Financial Aid 101: Understanding Your Options at Wake Forest SPS

You’re ready to invest in your future – what does that investment look like? 

Making education accessible, relevant, and affordable is a priority at Wake Forest School of Professional Studies (SPS). We know that financing your education is a top concern. That’s why the Wake Forest SPS Office of Financial Aid is here to help you understand your options and make the best financial decisions. 

How Much Does It Cost to Attend Wake Forest SPS?

As of November 2024, the Education Data Initiative estimates a Master’s degree is $62,820. However, at Wake Forest SPS we’re proud to offer high-quality programs at a more affordable rate – our programs range from $36,060 to $45,144 in total costs. Since all of our programs are offered 100% online, students benefit from cost-effective measures such as no student fees and the freedom to buy or rent textbooks from wherever you prefer. 

2024-2025 tuition rates are $1254 per credit hour. Students should plan for a 3-4% increase year over year.The Wake Forest SPS transparent tuition is always available on our website.

Understanding the Cost of Attendance 

Your total Cost of Attendance (COA) includes both direct and indirect expenses:

• Direct costs: Tuition and fees
• Indirect costs: Books, housing, transportation, and personal expenses

By understanding your COA, you can determine how much financial aid you may need and avoid borrowing more than necessary. You can find estimated COA figures for your program at professionalstudies.wfu.edu.

How Do I Pay For a Graduate Degree? 

Let’s break down the key financial aid options available at Wake Forest SPS so you can focus on achieving your professional goals with confidence.

Look For Free Money First

The best kind of school funding is the kind that you don’t have to pay back. This comes in the form of scholarships, fellowships, and grants. We recommend that these are high on your list for funding targets. 

Here are some places to get started:

• Check out online scholarship search engines, such as Sallie Mae’s or Collegescholarhsip.org.
• Industry-specific organizations often provide funding opportunities for members  pursuing related graduate degrees. For example, Phi Delta Kappa offers scholarships to members pursuing advanced degrees in education. 
• Many universities offer merit-based scholarships or departmental scholarships specifically for graduate students which does not require repayment and can significantly reduce your out-of-pocket costs.

Next Stop: Federal Student Loans

For most graduate students, federal loans are the primary funding source because they offer competitive interest rates and flexible repayment options. At Wake Forest SPS, you have two federal loan options:

Unsubsidized Loans Available to Everyone 

These government-backed loans are available to all U.S. citizens and legal residents, regardless of financial need. Students can borrow up to $20,500 per academic year. Interest accrues while you’re in school, but you can choose to pay it quarterly or defer it until after graduation.

Graduate PLUS Loans 

If you need additional funding beyond the Federal Direct Unsubsidized Loan, the Graduate PLUS Loan is an option. This loan is also backed by the federal government, but eligibility is based on credit history rather than financial need. Students can borrow up to the full cost of attendance (tuition, fees, and living expenses) minus any other aid received.

Both of these loans require you to complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov. Be sure to use Wake Forest’s school code E40512 when applying.

Alternative Options: Private Educational Loans 

If federal loans don’t fully cover your tuition or you need additional funding, private loans may be an option. These loans are offered by banks, credit unions, and other financial institutions.

Unlike federal loans, private loans are based on creditworthiness, and interest rates vary depending on the lender. Some students may need a co-signer, especially if they have limited credit history. While private loans can help bridge funding gaps, it’s generally recommended to maximize federal loan options first before considering private financing.

You can compare lender options at elmselect.com.

Veterans Educational Benefits

If you spent time serving your country, there is a chance you college costs might be covered. The Department of Veterans Affairs (VA) has approved Wake Forest University as an eligible institution at which students may use its Education Benefit Programs.

To get started, you must apply for benefits through the VA office. Once the VA makes a decision, it will mail your Certificate of Eligibility (COE) letter to you. Upon receipt, please email a copy of your COE to the SPS Office of Financial Aid at spfinaid@wfu.edu.

Invest in Your Future with Confidence

Financing a graduate degree is a big decision, but with the right planning and resources, it’s an achievable goal. At Wake Forest SPS, our Financial Aid Office is here to guide you every step of the way.

If you have any questions or need personalized assistance, reach out to us at spfinaid@wfu.edu.

Ready to take the next step? Start your financial aid process today and invest in your future!

Financial Aid FAQ

Do I have to borrow the maximum loan amount?
No! You should only borrow what you need. Wake Forest SPS can adjust your loan amounts based on your actual costs.

Do I have to start repaying loans while I’m in school?
No. Federal loans are deferred while you’re enrolled at least half-time (3 credit hours). Repayment begins six months after graduation or if you drop below half-time enrollment.

Can I use financial aid for living expenses?
Yes! Your loan eligibility includes an allowance for living costs, so if you need help covering rent, transportation, or other expenses, financial aid can assist.

Will I know my financial aid details before I have to submit my enrollment deposit?
You’ll receive an estimated loan offer based on eligibility, but final details may not be available before your deposit deadline. If you need additional funding, you can explore private loan options to cover any remaining costs.

Have another question? Reach out to spfinaid@wfu.edu.