In addition to scholarships, financial aid to help cover the cost of attendance is available in the form of student loans.
Generally, there are two kinds of student loans:
Direct Subsidized Loans are only available to undergraduate students.
Students may borrow federal and/or private student loans up to the cost of attendance minus other aid (Wake Forest institutional and/or outside awards, excluding veteran benefits). You are not required to borrow the full amount offered and should only borrow the amount you need.
The Federal Direct Unsubsidized Loan is available to undergraduate, graduate, and professional degree students and is not need-based. The annual limit for a graduate or professional student is $20,500. Program aggregates are $138,500 including subsidized and unsubsidized loans received for undergraduate study.
More About the Direct Unsubsidized LoanThe Federal Direct Graduate PLUS Loan is a non-need-based loan available to graduate and professional students and requires a credit check. Applicants with an adverse credit history must meet additional requirements to qualify. An eligible student can borrow up to the cost of attendance minus any other aid.
More About the Graduate PLUS LoanThe PSLF Program is available to federal student loan borrowers who are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization. To qualify for PSLF, you must work full-time, have Direct Loans or consolidate other federal student loans into a Direct Loan, and make 120 qualifying payments in an income-drive repayment plan. For more information, visit studentaid.gov.
Private student loans are available through outside lenders to help students pay for educational expenses. Interest rates can vary and are generally based on credit score. Applicants with an excellent credit score and/or a cosigner may be interested.
To see the list of lenders that other students have used in recent years at the School of Law, visit ElmSelect. To learn more about private loans, including information for Wake Forest University’s suggested loan options, visit WFU’s Financial Aid website and contact the Financial Aid Office for additional information.
Students who borrow private student loans should contact their lenders to determine the status of their loans. If you are unsure who services your private loans, you can request your free credit report at AnnualCreditReport.com.
For more information, visit Federal Student Aid for a comparison of federal and private student loans.
For information about all your Direct loans, Federal Family Education Loan (FFEL) Program loans, federal Perkins loans, and federal grants, visit the Department of Education National Student Loan Data System (NSLDS). You will need your Federal Student Aid ID (FSA ID) and password to access NSLDS. NSLDS does not include information about any private loans you may have received.
The University notifies NSLDS of students who are currently enrolled. NSLDS is the national database of information about loans and grants awarded to students under Title IV of the Higher Education Act (HEA) of 1965. NSLDS provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, deferment, delinquency, and closure. Servicers and Guaranty Agencies use NSLDS to verify enrollment for federal student loan borrowers.
Visit NSLDSIn most cases your federal student loans from previous undergraduate or graduate study will be placed into deferment automatically once you are enrolled in an eligible degree program at least half-time. Your loan servicer(s) will notify you once the deferment has been granted. If you enroll at least half-time and you do not automatically receive an in-school deferment, contact the Financial Aid Office.
For private/alternative student loans previously borrowed, you may qualify for a deferment. Contact your lender(s) for more information.
To apply for the federal student loan programs, you must complete the Free Application for Federal Student Aid (FAFSA). U.S. citizens and eligible non-citizens may qualify for federal student aid. Visit the Federal Student Aid website for a list of basic eligibility requirements.
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. The Department of Education will generate a Student Aid Report (SAR) and send the results to you and the schools you have listed on your FAFSA. You will need to renew your FAFSA each year you are enrolled in law school to remain eligible for federal student aid.