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

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)

MD Program Bill Payment Schedule

Program Term

Tuition Amount

Due Date

Fall 2018     
First Year  $29,411.50  7/19/2018 
Second Year  $29,411.50  7/26/2018 
Third Year  $29,131.50  5/24/2018 

Fourth Year

$28,854.00

5/24/2018

Spring, 2019

First Year  $29,411.50  1/12/2019 
Second Year  $29,411.50  12/27/2018 
Third Year  $29,131.50  11/29/2018 
Fourth Year  $28,854.00  11/22/2018

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

 

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.