Frequently Asked Questions About the Cost of a PharmD Education at the University of Michigan

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Thursday, January 23, 2014
Thursday, January 23, 2014
  • What is the annual tuition for the Doctor of Pharmacy (PharmD) degree program at the University of Michigan College of Pharmacy?

    Tuition and required fees can be found HERE.  Full program fees cover class instruction and use of laboratories, libraries, information technology, physical education facilities, the University Health Service, Michigan Union, and Michigan League.  The program requires nine semesters of enrollment.

  • What expenses other than tuition will I incur?

    Typical expenses include room and board, books and supplies, transportation, and various living costs. The cost of room and board will depend on whether you live in a University residence hall, University family housing, co-op housing, or a private residence, such as an apartment or house.

  • I lack the personal funds to finance my pharmacy education out-of-pocket, yet I'm also uncertain about financing my education with debt. Any suggestions?

    Think of your University of Michigan PharmD education as a high-quality investment — because that’s precisely what it is. The return on your PharmD investment begins the day you enter practice, and continues to return outstanding dividends over a lifetime.

    Pharmacists are among America's best paid professionals. According to the Bureau of Labor Statistics, the median annual salary for a pharmacist was $120,270 in 2016.  We know from our own surveys of graduating PharmD students and alumni that salaries continue to increase, annually.  Depending on the type and location of practice, annual earnings can — and often do — surpass six figures.

    Because the University of Michigan College of Pharmacy is recognized around the world for academic, clinical, and research excellence, our graduates are heavily recruited wherever pharmacy in practiced. (It all comes back to Michigan’s Quality Difference as acknowledged by the Accreditation Council for Pharmacy Education, the independent agency responsible for accrediting the nation’s professional degree-granting pharmacy institutions.

    With a genuine commitment to eliminate your debt quickly, you could pay off your low-interest loans within several years of graduation (while still living comfortably), and be operating in profit-mode for the rest of your working life.

    In addition, you'd be employed in a respected profession that is intellectually challenging, essential to the well-being of society, and offers unparalleled personal and professional growth opportunities.

  • How do I apply for financial aid at the U-M College of Pharmacy?

    Complete and submit a Free Application for Federal Student Aid (FAFSA) for each year that you attend and need aid. The FAFSA is available on October 1 each year and the University must receive your valid FAFSA from the federal processor by April 30.  Be sure to allow time for any corrections that might be needed to your FAFSA so we receive it in a timely manner. 

    For more information, click here.

    If you have not completed an undergraduate degree prior to beginning Michigan's PharmD program, you will be admitted as an undergraduate student. If this describes you:

    • Be sure to include parental data in the FAFSA. (To be considered for the low-interest Health Professions Loan , a parent must co-sign the FAFSA document you submit)
    • You will be considered an undergraduate when applying for financial aid during your first two years in the College.  This may impact your overall budget for professional school.

    If you have completed an undergraduate degree program before entering Michigan's PharmD program, you will be admitted as a graduate/professional student. If this describes you:

    • You will need to provide parental income information in order to be considered for a Health Professions Loan. (This applies even if you are not financially dependent upon your parents. Only the Health Professions Loan program commingles the issue of parental and graduate student finances. Providing this information for the Health Professions Loan will not disqualify you for other loans.)
    • You will be considered a graduate/professional student during all four years of the PharmD program.