Medical Student Cost of Attendance (COA) 2020-2021
MD Program Tuition and Fees
|
First Year (10 Months) |
Second Year (10 Months) |
Third Year (10 Months) |
Fourth Year (12 Months) |
|
|
Tuition |
$61,200 |
$61,200 | $61,200 | $60,000 |
|
Books and equipment |
$1,782 |
$1,208 |
$1,208 |
$1,200 |
| CS Exam Travel | - | - | - | $650 |
|
Food |
$4,800 | $4,800 | $4,800 | $5,760 |
| Health Insurance | $3,848 | $3,848 | $3,848 | $3,848 |
|
Lodging |
$7,000 | $7,000 | $7,000 | $8,400 |
| Miscellaneous | $1,800 | $1,800 | $1,800 | $2,160 |
| Transportation | $2,920 | $2,920 | $2,920 | $3,504 |
|
Loan fees |
$2,300 | $2,274 | $2,274 | $2,274 |
| Utilities | $2,950 | $2,950 | $2,950 | $3,540 |
|
Total |
$88,600 |
$88,000 |
$88,000 |
$91,336 |
Medical Education tuition and fees effective for the 2020-2021 aid year.
| 1st Year 2nd and 3rd Year 4th Year Secondary Application Fee Visiting Student Application Fee |
$61,200 |
Additional Allowable Costs
With appropriate receipts, the following expenses may allow for an increase in cost of attendance:
- Childcare expenses
- Automobile repairs that are not considered routine maintenance
- Health care expenses not covered by medical insurance that are deemed to be extraordinary and unanticipated
- Residency interview or relocation funding (fourth year medical students only)
How is Cost of Attendance determined?
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 School of Medicine student to live comfortably alone, not luxuriously. Cutting costs in any way, including getting a roommate, budgeting money for food and other expenses, and living as frugally as possible are recommended.
It is not required that you accept the full Cost of Attendance each year. The amount you accept is flexible. You are allowed to return funds if you accept too much or request more if you run short as long as you stay within the Cost of Attendance.
Financial Aid and Scholarships
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. Additionally, students are encouraged to apply for forgivable service loans.
Wake Forest School of Medicine Dean's Medical Excellence Scholarship
The Wake Forest School of Medicine Dean’s Medical Excellence Scholarship recognizes the academic achievement and potential of students who, through sharing their varied cultural perspectives, will enhance the education of all WFSM 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. All accepted students are considered for the Dean’s Medical Excellence Scholarship with the submission of their secondary application. There are no separate application requirements.
The School of Medicine awards approximately 250 scholarships from our endowed resources each year. A listing of our endowed scholarships can be found on page 24 in the Financial Aid Handbook(PDF). The majority of these scholarships are based on demonstrated financial need and require annual reapplication.
The deadline for Need-Based Scholarships is March 15th of each year.
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 (please use the IRS data retrieval tool to link applicant and parental tax information) and the CSS Profile. Copies of applicant and parental income tax returns may be requested.
Need-Based Scholarship Application Process
Deadline: March 15—regardless of acceptance status or class year.
| Application Submission | |
|---|---|
| FAFSA Available | October 1 |
| CSS Profile Available | October 1 |
| Financial Aid Need-Based Application Deadline | March 15 |
| Award Notification | |
| Financial aid Award Letters Emailed | Between April 10-25 |
Disbursement Dates |
|
| Federal Loan Disbursement Dates (Refunds to students are direct deposited within 14 days of disbursement date) | |
| MS1 - Fall 2020 | July 6, 2020 |
| MS2 - Fall 2020 | July 13, 2020 |
| MS3 -Fall 2020 | July 13, 2020 |
| MS4 - Fall 2020 | April 27, 2020 |
| MS1 - Spring 2021 | December 7, 2020 |
| MS2 - Spring 2021 | December 14, 2020 |
| MS3 - Spring 2021 | December 14, 2020 |
| MS4 - Spring 2021 | November 2, 2020 |
| 120 Day Federal Loan Excess Fund Return | |
| MS1 - Fall 2020 | October 20, 2020 |
| MS2 - Fall 2020 | October 27, 2020 |
| MS3 - Fall 2020 | October 27, 2020 |
| MS4 - Fall 2020 | August 11, 2020 |
| MS1 - Spring 2021 | March 23, 2021 |
| MS2/MS3 - Spring 2021 | March 30, 2021 |
| MS4 - Spring 2021 | February 19, 2021 |