Costs, Financial Aid and Scholarships
All US citizens and permanent residents qualify for federally sponsored financial aid that covers the cost of attendance. While PharmD students graduating in 2014 had a average of about $140,000 in combined undergraduate and PharmD student loans, their median starting salary was $120,000.
The figures below are for the 2015-2016 academic year.
Students in the 1st - 3rd years of the PharmD program will pay the amounts below, which are based on enrollment in two semesters. Students in the 4th year of the program must pay for an additional semester, thus increasing the annual amount by 50%.
Instate Tuition* $25,112
Outstate Tuition $36,760
*Instate tuition is granted to residents of Minnesota, South Dakota, Wisconsin, and recipients of the Dean's Nonresident Scholarship.
Fees & Other Expenses
Actual amounts for books & supplies, room & board, transportation and personal expenses depend on one's lifestyle and priorities.
All university fees (approximate) $2,010 Student Health Benefit Plan* $1,998 Books & Supplies** $800 Room & Board $11,466 Transportation $1,000 Personal/miscellaneous $2,000 Total $19,274
*Proof of an existing employer-sponsored group health plan health is required in order to waive this fee.
**PharmD students are provided with free e-textbooks for most courses.
Over $550,000 of scholarships to be awarded to incoming students!
As an applicant, you are automatically considered for many of the college's scholarships for incoming students, which total over $550,000. Most scholarships are awarded on a recurring basis through the four years of the PharmD program. Examples of scholarships are:
- Full tuition scholarship for a top applicant from the state of Minnesota
- Dean's Nonresident Scholarships to cover the difference between in-state and out-of-state tuition
- Scholarships for applicants with plans to practice in rural areas or with medically underserved populations
- Scholarships for applicants with the potential to become leaders in the profession of pharmacy
Scholarships are generally awarded early in our rolling admissions cycle. Applying early assures you the broadest eligibility for our scholarships.
After acceptance into the PharmD program, students are also eligible to apply for other College of Pharmacy scholarships ranging from $500 to $3,000. To be considered for scholarships based on financial need, you must have a Free Application for Federal Student Aid (FAFSA) on file.
Other resources to find scholarships:
*Scholarship amounts and numbers awarded are subject to change.
Many pharmacists are eligible for Public Service Loan Forgiveness. If you plan to work for a federal, state, or local government agency, entity, or organization or a not-for-profit organization designated as tax-exempt by the IRS (such as a public hospital or clinic), you could be forgiven thousands of dollars in loans after working for ten years!
- Direct Loans (not Federal Family Education Loan or the Federal Perkins Loan)
- After graduation repay your loans monthly, on-time, scheduled and in full on a income-driven repayment plan or 10-Year Standard Repayment Plan
- Work at least 30 hours per week for a total of ten years (does not need to be consecutive or at the same employer)
To maximize the benefit of this federal loan forgiveness program, it is recommend to consult with the university financial aid officer and a financial planner.
Pharmacists who serve in a designated rural area in Minnesota for a minimum of three years after graduation are eligible for student loan forgiveness through the Minnesota Department of Health. Those eligible can receive approximately $16,000 per year of service, up to $64,000 maximum over four years.
Residency and Reciprocity
Since the University is a state institution, Minnesota residents pay lower tuition than nonresidents. To qualify for resident status, students must reside in Minnesota for at least one calendar year before the first day of class attendance. Minnesota residency status is granted to students who:
Are permanently residing in Minnesota; and
Have been continuously present in the state of Minnesota for at least one calendar year prior to the first day of class attendance at the University. During that one-year period, the student must not have attended any other Minnesota post-secondary educational institutions.
Please review the downloadable Residency, Reciprocity and Tuition Exemption brochure (pdf) for more information.
The University has a reciprocity agreement with South Dakota and Wisconsin that allows residents of those states to pay Minnesota in-state tuition. This is not automatic; South Dakota and Wisconsin residents must apply for reciprocity through the South Dakota Board of Regents or State of Wisconsin Higher Education Aids Board.
Pharmacy students finance their education from a combination of sources, including personal or family funds, grants and scholarships, loans, and employment.
Federal, state, and institutional loans and grants are administered by the Office of Financial Aid and Registrar on the Duluth campus and the Office of Student Finance (OSF) on the Twin Cities. After January 1, students can access the Free Application for Federal Student Aid (FAFSA) to apply for federal financial aid. You may apply for financial aid before you are admitted to the College.
Your total financial aid package will match your total estimated costs as shown on the Duluth and Twin Cities financial aid pages. For more information about types of financial aid available and the application process, contact the financial aid office and ask to speak with a health professions financial aid counselor:
Office of Financial Aid and Registrar
21 Solon Campus Center
1049 University Drive
Duluth, MN 55812-3011
218-726-8000 or 800-232-1339
E-mail - firstname.lastname@example.org
Office of Student Finance - Health Sciences
University of Minnesota
308 Harvard St SE
Minneapolis, MN 55455