Understanding Wake Forest University Tuition and Fees

For many prospective students and their families, the cost of higher education is a significant consideration. Wake Forest University, a private institution, offers a world-class education, and understanding the tuition, fees, and financial aid options is crucial for making informed decisions. The numbers can be daunting, but they are not disqualifying. The committed professionals in the Office of Student Financial Aid are charged with making Wake Forest within your financial reach.

Cost of Attendance

The total cost of attendance at Wake Forest University encompasses more than just tuition. It includes room and board, personal expenses, transportation, and books and supplies. It's important to remember that financial aid opportunities, such as scholarships, grants, work-study, and loans, can substantially reduce your out-of-pocket expenses. For the 2024-2025 academic year, the cost of attendance breaks down as follows:

Tuition and Fees: \$67,642
Room: \$11,650
Board (meal plan): \$6,844
Personal Expenses (estimated): \$1,836
Transportation (estimated): \$1,550
Books, Course Materials, Supplies, and Equipment (estimated): \$1,680

This means that the total cost of attendance for Wake Forest is approximately \$91,202 per year, including tuition, fees, room and board, and various personal expenses. Keep in mind that expenses like textbooks, personal expenses, and transportation costs can vary depending on individual circumstances.

As you’re comparing costs of different institutions, also consider the total cost and the net price. At Wake Forest University, the total cost is \$90,148.

Tuition and Fees in Detail

Wake Forest University's tuition is \$67,642. Compared with the national average cost of tuition of \$47,890, Wake Forest University is more expensive. These figures include both tuition and fees, also referred to as the sticker price. Fees differ by institution and may fund library services, student gym facilities, student centers, technology resources and campus health centers. Direct charges are established by the Board of Trustees each spring preceding the fall semester start of the academic year. Tuition rates are subject to change. A student who officially withdraws during a semester may be entitled to a refund of tuition depending on the student’s date of withdrawal. Students are responsible for officially dropping courses to be eligible for an adjustment. **Students are responsible for officially dropping courses to be eligible for an adjustment.

Additional Costs to Consider

Amounts other than tuition and fees are estimated averages. Semester billing statements reflect actual charges, which may be for amounts greater or less than the averages. This estimate of costs does not include health insurance. Students who are not adequately covered by their parents’ health insurance policy are required to purchase health insurance. Please visit edu/sip to see insurance rates for your age band. Living expense estimates are based on reasonable cost of living analysis and do not consider existing consumer debt. In limited circumstances, the School of Professional Studies (SPS), Office of Financial Aid & Student Accounts may approve an increase to the Cost of Attendance (COA). Examples of expenses that may be approved include dependent care expenses, unexpected medical bills or disability-related expenses, and one-time computer purchases. All requests are reviewed on a case-by-case basis and documentation is required.

Books and Supplies: \$1,718 per year
Personal Expenses: \$1,880 per year
Transportation: \$1,550 per year

Understanding Net Price

The net price is a college’s cost of attendance minus the grants and scholarships you receive. The net price you pay for a particular college is specific to you because it’s based on your personal circumstances and the college’s financial aid policies. Use the college’s Net Price calculator for the most accurate estimate of your net price. The average net price is $27,790 per year.

Financial Aid Options

Like almost half of all undergraduate students at Wake Forest receiving financial assistance in the form of loans, grants or both, you have options. Most financial aid at Wake Forest is based on a family’s demonstrated financial need. The basic premise of financial aid is that the primary responsibility for meeting college costs rests with the student and his or her parents, to the extent they are able to pay. The difference between the cost of attendance at the institution and the calculated ability of a family to meet this cost is defined as a student’s “demonstrated financial need.” A family’s ability to meet the cost of attendance is determined from an in-depth assessment of the information reported on the CSS Profile® and FAFSA®. The total dollar amount of financial aid eligibility is based on financial need. Any change in family circumstances, such as an increase or decrease in parents’ or student’s income, assets, family size, or number of family members attending college, may affect eligibility for financial aid.

Financial aid can include grants, loans, scholarships and work-study jobs. Financial aid packages vary depending on your financial need. Most colleges determine financial need based on your FAFSA.

Students Receiving Financial Aid: 22%
Freshmen With Need and Received Financial Aid: 92%
Average Aid Package Awarded: \$72,851

Types of Financial Aid

Need-Based Scholarships and Grants: Scholarships and grants don’t need to be paid back. The average Need-Based Scholarship or Grant Award (First-year Students) is \$63,778.
Need-Based Loans: Loans must be paid back. The average Need-Based Loan Amount is \$3,342. Fed Direct Loan Avg.
Non-Need-Based Aid: \$17,117

Key Financial Aid Dates

Application Due: Jan 1 The last day to apply for financial aid or turn in related paperwork.
Priority Application Due: Jan 1 Applications received prior to this date will be given the strongest consideration. Still apply for financial aid if you don’t make this due date.
Notification Date: Apr 1 When students receive a letter with the amount and types of aid the college is offering.
Response Due: Not available The deadline for students to respond to the college’s aid offer.

Applying for Financial Aid

Except in the most extraordinary circumstances, Wake Forest considers undergraduate students to be dependent on their parents. This is when financial aid applications (i.e. FAFSA, CSS Profile) become available to families. A family’s ability to meet the cost of attendance is determined from an in-depth assessment of the information reported on the CSS Profile® and FAFSA®.

Read also: Affording ECU

Scholarships

Scholarships are a type of funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation. Some students receive enough in scholarship money to cover their tuition and living expenses. See the types of scholarships and grants available at Wake Forest University below.

All accepted students are considered for the Dean’s Medical Excellence Scholarship with the submission of their secondary application. The school of medicine awards approximately 250 scholarships from our endowed resources each year. A listing of our endowed scholarships can be found here. Students (incoming and current) are encouraged to apply for need-based scholarships each year while in medical school. Information needed includes the current year's FAFSA (school code E00524. Please sign for approval to transfer federal tax information from the IRS for student/spouse 2024 tax AGI) and the CSS Profile (School code 5084).

Medical School Financial Aid

Medical school is a major investment, and we understand that you may have questions and concerns about financing it. Cost of Attendance is the total amount of aid, including scholarships, grants and loans, that you are eligible to receive for the entire year. The Cost of Attendance is derived based on living expenses in the Winston-Salem area and information from student surveys. The amount provided each year allows a Wake Forest University School of Medicine student to live comfortably alone, not luxuriously. It is not required that you accept the full Cost of Attendance each year. The amount you accept is flexible. We understand that medical school can be expensive and we are proud to offer a variety of MD Program-specific scholarships and traditional financial aid to make your experience affordable and enjoyable. The scholarship recognizes the academic achievement and potential of students who, through sharing their varied cultural perspectives, will enhance the education of all school of medicine students and the excellence of the school of medicine. If you are awarded a Dean’s Medical Excellence scholarship, it is renewable each year; contingent on meeting satisfactory academic progress (SAP) and satisfactory professional conduct.

Student Loan Debt

How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate. At Wake Forest University, the median federal loan debt among borrowers who completed their undergraduate degree is \$21,500. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is \$228. Additionally, 4% of graduating students at Wake Forest University took out private loans. Students with private loans had an average of \$77,400 in private loan debt at graduation.

Average Total Indebtedness of 2023 Graduating Class: \$33,246

Read also: Withdrawals for College: A Guide

Graduating students who have borrowed (any loan type, 2023): 21%
Graduating students who have borrowed (state loans, 2023):
Graduating students who have borrowed (private loans, 2023):

On-Campus Employment

Jobs working while in school can help lessen the burden of your student loans. Schools offer work-study programs to those who qualify and campus jobs to students looking to earn money in their free time. Some institutions match students with work-study positions, while others require them apply to the positions, like they would for any other job. Begin your job search by checking whether your college has in-person or online job boards.

Additional Considerations

Tuition Guarantee Plans: Tuition at time of first enrollment guaranteed only to students making advance payment
Health Insurance: Health insurance is required by the University for all students and offered as an option for those needing coverage.

Resources and Support

Students should contact Student Financial Aid if they incur expenses for dependent care, a disability, or if they are enrolled in a program that requires obtaining a license, certification, or a first professional credential. *Licensure-Related Fee: North Carolina Principal Licensure: Beginning Fall 2025, students seeking licensure will be required to complete the North Carolina Principal Portfolio Assessment (NCPPA) during their internship.

The Office of Personal and Career Development (OPCD) is a big reason why 97% of Wake Forest graduates have secured employment or enrolled in graduate programs within six months of graduation.

Wake Forest University met 98% of its students’ financial aid need. Read below to learn more about the types of aid available.

Institution is G.I. Bill certified YesInstitution participates in Yellow Ribbon Program Yes

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