Welcome to the process for allocating prorated refunds from Wake Forest for fees related to facility access and campus services that were unavailable to students through the remainder of the spring semester. These partial refunds are for student fees associated with health, wellbeing, student activities and parking, where applicable.
Parents and families were informed about this process in an email on May 28, and students will be informed by an email on June 1.
This page explains important details, so please read it carefully before beginning the process of allocating your refund before the June 12 deadline.
Who must initiate the refund process?
In accordance with federal privacy laws, the student is the legal owner of the account, despite the fact that a parent or family member may have paid the student’s tuition and fees. Therefore, the student must initiate any transactions. NOTE: For some students (certain financial aid and scholarship situations and refunds of less than $25), the refund will be automatic; no action is needed.
Students should consult with any parent, guardian or other entity that has been authorized to make payments on your student account before completing the form.
What are my options for allocating the refund?
- Apply the refund toward the next academic term
- This can be applied to any expense associated with the account.
- This is not an option for seniors or students not planning to return.
- Initiate the process to receive a check for the balance of the account (net of any outstanding current balances)
- For students who had previously enabled direct deposit, the refund will be deposited and not mailed. If you’d like to set up direct deposit, follow the steps on this page. This must be done before filling out the refund form.
- Students who do not sign up to receive the refund by direct deposit will have a paper check mailed to the permanent address on file with the University. Checks will be issued on or before June 18.
- Gift some or all of the refund to the Wake Forest Crisis Response Fund.
- The Crisis Response Fund was established to provide support to members of our community experiencing financial hardships resulting from these economic realities. Thanks to this fund, Wake Foresters are receiving help with housing, meals, family care and other basic necessities stemming from the temporary closing of campus and the unstable economy. Please know, we offer this opportunity with a great deal of humility and do not expect all families to direct all or even part of their refund to the Crisis Response Fund.
Are there tax implications or other rules?
- If you made payments for the Spring 2020 semester via a 529 plan, you will want to speak with your tax adviser or plan administrator regarding whether it will be best for you to request a refund or to apply your refund to the next semester’s bill.
- If you choose to make a gift, it is important to decide whether it would be more beneficial for the student or the parent/family member to claim the gift on their taxes. If someone other than the student is going to claim a deduction for the gift, the student must first assign the intended gift amount to that person using the form provided. Please assign only the portion you wish to contribute. This assignment will be invalid without an acknowledgment of acceptance or donation by the assignee by June 21, 2020. In addition, the student will need to indicate the person to whom Wake Forest should send a charitable gift receipt.
- For students who receive federal student aid, it is important to remember that federal aid may only be used to pay for educational expenses.
What if I have questions?
Financial Services has prepared an FAQ page. Questions about this process may be directed to the Wake Forest Call Center at 336-758-7500 (5/28-29 and 6/1-4 from 10 am-2 pm Eastern) or submitted online.