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)

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 University 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 University School of Medicine Dean's Medical Excellence Scholarship

The scholarship recognizes the academic achievement and potential of students who, through sharing their varied cultural perspectives, will enhance the education of all school of medicine 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 (school code E00524. Please sign for approval to transfer federal tax information from the IRS for student/spouse 2022 tax AGI) and the CSS Profile (the profile is needed from all incoming students and current students who have never applied for need based scholarships). 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 December 31
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)
Date student receives refund
MS1 - Fall 2024 July 11, 2024 July 19, 2024
MS2 - Fall 2024 July 15, 2024 July 19, 2024
MS3 -Fall 2024 May 20, 2024 May 24, 2024
MS4 - Fall 2024 May 13, 2024 May 17, 2024
MS1 - Spring 2025 December 9, 2024 December 13, 2024
MS2 - Spring 2025 December 16, 2024 December 20, 2024
MS3 - Spring 2025 November 11, 2024 November 15, 2024
MS4 - Spring 2025 October 28, 2024 November 1, 2024
120 Day Federal Loan Excess Fund Return
MS1 - Fall 2024 October 21, 2024
MS2 - Fall 2024 October 21, 2024
MS3 - Fall 2024 August 28, 2024
MS4 - Fall 2024 August 21, 2024
MS1 - Spring 2025 March 19, 2025
MS2 - Spring 2025 March 26, 2025
MS3 - Spring 2025 February 19, 2025
MS4 - Spring 2025 February 5, 2025

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.

Current students: The Office of Financial Aid has a Financial Aid Course in Canvas that is used as a repository for students to access financial aid information quickly.