Student Loans
Most students combine funding from multiple sources to pay for tuition, fees, and other expenses. 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 types of student loans:
- The Direct Unsubsidized Loan
- Private educational loans
Direct Subsidized Loans are only available to undergraduate students. Effective July 1, 2026, Graduate Plus Loans will not be available to new borrowers. Current students who borrowed a federal Direct Loan prior to July 1, 2026 for their current graduate or professional program may continue to utilize the Grad Plus Loan for the lesser of three years or their remaining expected time to credential (whichever comes first).
Students may borrow federal and/or private student loans up to the Cost of Attendance minus other aid (Wake Forest Law 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.
To apply for the Direct Unsubsidized Loan, the Free Application for Federal Student Aid must be completed.
Federal Loan Programs
The Federal Direct Unsubsidized Loan is available to undergraduate, graduate, and professional degree students and is not need-based. Effective July 1, 2026, the annual loan limit, based on full-time enrollment, is:
- $50,000 for a professional student (JD students)
- $20,500 for a graduate student (MLS or LLM students)
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-time borrowers.
Interest Rate
For loans disbursed between July 1, 2025 and June 30, 2026, the interest rate for a Direct Unsubsidized loan for a graduate/professional student is 7.942%. This rate is a fixed rate for the life of the loan.
Origination Fee
For loans first disbursed on/after October 1, 2020, the origination fee is 1.057%.
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. Various repayment options are available. For additional information visit Federal Student Aid.
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.
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, 2024, the Federal Direct PLUS Loan interest rate is fixed at 9.08% for the life of the loan for loans disbursed between July 1, 2024 and June 30, 2025.
Origination Fee
For loans first disbursed on/after October 1, 2020, the origination fee is 4.228%.
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.
The Loan Fee Calculator estimates the net amount of the loan to be received after the origination fee, or the loan amount to request to borrow in order to receive a specific net amount.
Interest accrues on the Unsubsidized Loan and the Graduate PLUS Loan from the time the loan is disbursed (based on the amount 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.
For information about all your Direct loans, federal Perkins loans, and federal grants, visit StudentAid.gov. You will need your Federal Student Aid ID (FSA ID) and password to access your account. StudentAid.gov does not include information about any private loans you may have received.
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 Federal Student Aid.
Private/Alternative Educational Loans
Private student loans are offered by banks, credit unions, and other financial institutions to help cover educational expenses.These loans are credit-based, meaning eligibility and interest rates depend on the borrower’s creditworthiness. Interest rates vary and are typically determined by credit score. Applying with a creditworthy cosigner, even when not required, may improve your chances of approval and help you secure a lower interest rate.
Private loans may be certified up to the Cost of Attendance, minus any other financial aid received.
Wake Forest Law maintains a historical list of private lenders used by our students over the past five years. You can review and compare these loan options and apply online at elmselect.com. Inclusion on this list is not exhaustive and does not constitute an endorsement or recommendation by Wake Forest Law. Students are free to choose any lender of their choice.
Bar Study Loans
A bar study loan is a type of private educational loan that can help students financially as they prepare to take the bar exam. Bar study loans may be an option for students to finance their bar-related expenses that are not covered by the federal student loan programs such as bar review course fees and living expenses after graduation.
Students and recent graduates interested in applying for a bar study loan should contact the lender of their choice for more information. Applicants typically have up to 9 months or even a year after graduation to apply for a bar study loan (varies by lender). Fixed and variable interest rates vary by lender and are typically based on the applicant’s credit score. Adding a cosigner to the loan application may help borrowers get approved with a lower rate. Students can view their credit history for free at AnnualCreditReport.com.
Minimum and maximum loan amounts, origination fees (often 0%), and repayment options vary by lender. A school certification is typically required. Students should contact the Office of Admissions and Financial Aid upon being approved for a bar study loan to ensure there is no delay in the certification process.
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 Office of Admissions and Financial Aid.
For private/alternative student loans previously borrowed, you may qualify for a deferment. Contact your lender(s) for more information.