Student Loans

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:

  • Federal loan programs, including the Direct Unsubsidized Loan and Graduate PLUS Loan
  • Private educational 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.

Federal Loan Programs

Direct Unsubsidized Loan

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 Loan
Eligibility Requirements

A completed FAFSA demonstrating eligibility for federal student aid is required and you must be enrolled at least half-time in a program leading to a graduate or professional degree. Prior to loan disbursement, the Master Promissory Note (MPN) for the unsubsidized loan and Entrance Counseling must be completed for first-year students.

Interest Rates

As of July 1, 2020, the Federal Direct Unsubsidized Loan interest rate for graduate/professional borrowers is fixed at 4.30% for the life of the loan for loans disbursed between July 1, 2020 and June 30, 2021.

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 the interest will be added to the principal amount of your loan. This will increase the total amount that you must repay because you will be charged interest on a higher principal amount.

Origination Fee

For loans first disbursed after October 1, 2019, the origination fee is 1.059%.

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 six months after you cease to be enrolled at least half-time. Each loan borrowed has only one six-month grace period. There is no penalty for prepayment. Extended repayment, loan consolidation, deferment, and forbearance options are available.

For additional information visit Federal Student Aid.

Graduate PLUS Loan

The 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 Loan
Eligibility Requirements

A completed FAFSA demonstrating eligibility for federal student aid is required and you must be enrolled at least half-time in a program leading to a graduate or professional degree. The Master Promissory Note (MPN) for the Graduate PLUS Loan must be completed prior to loan disbursement. This MPN is separate from the Unsubsidized Loan MPN. Entrance Counseling completed for the Unsubsidized Loan will satisfy the entrance counseling requirement for the Graduate PLUS Loan.

A credit check is required. Borrowers with an adverse credit history must meet additional requirements to qualify. For more information, visit Federal Student Aid.

Interest Rate

As of July 1, 2020, Federal Direct PLUS Loan interest rates are fixed at 5.30% for the life of the loan for loans disbursed between July 1, 2020 and June 30, 2021.

Origination Fee

For loans first disbursed after October 1, 2019, the origination fee is 4.236%.

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 of the Graduate PLUS Loan begins once the loan is fully disbursed but your loan servicer should apply an automatic deferment so that you are not required to make payments on your Loan until six months after graduation or six months after you cease to be enrolled at least half-time. There is no penalty for prepayment. Extended repayment, loan consolidation, deferment, and forbearance options are available. For additional information, visit Federal Student Aid.

Public Service Loan Forgiveness (PSLF)

The 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/Alternative Educational Loans

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.

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For more information, visit Federal Student Aid for a comparison of federal and private student loans.

The National Student Loan Data System (NSLDS)

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 NSLDS

Loan Deferment

In 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.

FAFSA Requirement

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.

Procedures to Apply

  1. Complete the FAFSA.
  2. It is important that you use your official tax return (two previous years) to complete the FAFSA. Please contact the law school Financial Aid Office if you have questions regarding the FAFSA.
    For Wake Forest Law to receive your FAFSA results, you must include the law school’s Federal Title IV Code E00514. 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.
  3. Once you are admitted to the law school and we have received your FAFSA, we will send an email detailing your eligibility.
  4. Accept/Decline your loan offer in WIN. You may accept the full amount offered or a partial amount.
  5. Prior to loan disbursement, Entrance Counseling and the Master Promissory Note(s) must be completed. Visit the Federal Student Aid website to complete.