By Susan Guillory

(Last Updated – 01/2025)

Located in Winston-Salem, North Carolina, Wake Forest University is a private research university known for its strong academics, small class sizes, and commitment to a liberal arts education. Founded in 1834, it offers a blend of rigorous coursework, personalized attention, and vibrant campus life.

Total Cost of Attendance

Costs for 2023-24

•   Tuition & Fees: $64,758

•   Books & Supplies: $1,630

•   Room & Board: $17,848

•   Other Expenses: $3,320

•   Total Cost of Attendance: $87,556

Financial Aid

Nearly half of the students who attend Wake Forest University (42%) use financial aid to help pay for Wake Forest tuition. This includes student loans, grants, and scholarships. The university prides itself on meeting 100% of demonstrated financial need for eligible students.

Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

•  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

•  Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.

•  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

•  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

You can find other financial aid opportunities on databases such as:

•  US Department of Education – Search for grants from colleges and universities by state

•  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

Recommended: The Differences Between Grants, Scholarships, and Loans

Private Student Loans

In 2022-23, 2% of Wake Forest students received private student loan funding with an average award of $35,113.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

The total Wake Forest University cost, including tuition, room and board, books, and expenses for four years (based on 2023-24 pricing) is $350,224. Contrast this to the average cost for private school tuition and room and board for four years, which is $241,680, according to CollegeData.com.

There are student loans available to help with these costs.

Recommended: Student Loan & Scholarship Information

Undergraduate Tuition and Fees

Costs for 2023-24

Students in 2023-24 paid $64,758 for tuition and fees, $17,848 for room and board, and $3,320 for other expenses, for a total cost of $87,556. This is higher than the average cost of attendance for private schools in the U.S. of $60,420.

Recommended: North Carolina Student Loan & Scholarship Information.

Graduate Tuition and Fees

Costs for 2023-24

•   Tuition: $38,650

•   Fees: $700

Wake Forest University offers several graduate programs, which cost $38,650 plus $700 in fees, for a total of $39,350. This is significantly higher than the average cost of graduate school in the United States, which is $21,730 per year.

There are graduate loans available to help with these costs.

Cost per Credit Hour

For students who opt to attend Wake Forest University part-time, the per-hour fee is $2,770.

Campus Housing Expenses

Students are required to live on campus for three years. There are seven residence halls for first-year students to live in, and many others for upperclassmen.

Students who choose to live off-campus after their first three years have a variety of options near campus, including apartments, duplexes, and houses. This resource can help you find off-campus options.

Wake Forest University Acceptance Rate

The Wake Forest acceptance rate means that 22% of students who apply get in.

Admission Requirements

Wake Forest University has certain requirements for students applying to attend.

The following is required for first-year students:

•  Undergraduate admissions application

•  Official high school transcript

•  Secondary school report

•  Teacher recommendation form

Optional:

•  Counselor recommendation

•  Supplemental questions

•  Video interview

•  Virtual interview

•  SAT/ACT scores

The deadline to apply for Early Decision I is November 15. The deadline for both Early Decision II and Regular Decision is January 1. You can apply here .

SAT and ACT Scores

Wake Forest is a test optional school. In fall 2023, 26% of applicants submitted SAT scores and 22% submitted ACT scores. The 25th and 75th percentile scores were:

Popular Majors at Wake Forest University

Wake Forest University offers 49 majors and 60+ minors. Here are some of the most popular majors.

1. Finance

Students graduating with a degree in finance will have a solid base of understanding of financial principles and accounting, and may go on to work in financial services fields, including portfolio management, investment and commercial banking, and financial consulting.

Undergraduate degrees in 2022-23: 156

2. Business & Enterprise Management

The business and enterprise management program offers a generalist business curriculum, while also allowing students to customize their degree based on their areas of interest, including marketing, international business, new business development, or management consulting.

Undergraduate degrees in 2022-23: 120

3. Communication

Students in the communication program develop skills not only in speaking and writing, but also in interpreting and analyzing information. These skills may be applied in careers in law, media, and business.

Undergraduate degrees in 2022-23: 103

4. Politics & International Affairs

This program provides a solid understanding of how government policies are created and executed, as well as knowledge of the moral standards required to create these policies.

Undergraduate degrees in 2022-23: 101

5. Health and Exercise Science

If you’re interested in a career in medicine or health science, such as becoming a physical therapist or trainer, this program is designed to deepen your knowledge of preventive therapies.

Undergraduate degrees in 2022-23: 99

6. Psychology

Wake Forest University’s psychology program provides students with a strong foundation of theory and research across various areas of psychology. It also prepares students for a wide variety of careers, including psychologist, social worker, admissions counselor, human resources specialist, and art/music therapist.

Undergraduate degrees in 2022-23: 97

7. Biology

Students passionate about biology will have the opportunity to study how living organisms function, as well as the origin and history of animal and plant life.

Undergraduate degrees in 2022-23: 86

8. Economics

Students who major in economics at Wake Forest not only learn the nuts and bolts of economic theory, but also how to apply that theory to manage social and political problems, as well as make better financial decisions in their own lives.

Undergraduate degrees in 2022-23: 84

9. Engineering

Engineering majors at Wake Forest focus on inventing and innovating systems, processes, and materials. The degree combines math and science with a healthy liberal arts component.

Undergraduate degrees in 2022-23: 36

10. English

English students will dive into both American and British literature as well as learn literary theory, cultural context, aesthetics, and politics related to literature.

Undergraduate degrees in 2022-23: 32

Use this guide to find out more information about the majors and minors at Wake Forest.

Graduation Rate

Wake Forest University has a high graduation rate. Here’s how many students who started their studies in 2017 graduated:

•  4 years: 87%

•  6 years: 90%

Post-Graduation Median Earnings

Wake Forest graduates earn a median annual salary of $78,158. This is significantly higher than the median annual salary for all graduates of four-year colleges, which is $53,747.