Tuition, Scholarships & Financial Aid
Earning a business Master’s degree is a significant investment in your personal and professional development. At Wake Forest University, we are committed to helping students accomplish this achievement by providing financial assistance through scholarships and governmental and private loan programs.
However you choose to finance your degree, please know that we are here to help you throughout the process. With that in mind, we have provided details below about tuition, scholarships and financial aid, including loan options.
Cost of Living Comparison
The student budget above is an estimate of living expenses associated with being a full-time graduate student at Wake Forest, and includes: books/supplies, food, housing, utilities, renter’s insurance, transportation and personal expenses such as cell phone, cable/internet, laundry/dry cleaning, clothing, and recreation. This budget does not consider existing consumer debt. Minor adjustments may be necessary to fit your individual circumstances.
Winston-Salem, NC offers a great quality of life along with a low overall cost of living and very affordable housing options. At Wake Forest, graduate business students live off campus, where there are many nearby housing options, some of which provide free shuttle bus service. The chart below compares Winston-Salem to other cities across the U.S. in terms of housing expenses.
Adjustments to Cost of Attendance
In limited circumstances, the School of Business Office of Financial Aid may approve an increase to the Cost of Attendance (COA). Examples of expenses that may be approved include dependent care expenses, unexpected medical bills or disability-related expenses, and one-time computer purchases. All requests are reviewed on a case by case basis and documentation is required. Requests for increases to housing and other costs already included in the COA will not be approved except in extraordinary circumstances. Please contact the Office of Financial Aid at sbfinaid@wfu.edu to request an individual review.
Scholarships
Each year the School of Business awards scholarships to eligible, deserving applicants who we feel would benefit greatly from a Wake Forest education and contribute significantly to the intellectual and civic life of the campus. Award decisions are based on considerations including academic merit, financial need and individual award criteria.
Important Facts
- All program applications received by the scholarship deadline are automatically considered for general scholarship awards.
- Candidates who apply after the scholarship deadline will be considered as funds are available.
- Scholarship decisions are made in conjunction with admissions decisions on a rolling basis. Applicants who are awarded a scholarship will be notified at the time of the admissions decision.
Other External Scholarships
Below is a limited list of external scholarship opportunities available through third parties. These links are provided for your convenience, but the School of Business does not administer, endorse or provide guidance on the application processes, nor is involved in the review and selection process. There are numerous free financial aid scholarship searches available, so use discernment and be cautious of companies that charge a fee for their services. We also encourage candidates to research relevant professional organizations, religious affiliations, and community groups for availability. The following organizations offer free scholarship search tools for students.
Student Loan Options
Federal Loans – Completing the FAFSA
Students seeking financial aid must complete the Free Application for Federal Student Aid (FAFSA). The Wake Forest University School of Business Title IV Code is E00515. Individuals will not be considered for federal student loans until the FAFSA has been submitted to the U.S. Department of Education and a student aid report is received by the School of Business financial aid office. To determine which FAFSA to complete, please reference the chart below.
Which FAFSA do I file?
The Federal Direct Loan
Federal Direct Loans are government loans available to all U.S. citizens and legal residents. A completed FAFSA is required to determine eligibility. Students may borrow a maximum of $20,500 in the Unsubsidized Direct Loan per academic year, and have the option of paying the accruing interest on a quarterly basis while in school. See studentaid.gov for additional information, including current interest rates and origination fees.
The Federal Graduate PLUS Loan
Graduate and professional students have an additional, affordable option for funding their education with the Federal Graduate PLUS Loan, which has a fixed interest rate. Eligibility for this loan is not based on household income, assets or financial need, but it is determined, in part, by your personal credit history. Many students with limited or no credit history can qualify. An eligible student can borrow up to the cost of attendance minus any other aid received. A completed FAFSA is required to determine eligibility.
Private Loans
Wake Forest partners with Elm Resources to provide a list of private lenders that have been proven to offer quality products and services. However, if you wish to use another lender that is not on this list, you have the right to do so. Like federal loans, private loans are designed to help students who need financial assistance with educational costs. In most cases, it is advantageous for students to first pursue Unsubsidized Federal Direct Loans and Federal Graduate PLUS Loans before seeking private loans. Private loan approval is generally based on creditworthiness and ability to repay, and may require a credit-worthy co-signer. Interest rates, grace periods, repayment options and fees are determined by the lender and can vary considerably among lenders.
For International Students
Wake Forest partners with Elm Resources to provide a list of private lenders, including lender options that do not require a U.S. co-signer. Please use the International/Non-Citizen selection option.
Veterans Affairs Educational Benefits
Wake Forest University welcomes all Veterans and is a partner in the Yellow Ribbon Program, sponsored by the United States Department of Veterans Affairs. Veterans who are 100% eligible for Post 9/11 educational benefits and are eligible for the Yellow Ribbon program can receive up to $15,500 in matching funds from the University per academic year. Eligibility for Veteran’s benefits is assessed by the VA. We advise students to visit the VA website or their local VA office to begin the process for obtaining a “Certificate of Eligibility”. This COE must be shared with the financial aid office staff so funds can be requested on your behalf. For more information, visit the U.S. Department of Veterans Affairs.
Yellow Ribbon Program
Wake Forest University School of Business has partnered with the Yellow Ribbon GI Education Enhancement campaign, which helps veterans and eligible dependents pay the cost of tuition. Funds are available for all Wake Forest graduate business programs. The Yellow Ribbon campaign is sponsored by the U.S. Department of Veterans Affairs and provides matching scholarship funds to honor military service for those serving post 9/11. Veterans (or dependents) who are 100% eligible and qualify for the Yellow Ribbon program will receive up to $15,500 in matching funds from the University per academic year.
Next Steps:
- To take advantage of this program, please verify your Yellow Ribbon Program eligibility with the U.S. Department of Veterans Affairs.
- Complete the Yellow Ribbon application process through the U.S. Department of Veteran Affairs.
Wake Forest University
Student Financial Services
For information on university-wide policies related to student billing, payments, and refunds, please contact the Student Financial Services office.
