Wake Forest University
Winston-Salem, North Carolina · Private Nonprofit · 21.7% acceptance rate
ROI Score: 88/100 · Strong Value
Data: 2024-25 College Scorecard release
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. Average 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. The repayment rate is 91.1% at three years. 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 7% of the schools we score, 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 |
| Average 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 first number you'll see is the sticker price: $67,642/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $28,719/year, or roughly $114,876 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $6,525/year here, while families earning over $110,000 pay $58,081/year.
Among graduates who borrowed, the median federal loan debt from this school is $21,500, which works out to about $228 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($62,900) and comes to 0.34, which in our view is comfortably manageable.
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. Four years at $6,331-$6,525 totals $25,300-$26,100. This is less than one year of Finance earnings at year one.
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 average 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 reaches $145k for Wake Forest Finance.
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 | Median of schools we score |
|---|---|---|
| 1-year repayment | 87.5% | 68.8% |
| 3-year repayment | 91.1% | 73.6% |
| 5-year repayment | 90.1% | 67.7% |
| 7-year repayment | 94.1% | 72.8% |
Completion Rate
Trends Over Time
How Wake Forest University’s cost and outcomes have moved across College Scorecard releases (2009-2024).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
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.
| 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 is 10.1%. 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
For most students, Wake Forest University pays off. You'd pay about $28,719 a year after aid ($114,876 over four years), and the typical graduate earns $78,158 ten years after enrollment. That puts the payback - the time it takes for the earnings bump to cover what you spent - at roughly 5.9 years, a solid return.
What it has going for it: a strong earnings premium over high school graduates, its 89.1% graduation rate, manageable debt relative to earnings, high loan repayment success.
Median debt of $21,500 among graduates who borrowed, against average earnings of $62,900 six years after entry, gives a debt-to-earnings ratio of 0.34, under the 1.0 point at which debt would equal a full year of those earnings. Your major matters a lot here: graduates in higher-earning fields will see the better end of this.
Wake Forest University: Common Questions
Is Wake Forest University worth it?
In our view, yes - for most students Wake Forest University pays off. It scores 88/100 on our ROI scale. You'd pay about $28,719 a year after aid ($114,876 over four years), and the typical graduate earns $78,158 ten years after enrollment, so the cost takes roughly 5.9 years to earn back.
How much does Wake Forest University cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $28,719 a year, or roughly $114,876 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Wake Forest University graduates earn?
The typical graduate earns about $78,158 ten years after enrolling, roughly $36,358 a year more than the median high-school graduate ($41,800, per NCES, 2022). That earnings gap is what has to cover the cost of the degree.
How long does it take to pay off Wake Forest University?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at about 5.9 years for Wake Forest University. The median across the schools we track is about 12 years.
How much debt do Wake Forest University graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $21,500, against average earnings of $62,900 six years after entry - a debt-to-earnings ratio of 0.34. In our view that is reasonable, though your major matters: higher-earning fields will see the better end of it.
What is the graduation rate at Wake Forest University?
The six-year graduation rate is 89.1%, at or above the 64% national average for four-year schools (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
NewsletterCollege decisions are better with data.
From CampusROI, when there is something worth acting on.
Rankings & Links
Guides & Tools
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.