4.7 Student Financial Aid

Student Financial Aid maintains all of those records regarding student financial aid.

4.7.1 Admitted as Athlete

Admitted as Athletes ETL

param	response
Description	Admitted Athletes
Contact	Rhonda Myrick
Contact Office	Student Financial Aid
Input File Type	Excel File
Method of Retrieval	File sent on request
Frequency of Update	Each Fall
Record Type	student
ETL File Name	Building FR cohort file_4_admissions.sas
Output Data Set Name	XADMISSIONS (athlete)
QA Program (if Applicable)	Built in Proc Freqs

4.7.2 Financial Aid Data

Student Financial Aid packages aid packages for each student when they are admitted to the University. These packages include grants and scholarships (money the student does not have to pay back) and loans. These packages are assembled based on the capacity of the institution and the needs of the students.¹⁶ In order to be eligible for Federal financial aid funds students and/or a student’s parents/guardians have to complete the Free Application for Federal Student Aid (FAFSA). This application is typically only completed for 1/3 of the students who enroll at Wake Forest. As a reminder, international students are not eligible for federal financial aid.

Student Financial Aid Definitions * EFC FM - Expected Family Contribution using the Federal Method.[See https://studentaid.ed.gov/sa/fafsa/next-steps/how-calculated#efc for the complete definition] This is the estimated price that a family should be able to contribute towards a student’s tuition, room, and board using the Federal Method.

EFC IM - Expected Family Contribution using the Institutional Method. Similar to EFC FM this expected family contribution utilises the institutional method for calculating the expected contribution.
Aid Grant - Grant Based Financial Aid (total Federal and State Grants (FDRL, STAT with fund_type GRNT))
Institutional Aid Merit - Total Merit Based Financial Aid (Institutional grants/scholarships with funds starting with CX). Will include some athletic scholarships (CXA###)
Institutional Aid Non-Merit - Non-Merit Based Financial Aid (Institutional grants/scholarships with funds NOT starting with CX) (“Needy” medium income)
Aid Work - Financial Aid in the form of Federal Work Study Program
Federal Grant - Aid in the form of a grand provided by the U.S. government
Federal Subsidized Loan - loans subsidized by the U.S. government. Typically have lower interest rates and the U.S. government pays interest accrued with the student is enrolled.
Federal Unsubsidized Loan - Lower income rates for qualified students, but the student is responsible for paying accrued interest.
Parental Loans - loans taken in the name of the parent for the student
Private Loans - students have the option of taking private loans (not from the U.S. government). The loans vary widely and are not part of the financial aid package that is offered by Student Financial Aid. The reasons for students taking these loans vary wildly thus care should be taken when using these figures.

Definitions for Student Household Income The below definitions were inspired by the American Talent Initiative of which Wake Forest University is a part.¹⁷

Low Income - The student received a Pell Grant¹⁸
Medium Income - Those students who have unmet need (defined as cost of attendance exceeds their expected family contribution, but are not Pell Recipients)
High Income - Those students who did not submit a FAFSA or do not have any unmet need.

Financial Aid (Awards) ETL

param	response
Description	Financial Aid
Contact	Rhonda Myrick
Contact Office	Student Financial Aid
Input File Type	Excel File
Method of Retrieval	File sent on request
Frequency of Update	Term
Record Type	term
ETL File Name	Building FR cohort file_4_finaid.sas
Output Data Set Name	XFINAID
QA Program (if Applicable)	NA

See https://studentaid.ed.gov/sa/↩
See https://americantalentinitiative.org/ for additional details.↩
See https://studentaid.ed.gov/sa/types/grants-scholarships/pell. These are grants that are paid by the Federal government to those who have exceptional need.↩