Financial Need
When you apply for federal student aid, the information you report on the FAFSA is used in a formula established by the U.S. Congress to determine your Expected Family Contribution (EFC). This is the amount you are expected to contribute toward your education, although this amount may not exactly match the amount you and your family end up contributing.
When you apply for need-based aid from WFUSM funds, the information you and your family report on the Need Access form is used in a formula determined by financial aid administrators, economists, and the College Board. The formula is called institutional methodology and is similar to the federal methodology formula used by the FAFSA. Detailed information about federal methodology and institutional methodology can be obtained from the College Board website at: www.collegeboard.org
Your EFC is used in the following equation to determine your financial need: Cost of Attendance less Expected Family Contribution (EFC) equals financial need.
Unmet Need
Students can fulfill unmet need through resources such as the federal Graduate PLUS loan, state funded loan programs, and external scholarship sources such as medical societies, civic groups, religious organizations, major corporations, etc.
Information for Financial Aid Award Recipients
• Awards are subject to full-time enrollment at the Wake Forest University School of Medicine.
• Students who begin a semester but later withdraw are subject to significant adjustment in aid eligibility, and in most cases must repay aid under applicable federal regulations and WFUSM policies.
• Renewal of aid is not automatic; financial aid applicants must complete the application process each academic year. Financial aid awards vary from year to year based on continued eligibility, demonstrated need, satisfactory academic progress and the amount of funds available.
• Financial Aid recipients must maintain satisfactory academic progress as defined in the WFUSM Bulletin to maintain eligibility for student financial aid.
• You are expected to notify the Financial Aid Office in writing if additional assistance becomes available from other sources.
• An adjustment of your award will be made if the amount of aid exceeds the cost of attendance, reduces demonstrated need and/or federal eligibility.
• You are expected to notify the Financial Aid Office in writing of any change in name, address, or family financial circumstances.
• Recipients of named WFUSM scholarships understand that by accepting the awards, agree to allow WFUSM to release their directory information to the donors. Accepting the award also requires that the recipient write a letter of appreciation to the scholarship donors before the funds will be credited to the student account.
Receipt of Aid
Student aid funds are disbursed in two equal disbursements. Funds are credited to student accounts near the beginning of each term and must be first credited to your tuition and other charges on your student account. Students with excess funds not needed to pay WFUSM charges may receive excess funds in the form of a check or direct deposit to your personal bank account.
Change of Status
If your enrollment status drops below half-time, you will be ineligible to receive student financial assistance. After you leave school or drop below half-time enrollment, you will receive information about repayment and will be notified of the day repayment begins. However, you are responsible for beginning repayment on time, even if you don’t receive this information from your lender. Failure to make timely payments on your student loan(s) may have a negative effect on your credit rating. Borrowers who are unable to make payments may be eligible for deferment, postponement, or forbearance as outlined in the terms of your promissory note.
Entrance/Exit Interview Requirements
All federal student loan borrowers are required to attend an Entrance Interview with the Financial Aid Officer prior to receiving the first disbursement of student loans. The Entrance Interview provides student loan borrowers with detailed information concerning the terms and conditions of student loans, budgeting, and debt management issues. The Financial aid Officer will conduct the Entrance Interview on the first day of orientation. Any federal student loan borrower who drops below half-time enrollment, withdraws from school or takes a leave of absence is required by federal regulations to complete an Exit Interview with the Financial Aid Officer.
Student Loan Borrower Rights & Responsibilities
A copy of your rights and responsibilities as a student loan borrower is provided with your student loan promissory note. The information can also be accessed from the Department of Education’s web site: www.studentaid.ed.gov
Right to Cancel
You will be notified in writing when your student account is credited with your loan funds. This notification will be sent to you no earlier than 30 days before, and no later than 30 days after WFUSM credits your account. You may cancel all or a portion of your loan if you inform the school that you wish to do so within 14 days after the date the school sends you this notice, or by the first day of the payment period, whichever is later.
Financial Aid Appeal Process
Students may appeal their financial aid award in writing within 10 business days of receipt of the award notification. Letters should be directed to: Melissa Stevens, Financial Aid Director, WFUSM, Medical Center Boulevard, Winston Salem, NC 27157-1090.