Wake Forest University
Winston-Salem, North Carolina · Private Nonprofit · 21.7% acceptance rate
ROI Score: 88/100 · Strong Value
Wake Forest University scores 88 (Strong Value) on the CampusROI scale. At $67,642 sticker tuition, the net price of $28,719 reflects meaningful institutional aid, with remarkable generosity for the lowest income bands: families earning $0-$30,000 pay $6,525 per year and the $30,001-$48,000 bracket pays $6,331 -- among the lowest in the dataset at any private university. Median 6-year earnings of $62,900 are strong; the payback period is 5.9 years; completion rate is 89.2%. Finance (156 graduates, $85,944 year-one, $145,996 year-four, ROI grade A) and Business Administration (120 graduates, $76,722 year-one, $118,167 year-four, ROI grade A) are the defining programs. Computer Science (67 graduates, $75,625 year-one, $115,493 year-four, ROI grade B+) is also strong. Repayment rate of 91.1% at three years is among the highest in the dataset. Median debt of $21,500 is low relative to sticker. Wake Forest's Pell rate of only 10.1% is notably low -- the student body skews affluent. The $58,081 net price for families earning $110,000+ is the school's most challenging figure: high-income families pay sticker-adjacent prices, but the Finance and Business outcomes justify that cost for students entering those tracks.
Wake Forest University scores in the top 25% of all schools we track, with strong earnings outcomes relative to cost.
Wake Forest University
Quick Numbers
| In-state tuition + fees | $67,642/yr |
| Out-of-state tuition + fees | $67,642/yr |
| Average net price | $28,719/yr |
| Total 4-year cost (net) | $114,876 |
| Median earnings (10yr post-entry) | $78,158 |
| Median earnings (6yr post-entry) | $62,900 |
| Median debt at graduation | $21,500 |
| Estimated monthly loan payment | $228 |
| Estimated payback period | 5.9 years |
| 6-year graduation rate | 89.1% |
| Undergraduate enrollment | 5,485 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Wake Forest University is $67,642/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $28,719/year, or roughly $114,876 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $6,525/year, while families earning over $110,000 pay $58,081/year.
The median graduate leaves with $21,500 in federal loan debt, translating to an estimated monthly payment of $228 on a standard 10-year repayment plan. Against median earnings of $78,158 ten years out, the debt-to-earnings ratio is 0.34 - well within manageable territory.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $6,525 |
| $30,001 - $48,000 | $6,331 |
| $48,001 - $75,000 | $7,647 |
| $75,001 - $110,000 | $12,771 |
| $110,001+ | $58,081 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
The 0-30000 bracket pays $6,525 per year and the 30001-48000 bracket pays $6,331 -- both extraordinarily low net prices for a selective private university with $67,642 sticker tuition. Four years at $6,331-$6,525 totals $25,300-$26,100. This is less than one year of Finance earnings at year one. For low-income students who gain admission to Wake Forest, it is one of the most financially accessible selective private universities in the country at those income levels.
Middle-income families ($30K-$110K)
The 48001-75000 bracket pays $7,647 and the 75001-110000 bracket pays $12,771. Both are far below the institutional median net price of $28,719, suggesting heavy aid concentration in these brackets. Four years at $7,647-$12,771 produces total costs of $30,588-$51,084. For Business or Finance students in these income brackets, Wake Forest is a compelling financial value.
Higher-income families ($110K+)
Families earning $110,000+ pay $58,081 per year -- near full sticker at roughly $232,000 all-in over four years. This is the financial reality for most Wake Forest families given the 10.1% Pell rate. At a 5.9-year payback and $62,900 median earnings, the full-pay case works for Finance and Business track students who recover cost in 2-3 years. For humanities or life sciences students, the $232,000 all-in cost against $31,000-$40,000 year-one earnings creates a very long payback.
Earnings by Major
Top 10 most popular majors at Wake Forest University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Finance and Financial Management | $145,996 | A |
| Communication and Media Studies | $77,984 | C+ |
| Business Administration and Management | $118,167 | A |
| International Relations | $85,668 | C+ |
| Psychology | $64,814 | C |
| Economics | $98,209 | B |
| Kinesiology and Exercise Science | $79,599 | F |
| Biology | $63,292 | D |
| Computer Science | $115,493 | B+ |
| English Language and Literature | $77,847 | C |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Finance and Financial Management
Finance is Wake Forest's top ROI program: 156 graduates, $85,944 year-one, $145,996 year-four, debt-to-earnings ratio of 0.227 (ROI grade A). Median debt of $19,500 at $85,944 year-one is negligible. The four-year trajectory to $145k places Wake Forest Finance among the top business school programs in the Southeast. Graduates enter investment banking, private equity, and corporate finance at rates well above regional peers, reflecting the school's relationship with Charlotte's financial services community.
Business Administration and Management
Business Administration (120 graduates) earns $76,722 year-one and $118,167 year-four with a debt-to-earnings ratio of 0.246 (ROI grade A). Median debt of $18,899 at these earnings is very low. The four-year figure of $118k reflects Wake Forest's consulting and management pipeline, particularly into Deloitte, Accenture, and regional mid-market firms. The A-grade ROI confirms that Wake Forest's business school investment pays off financially.
Computer Science
Computer Science (67 graduates) earns $75,625 year-one and $115,493 year-four with a debt-to-earnings ratio of 0.273 (ROI grade B+). Median debt of $20,674 at $75k year-one is a 0.27 ratio. Wake Forest CS graduates enter tech firms, fintech, and data science roles. The four-year figure of $115k reflects career progression in roles that blend technical and business skills -- a profile consistent with Wake Forest's liberal arts-inflected approach to CS.
Psychology
Psychology (119 graduates) earns $34,823 year-one and $64,814 year-four with a debt-to-earnings ratio of 0.617 (ROI grade C). Near-term earnings are modest, but the four-year jump to $64,814 reflects psychology graduates at selective schools who move into law, business, or graduate programs after initial positions. Median debt of $21,500 at $34,823 year-one creates a tighter early-career budget. Students planning graduate work in clinical or counseling psychology should plan for additional debt.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 87.5% | 52.0% |
| 3-year repayment | 91.1% | 62.0% |
| 5-year repayment | 90.1% | 68.0% |
| 7-year repayment | 94.1% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 21.7% |
| SAT Math (25th-75th) | 710-770 |
| SAT Reading (25th-75th) | 700-750 |
| ACT Composite (25th-75th) | 32-34 |
| Enrollment | 5,485 |
| Pell Grant recipients | 10.1% |
| Avg faculty salary (monthly) | $12,666 |
At 21.7%, Wake Forest is highly selective. SAT 710-770 Math and 700-750 Reading, ACT 32-34 describe the middle 50%. Wake Forest reinstated test requirements after a test-optional period, returning to a traditional academic credential review. The Business and Finance programs are the most direct paths to the strongest earnings outcomes. Prospective students should note the 10.1% Pell rate as a signal about the socioeconomic composition of the campus community.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Wake Forest's peers include Lehigh University, Villanova University, and Bucknell University -- similarly selective private schools in the 85-92 ROI range. Wake Forest's ROI of 88 is competitive with Villanova (approximately 86-90) and Lehigh (approximately 87-91). Its Finance four-year earnings of $145,996 are comparable to Villanova's ($141,860 at Fordham, which is directionally similar). The key differentiator is Wake Forest's extraordinary aid generosity at the lowest income brackets -- $6,331-$6,525 net price for low and lower-middle income students is more generous than most peers at this tier.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Wake Forest University (this school) | 88 | $28,719 | $78,158 |
| Lehigh University | 93 | $36,931 | $105,584 |
| Villanova University | 89 | $43,756 | $100,423 |
| Bucknell University | 87 | $40,766 | $93,807 |
| Barton College | 24 | $23,626 | $47,913 |
| Belmont Abbey College | 24 | $24,639 | $47,937 |
Who Thrives Here
Wake Forest admits 21.7% of applicants with SAT ranges of 710-770 Math and 700-750 Reading; ACT 32-34. At 5,485 enrolled, it is a mid-size private research university in Winston-Salem, NC. The Pell grant rate of 10.1% is the lowest in this batch -- Wake Forest's student body is predominantly upper-income, and the school's aid model is generous only at the lowest income bands. Students interested in business, law, and consulting are the core demographic. Wake Forest has a strong pre-law reputation and its law school (separate institution) creates a visible pipeline that influences undergraduate career choices.
The Verdict: The Investment Pays Off
Wake Forest University delivers above-average financial returns for its graduates. At a net cost of $28,719 per year ($114,876 over four years), graduates earn a median of $78,158 ten years after enrollment. That puts the payback period at roughly 5.9 years - a solid return on the investment.
The data highlights several strengths: strong earnings premium over high school graduates, a 89.1% graduation rate, manageable debt relative to earnings, high loan repayment success.
Median debt of $21,500 is very manageable against $78,158 in annual earnings - well within the financial advisor rule of thumb that total debt should not exceed first-year salary.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.