS does not include information about any private loans you may have received.