Costs and Financial Aid

Medical school is a major investment, and we understand that you may have questions and concerns about financing it. We’re here to help you explore your options for financial aid and connect you with the resources to help with the cost of attendance.

Medical Student Cost of Attendance (COA) 2018-2019

MD Program Tuition and Fees

	First Year (10 Months)	Second Year (9 Months)	Third Year (12 Months)	Fourth Year (12 Months)
Tuition	$58,823	$58,823	$58,263	$57,708
Books and equipment	$1,790	$1,200	$1,178	$1,178
CS Exam Travel	-	-	-	$650
Food	$4,800	$4,320	$5,760	$5,760
Health Insurance	$3,540	$3,540	$3,540	$3,540
Lodging	$7,000	$7,000	$8,400	$8,400
Miscellaneous	$1,800	$1,800	$2,160	$2,160
Transportation	$2,920	$2,920	$3,504	$3,504
Loan fees	$2,199	$2,173	$2,171	$2,178
Utilities	$2,950	$2,950	$3,540	$3,540
Total	$85,822	$85,206	$88,516	$88,618

Medical Education tuition and fees effective for the 2019-2020 aid year.

1st and 2nd Year 3rd Year 4th Year Secondary Application Fee Visiting Student Application Fee	$60,000 $60,000 $58,000 $125 $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, traditional financial aid, in addition to accepting forgivable service loans to make your experience affordable and enjoyable.

Wake Forest School of Medicine MD Endowed Scholarships

The School of Medicine has over 100 endowed scholarships, through both Wake Forest Medical Scholars Fund and need-based scholarships. A listing of our endowed scholarships can be found on page 24 in the Financial Aid Handbook (PDF).

Applicants complete Wake Forest Medical Scholars requirements when applying to the School of Medicine. If you are selected to receive one of these awards, it will be renewed each year of medical school as long as you maintain satisfactory academic progress (SAP).

Students (incoming and current) must apply for need-based scholarships each year while in medical school. Information needed includes the current year’s FAFSA, CSS Profile, and prior-prior year tax forms for student, spouse and parents, even if the student is not claimed as a dependent.

Need-Based Scholarship Application Process

Deadline: March 15, 2019—regardless of acceptance status or class year.

Disbursement Dates

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
Federal Loan Disbursement Dates (Refunds to students are direct deposited within 10 days of disbursement date)
MS1 - Fall 2018	June 29, 2018
MS2 - Fall 2018	July 9, 2018
MS3 -Fall 2018	May 16, 2018
MS4 - Fall 2018	May 7, 2018
MS1 - Spring 2019	December 3, 2018
MS2 - Spring 2019	December 10, 2018
MS3 - Spring 2019	November 12, 2018
MS4 - Spring 2019	November 5, 2018
120 Day Federal Loan Excess Fund Return
MS1 - Fall 2018	October 16, 2018
MS2 - Fall 2018	October 22, 2018
MS3 - Fall 2018	August 27, 2018
MS4 - Fall 2018	August 20, 2018
MS1 - Spring 2019	March 18, 2019
MS2 - Spring 2019	March 25, 2019
MS3 - Spring 2019	February 25, 2019
MS4 - Spring 2019	February 18, 2019

Step 1: Free Application for Federal Student Aid (FAFSA)

Wake Forest School of Medicine School Code: E00524

To qualify for federal student loans for the 2019-2020 academic year, complete the 2019-2020 FAFSA online at fafsa.ed.gov after October 1, 2018. Completing the online form is faster and prevents many of the common errors associated with the traditional paper form.

Entering and returning students should submit the FAFSA no later than March 15, 2019.

After your FAFSA is processed, you will receive a summary of your information in your Student Aid Report (SAR). If you provide an email address, your SAR will be sent via email within three to five days. If you do not supply an email address, your SAR will be mailed to you about four weeks after you submit the FAFSA.

The EFC indicates your expected family contribution, which is used to determine your eligibility for federal student loans. The SAR lists the information you reported on the FAFSA so that you can check your information for accuracy.

If no corrections are needed, keep the SAR for your records. If you listed the School of Medicine school code in the college release section of your SAR, we will receive your information electronically.

Step 2: CSS Profile

Wake Forest School of Medicine School Code: 5084

To be considered for School of Medicine need based scholarships, you must also complete the CSS Profile online as soon as possible.

New and returning students should submit the CSS Profile no later than March 15, 2019 to ensure the results reach the Office of Financial Aid in adequate time. We recommend that you complete the form in its entirety. If applicable, be sure to include extenuating circumstances in the comment box, as need-based aid is issued on a case-by-case basis and we need to be fully informed of your personal situation.

Parental financial information is required on the CSS Profile for all students applying for need-based scholarships from School of Medicine resources.

Step 3: Federal Tax Returns and W2 Forms

To be considered for School of Medicine need-based scholarships, you must submit copies of your, your spouse’s and your parents’ federal income tax returns and W-2 forms from the previous year. Please email these documents to the Office of Financial Aid at FinAid@wakehealth.edu and type "Tax Returns" in the subject line.

Step 4: What to Expect After Applying

It is your responsibility to ensure all information is received on time. Please feel free to contact us at any time at FinAid@wakehealth.edu to check on the status of your file.

Award notifications will be emailed in mid-April for both incoming and returning students. Be sure to add FinAid@wakehealth.edu to your contacts so your award letter doesn’t go to your junk email box.

*Applicants with extenuating circumstances who are unable to meet the need-based scholarship and loan application deadline must request an extension by emailing the Office of Financial Aid at FinAid@wakehealth.edu. Only written requests will be considered. Notification of the Office of Financial Aid decision will be sent via email within two business days.

How do I manage this money?

The Office of Financial Aid is available to meet with you one-on-one to talk about managing these disbursements. Due to the strict amount allowed for each year, it is important that you have a spending plan. There are many creative ways to manage these funds. For example, you might pay rent for the entire semester when you receive your first disbursement and again in January. Another way to make your money last is to deposit your disbursement into a savings account and "pay" yourself monthly or bi-monthly.

More Resources

Office of Financial Aid
Wake Forest School of Medicine
PO Box 573183
Winston Salem, NC 27157

finaid@wakehealth.edu

336-716-4264