Paying for School
Financial Aid for Your Online Master’s in Business
Earning your graduate business degree is a significant investment in your personal and professional development. We are dedicated to helping you achieve your educational goals by connecting you to resources such as governmental and private loan programs.
What Are the Types of Federal and Private Funding?
Federal Direct Unsubsidized Loans
Federal Direct Unsubsidized Loans are guaranteed government loans available to all U.S. citizens and legal residents. A completed Free Application for Federal Student Aid (FAFSA) form is required to determine eligibility. See studentaid.ed.gov for additional information, including current interest rates and origination fees.
Federal Direct Graduate PLUS Loans
Graduate and professional students have an additional, affordable option for funding their education with the Graduate PLUS Loan, which is guaranteed by the federal government and has a fixed interest rate. An eligible student can borrow up to the cost of attendance minus any other aid received. A completed FAFSA is required to determine eligibility. See studentaid.gov for information.
Private Educational Loans
Private loans are another form of financial assistance for your business master’s degree. It is usually advantageous for students to pursue Federal Direct Unsubsidized Loans and Federal Direct Graduate PLUS Loans before seeking private loans. Visit www.elmselect.com to view the list of available lenders (if you wish to use another lender that is not on this list, you have the right to do so.)
Wake Forest School Code
When completing the FAFSA, use school code E00515 for WFU School of Business.
We are here to assist you throughout this process. For help or guidance, please contact us:
Also be sure to check out the FAQs section below.
Wake Forest University is a partner in the Yellow Ribbon Program, sponsored by the United States Department of Veterans Affairs (VA). Eligibility for veterans benefits is assessed by the VA. We advise students to visit the VA website or their local VA office to begin the process for obtaining a Certificate of Eligibility (COE). This COE must be shared with the Financial Aid Office staff so funds can be requested on your behalf. For more information, visit benefits.va.gov/gibill/.
Financial Aid and FAFSA Process
Step 1: Complete your FAFSA at studentaid.gov/h/apply-for-aid/fafsa after making your enrollment deposit.
Step 2: Receive financial aid award notice to your WFU email account.
Step 3: Accept/adjust/decline your financial aid through the Wake Information Network (WIN) at win.wfu.edu.
Step 4: Check the billing due date schedule posted at finance.wfu.edu/sfs/billing.
Step 5: Sign up for Direct Deposit through the Deacon Electronic Account Center (DEAC) to receive any refunds. Refunds are processed 3–5 business days after a credit appears on a student’s account.
Note: Financial aid is applied to a student’s account 10 days before the start of each semester.
Frequently Asked Questions
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is the application that the Department of Education uses to determine if a student is eligible to receive federal student aid to fund their undergraduate and graduate programs.
Do students need their parents’ tax information to complete the FAFSA even if they are living on their own?
Students applying to graduate school do not need their parents’ information to complete the FAFSA.
When can I begin the student loan application process?
Students can begin the process at any time after October 1 by completing the FAFSA online at studentaid.gov/
h/ apply- for- aid/fafsa. When completing the FAFSA, use school code E00515 for WFU School of Business.
Do students need to fill out the FAFSA each year?
Yes. Because eligibility for federal student aid does not carry over from one award year to the next, students will need to fill out the FAFSA for each award year in which they are or plan to be a student.
Are Federal Unsubsidized Direct Loans guaranteed for all students?
All U.S. citizens and permanent residents are eligible for Direct Loan funding. Graduate/professional students must be enrolled at least half-time (4.5 credit hours) in order to be eligible for Federal Direct Loan funding.
Am I eligible for financial aid if I am an international student (students who are neither U.S. citizens nor eligible non-citizens)?
If you are an international student, you may be eligible to apply for a private educational loan through www.elmselect.com. You may be required by the lender to get a credit-worthy cosigner who is a U.S. citizen or eligible non-citizen. Unfortunately, there are no loan options available directly through the University for international students.
Do I have to borrow the maximum loan amounts?
Students can borrow as much or as little of the maximum loan amounts available to them.
Does interest start accruing on the full loan amount immediately?
No. Interest accrues only on the cumulative loan amounts you have received.
Do students have to pay their student loans back while they’re in school?
A student’s federal loans will be in a deferment status while they are enrolled at least half-time and repayment begins 6 months after they have completed their program or dropped their enrollment status to less than half-time.
Will I know details of my financial aid award before I have to submit an enrollment deposit?
Not entirely. For estimated loans, students should anticipate being eligible to borrow the maximum Federal Unsubsidized Direct Loan amounts as long as they meet the basic eligibility requirements. Students can also review private educational loan options to determine the best program for covering the remaining amount of their tuition/fees and living expenses, if needed.
Am I eligible to borrow loan funding for living expenses?
Yes. Financial aid budgets include updated cost of living estimates for each student.