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 2013 had an average of about $150,000 in combined undergraduate and PharmD student loans, their median starting salary was $120,000.
The figures below are for the 2014-2015 academic year.
Students in the 1st - 3rd years of the Pharm.D. 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* $24,500
Outstate Tuition $35,900
*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) $1,950 Student Health Benefit Plan* $2,098 Books & Supplies** $800 Room & Board $10,926 Transportation $1,000 Personal/miscellaneous $2,000 Total $18,774
*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.
Students entering the University of Minnesota College of Pharmacy are eligible to receive the following scholarships, the first three on this list are awarded at the time of admission. The average scholarship award for students who receive any of the scholarships below is about $3,700 for a given year in the program.
- Peters' Scholarship for Future Practitioners in Underserved Communities
Four (4) of these $10,000 - $20,000 scholarships ($2,500 - $5,000 per year) are awarded to incoming students with the best and most feasible plans for practicing with medically underserved populations in Minnesota (essay on supplemental application required for eligibility).
- Dean’s Nonresident Scholarship
These five (5) scholarships are awarded to the best applicants who would be paying outstate tuition while in the Pharm.D. program. This scholarship covers the difference between instate tuition & outstate tuition for the duration of the Pharm.D. program. All outstate and international applicants are automatically considered for this scholarship after interviewing at the College of Pharmacy and no additional application is required.
- Peters' Excellence Scholarship
These twelve (12) $5,000 scholarships are awarded to top applicants, as determined by the Admissions Committee. All applicants are automatically considered for this scholarship after interviewing at the College of Pharmacy and no additional application is required.
- Peters' Leadership Scholarship
Six (6) of these approximately $6,000 scholarships will be awarded to PD2 or PD3 students (in 2014-2015) with strong communication skills who show promise as an individual who will be committed to leading change in the profession. Applicants must submit this scholarship form and an essay outlining a potential project focused on creating change that they could potentially develop and implement during the year. Essays should use the following structure and should not exceed three pages:
1. Identify a problem or issue that you feel should be changed within the profession of pharmacy or within the College of Pharmacy. It should be and it must be something that you could potentially accomplish, either as an individual or as part of a small group within the next year.
2. Define your vision related to this issue ... what do you think should happen? What is the ideal outcome of the change process? How will it benefit the group(s) that are related to the problem you've identified (patients, practitioners, students, etc.)?
3. Outline a plan for creating this change and working towards the vision you've identified. As you do so, think about what resources are needed to successfully create your vision (these might be people, skills, knowledge, financial or other resources). Define the steps required to achieve this, prioritizing these steps or identifying a chronological timeline on which they would be addressed.
Expectations of recipients: Those accepting this scholarship must agree to the following:
1. Enroll in the elective course "Leading Change in Pharmacy" fall semester of their PDII or PDIII year;
2. Complete a leadership project with your fellow scholarship recipients during the academic year.
3. Participate in College activities assigned by the faculty coordinator working with scholarship recipients, These activities would serve as opportunities to expand one's understanding of the College, the profession and leadership in general and would not be expected to exceed 10 hours per semester.
Email firstname.lastname@example.org your essay as a Word document for inclusion. Paper copies will not be accepted.
- Various College of Pharmacy scholarships
After acceptance into the Pharm.D. program, students are eligible to apply for other College of Pharmacy scholarships which range from $500 - $3,000. The college awards over $500,000 in scholarships on an annual basis. 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.
- Peters' Scholarship for Future Practitioners in Underserved Communities
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. Call the financial aid office on the appropriate campus as soon after January 1 as possible to receive the Free Application for Federal Student Aid (FAFSA). 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 - email@example.com
Office of Student Finance - Health Sciences
University of Minnesota
308 Harvard St SE
Minneapolis, MN 55455