Wake Forest University Tuition and Fees

By Susan Guillory

(Last Updated – 05/2023)

Total Cost of Attendance

Located in Winston-Salem, Wake Forest University is a private university known for having intimate sized classes with fewer than 50 students and a strong liberal arts program. Wake Forest tuition for 2022-23 was $62,128, while the average for a private four-year institution was $39,400.

Costs for 2022-23

Financial Aid

Nearly half of the students who attend Wake Forest University (41%) use financial aid to help pay for Wake Forest tuition. This includes student loans, grants, and scholarships.

Wake Forest is not need-blind, which means only a certain number of low-income students are admitted each year.

Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that 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, and financial need.

•  Grants: Generally based on financial need, these can come from federal, state, private, and non-profit 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 and 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

Of the students who take out student loans, 17% are federal loans while 3% are private student loans. The average private student loan is $32,719 per year.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-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 as it generally may have better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your 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 2022-23 pricing, is $331,952. Contrast this to the average cost for private school tuition and room and board for four years, which is $230,280, according to CollegeData.com.

Here’s some Student Loan & Scholarship Information for you.

Undergraduate Tuition and Fees

Costs for 2022-23

Students in 2022-23 paid $62,128 for tuition and fees, and $16,652 for room and board, for a total cost of $78,780. This is higher than the average for private schools in the U.S. of $53,430.

Get North Carolina Student Loan & Scholarship Information here.

Graduate Tuition and Fees

Costs for 2022-23

Wake Forest University offers several graduate programs, which cost $38,650 plus $678 in fees, for a total of $39,328. There are graduate loans available to help with these costs.

This is significantly higher than the average cost of graduate school in the United States of $23,130 per year.

Cost per Credit Hour

For students who opt to attend Wake Forest University part-time, the per-semester-hour fee is $2,352.

Campus Housing Expenses

Costs for 2022-23

*Starting rate for a one bedroom based on available apartments on Wake Forest’s off-campus housing website in 2023.

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

Fall 2022

The Wake Forest acceptance rate means that 21% of students who apply get in.

Admission Requirements

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

Required:

•  Secondary school report form

•  Teacher recommendation form

•  Official high school transcript

Recommended:

•  SAT or 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 has not required ACT or SAT scores as part of the application process since 2008.

Popular Majors at Wake Forest University

Wake Forest University offers 45 majors and 60 minors. Here are the most popular majors.

1. Business & Enterprise Management

The business and enterprise management program allows students to customize their degree based on their areas of interest, including marketing, international business, new business development, or management consulting.

Undergraduate degrees in 2021-22: 154

2. 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 2021-22: 147

3. Politics & International Affairs

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

Undergraduate degrees in 2021-22: 114

4. 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 2021-22: 111

5. Economics

Discover how and why people and societies make choices and decisions by studying economics at Wake Forest. You’ll use both conceptual and empirical tools to learn about economics around the world.

Undergraduate degrees in 2021-22: 99

6. Psychology

Wake Forest University’s psychology program delves into different aspects of human behavior, including social, cognitive, abnormal, personality and developmental.

Undergraduate degrees in 2021-22: 96

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 2021-22: 91

8. Health & 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 2021-22: 70

9. Engineering

Wake Forest combines training, research, and education in engineering with a liberal arts background in its Bachelor of Science in engineering.

Undergraduate degrees in 2021-22: 45

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 2021-22: 31

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 2016 graduated:

•  6 years: 90%

Post-Graduation Median Earnings

Wake Forest graduates earn on average $81,964 per year, whereas the median for college graduates in the U.S. is $55,260.