Financial Aid

The Office of Financial Aid at Wake Forest School of Medicine helps students obtain the resources needed to finance their graduate medical education. We also serve as an educational resource for financial planning and debt management. We know that deciding how to manage funding for education requires careful consideration of your options, and we’re here to help.

We encourage:

Prospective students to begin the financial planning process early.
Current students to stay abreast of their financial situation and knowledgeable of all options.
Alumni to understand available repayment options for their field of residency, helping them make wise financial decisions to balance student loan debt with financial wellness.

Our intent is for you to become educated not only in your field of study but also in your financial options.

For information about specific programs, please visit costs and financial aid pages for:

Frequently Asked Financial Aid Questions

Where do I find cost of attendance information for a specific program?

I am a prospective student. When do I start the financial aid application process?

The Free Application for Federal Student Aid (FAFSA) is available at the beginning of October. You should complete both as soon as possible, using tax information from using prior-prior year tax information.

What is the deadline to apply for financial aid?

The deadline for submission of all financial aid information is May 15.

How do I find information about outside scholarships?

Students should visit the The NC League for Nursing Academic Scholarship Program and Nurses' Educational Funds, Inc for information on potential outside scholarship sources. Students are encouraged to check with their local towns for potential scholarship funding sources as well.

How do I find information about outside scholarships?

Visit the AAMC and the AMA for information on potential outside scholarship sources. Students are encouraged to check with their local towns for potential scholarship funding sources as well.

The Office of Financial Aid receives scholarship information from various organizations periodically throughout the academic year. Students are notified about these scholarship opportunities via email.

The following resources are a great start as you search for outside scholarships:

How long do I have to accept or decline my financial aid award package?

Accept or decline your award package online within 14 days of receipt. (All Programs)

How do outside scholarships affect my financial aid package?

Your financial aid package may be affected by outside scholarships. Receipt of outside scholarships and other resources must be reported to the Office of Financial Aid and will result in a review of your financial aid package. Students should inform the Office of Financial Aid of these resources in writing.

A portion of my financial aid will cover my living expenses. When and how do I receive this money?

Funds are disbursed at the beginning of each semester, and dates vary depending on your class. After tuition and other fees have been paid, you will receive a refund of any remaining funds. After receipt of your refund, you should consider:

Tracking your expenses for one month to establish a baseline of your expenses.
Dividing your disbursement by the number of months you need to cover. Spend only this amount each month, and your funds should last until your next disbursement.
Being creative!
Depositing your whole disbursement into your savings account and paying yourself monthly.
Paying all fixed expenses for the semester (rent, insurance, car payments, etc.) as soon as you receive your disbursement.

Can I receive loans to cover costs that exceed the standard budget?

Students are not allowed to receive loans or scholarships in excess of the cost of attendance (COA), which is determined based on the anticipated expenses of a single student. COA cannot be increased for consumer debt, car payments or a standard of living beyond that of a typical medical student.What should I do if I need to apply for additional funding, either because I realize I did not borrow enough to meet the standard budget or because my financial situation has changed?Financial aid is flexible. If you do not take out the full COA and realize you need more money, you may request up to the full COA at any point during the financial aid year. If you choose to take out the full COA and realize later that you will not need the full amount, you can return funds within 120 days of the disbursement.

How do I qualify for loan forgiveness?

Public Service Loan Forgiveness (PSLF) is available only to borrowers from the Federal Direct Loan Program, which allows forgiveness of the remaining balance of a student’s federal student loans after 120 qualifying payments while employed full time by a public service organization.

Qualifying employment requires you to work full time for 10 years in either a nonprofit, government, military or public service organization. While working in a qualifying public service position, you must make 120 on-time payments.

For more information, visit the Association of American Medical Colleges and Institute for College Access and Success.

Financial Aid

You may qualify for help in paying for your education, whether through loans, scholarships or other options.

Federal and Private Loans

Federal Loans

Federal Stafford Unsubsidized and Graduate Plus loans are the most popular loans utilized by students at Wake Forest School of Medicine. Both offer a six-month grace period at the end of medical school and eligibility for Public Service Loan Forgiveness (PSLF).

Both the Stafford and Grad Plus loans require a promissory note from the Department of Education as well as entrance and exit counseling.

Types of Federal Loans

Federal Stafford Unsubsidized Loan
- This is a fixed interest loan from the federal government.
- Interest begins to accrue on the date of disbursement and continues to accumulate while you are in school. The interest will capitalize when you are no longer a full-time student or you have graduated.
- Repayment begins six months after graduation or withdrawal from school (see the Office of Financial Aid if you are planning a research year or leave of absence).
- The Unsubsidized Stafford Loan is subject to an origination fee.
- There are annual and lifetime aggregate limits for this loan, depending on your program and academic year.
Federal Graduate Plus Loan
- This is a fixed interest loan from the federal government.
- Interest begins to accrue on the date of disbursement and continues to accumulate while you are in school. The interest will capitalize when you are no longer a full-time student or you have graduated.
- Repayment begins six months after graduation or withdrawal from school (see the Office of Financial Aid if you are planning a research year or leave of absence).
- The Grad PLUS Loan is subject to an origination fee.
- You may borrow up to cost of attendance (COA). We will utilize the Unsubsidized Stafford Loan to its maximum extent before originating a Grad Plus Loan.
- Grad Plus loans are credit based. Credit review is based on delinquencies and bankruptcies but not credit score.

Learn more about federal student loans.

Scholarships

External Scholarships

External scholarships provide an excellent source of funding for medical school. The School of Medicine’s Office of Financial Aid announces available external scholarships through email. However, we also recommend that students continue to search for scholarships on their own. Click on the links to the right to search for scholarships pertaining to individual interests, talents and service programs.

Armed Forces Scholarships

Three branches of the U.S. Armed Forces offer scholarships, and the School of Medicine is honored to have recipients among our student body. Should you have an interest in learning more from students who are receiving military scholarships, please contact the Office of Financial Aid and a current student will be identified to assist with your questions.

More Resources