Once you have been accepted into the Doctor of Nursing Practice (DNP) program you should create a financial plan so that you can concentrate on your studies, not your expenses.
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?
Please apply for the Free Application for Federal Student Aid (FAFSA) for federal loan funding. The FAFSA is required in order to obtain federal loan funds.
What is the deadline to apply for financial aid?
The deadline for submission of all financial aid information for the MD and PA programs is March 15. The deadline for submission of all financial aid information for the CRNA and DNP programs is May 15.
How do I find information about outside scholarships?
For MD external scholarships, students should 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.
For the CRNA and DNP programs, students should visit the The NC League for Nursing Academic Scholarship Program and Nurses' Educational Funds, Inc for information on potential outside scholarship sources.
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, CANVAS, and the WakeUP student portal.
The following resources are a great start as you search for outside scholarships:
- AAMC FIRST for Medical Education Financial Info and Tools
- Website searches from Fast Web, SallieMae College Planning, and the College Board
- Financial Aid Information Page
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 student. 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 to your student account within 120 days of the disbursement date.
How do I qualify for loan forgiveness?
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. 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 in an eligible repayment plan.
For more information, visit the Association of American Medical Colleges and Institute for College Access and Success.
DNP Program Cost of Attendance (COA) 2019-2020
Program Budget (12 Months)
| DNP Program |
Year 1 |
Year 2 | |
|
Tuition and Fees |
$21,415 |
$18,835 | |
|
Books and Equipment |
$1,312 | $1,312 | |
|
Food |
$4,800 | $4,800 |
|
| Health Insurance |
$3,848 |
$3,848 | |
| Lodging | $7,000 | $7,000 | |
| Miscellaneous | $1,800 | $1,800 | |
| Transportation | $2,920 | $2,920 | |
|
Loan Fees |
$1,303 |
$1,303 | |
| Utilities | $2,951 | $2,951 | |
|
Total |
$47,349 |
$44,769 |
DNP1 - assumes 4 credits Fall term, 6 credits Spring term, and 6 credits Summer term.
DNP2 - assumes 4 credits Fall term, 5 credits Spring term, and 5 credits Summer term.
Doctor of Nursing Practice tuition and fees effective for the 2019-2020 aid year:
| DNP Part-time per credit DNP Part-time Student Fees |
$1,290 $775 |
Additional Requirements and Costs
Place Hold Deposit
A deposit of $1,500 is payable to Wake Forest School of Medicine upon acceptance to a degree program and is not refundable. The amount of $1,465 is applied to the first-year tuition.
Health insurance coverage:
Students are responsible for maintaining health insurance through the medical center or other provider of their choice. For questions pertaining to health insurance, please contact Marsha Brown, Student Health Navigator. For questions pertaining to health insurance on student accounts, please contact Student Financials.
Other costs:
In addition to the above expenses, the student should also consider housing, meals, transportation and loss of income during the educational period.
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.
All expenses quoted on this page are subject to change without notice.
Scholarship and Financial Assistance
- DNP students who are NC permanent residents are eligible for North Carolina Forgivable Education Loans for Service.
- Students that need financial assistance must complete a Free Application for Federal Student Aid (FAFSA) form.
- We are approved by the Veteran's Administration (VA) as a qualified educational program, for those who qualify for VA benefits.
- DNP Financial Aid Newsletter
Disbursement Dates
| Application Submission | |
|---|---|
| FAFSA Available | October 1 |
| FAFSA Deadline | May 15 |
| Award Notification | |
| Financial aid Award Letters Emailed | Mid-May |
| Federal Loan Disbursement Dates (Refunds to students are direct deposited within 14 days of disbursement date) | |
| Fall 2019 | August 15, 2019 |
| Spring 2020 | January 6, 2020 |
| Summer 2020 | May 11, 2020 |
| 120 Day Federal Loan Excess Fund Return | |
| Fall 2019 | November 25, 2019 |
| Spring 2020 | April 20, 2020 |
| Summer 2020 | August 3, 2020 |
All expenses quoted on this page are subject to change without notice.