Wake Forest University Tuition and Fees

Wake Forest University Tuition and Fees

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    By Susan Guillory

    (Last Updated – 07/2022)

    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 2021-22 was $59,770, while the average for a private four-year institution was $35,807.

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $59,770

    $59,770

    Books & Supplies

    $1,500

    $1,500

    Room & Board

    $16,044

    $16,044

    Other Expenses

    $2,572

    $2,572

    Total Cost of Attendance

    $79,886

    $79,886/p>

    Financial Aid

    Nearly half of the students who attend Wake Forest University (44%) 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 4% are private student loans. The average private student loan is $34,976 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 2021-22 pricing, is $319,544. Contrast this to the average cost for private school tuition and room and board for four years, which is $217,920, according to CollegeData.com.

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

    Undergraduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $59,770

    $59,770

    Room & Board

    $16,044

    $16,044

    Total Cost of Attendance

    $75,814

    $75,814

    Students in 2021-22 paid $59,770 for tuition and fees, and $16,044 for room and board, for a total cost of $75,814. This is higher than the average for private schools in the U.S. of $54,880.

    Get North Carolina Student Loan & Scholarship Information here.

    Graduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition

    $38,650

    $38,650

    Fees

    $590

    $590

    Total Cost of Attendance

    $39,240

    $39,240

    Wake Forest University offers several graduate programs, which cost $38,650 plus $590 in fees, for a total of $39,240 There are graduate loans available to help with these costs.

    This is significantly higher than the average cost of tuition for graduate school at a private institution in the United States of $19,493.

    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 2021-22

    Student Type

    In-State

    Out-State

    Books & Supplies

    $1,500

    $1,500

    Room & Board

    $16,044

    $1,185*

    Other Expenses

    $2,572

    $2,572

    *Based on one bedroom pricing. Average rate based on available apartments on Wake Forest’s off-campus housing website in 2022.

    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 2020

    Number of applications

    11,959

    Number accepted

    3,826

    Percentage Accepted

    32%

    The Wake Forest acceptance rate means that 32% 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 appl here .

    SAT and ACT Scores

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

    Graduation Rate

    Wake Forest University has a high graduation rate. Here’s how many students who started their studies in 2014 graduated:

    •  4 years: 85%

    •  6 years: 89%

    Post-Graduation Median Earnings

    Wake Forest graduates earn on average $74,968 per year, whereas the median for college graduates in the U.S. is $47,891.

    Bottom Line

    Wake Forest is ideal for students looking for smaller class sizes and more one-on-one time with professors. While tuition is higher than the national average, you have the potential to earn more upon graduation with a Wake Forest degree

    SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.

    Learn More

    Photo credit: iStock/Rebecca Todd
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