U-M College of Pharmacy: Alumni Comments About the College

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

What is the annual tuition for the Doctor of Pharmacy (PharmD) degree program at the University of Michigan College of Pharmacy?
What expenses other than tuition will I incur?
How will I finance my education at the at the University of Michigan College of Pharmacy?
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?
How do I apply for financial aid at the U-M College of Pharmacy?

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 for the 2007-2008 academic year is $17,500 for Michigan residents and $32,400 for nonresidents. 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.

What expenses other than tuition will I incur?

Typical expenses include room and board, books and supplies, and a 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. For 2006-2007 academic year, average student expenses for housing and other living costs were approximately $14,700. Books and supplies were an additional $750.

How will I finance my education at the at the University of Michigan College of Pharmacy?

The University of Michigan College of Pharmacy offers the most generous financial aid package of any pharmacy school in the U.S.

Case in point: In 2007, our financial support to PharmD students surpassed $900,000. These were not loans, but actual scholarship awards. We will distribute even more grant-in-aid support this year.

No other pharmacy school in the U.S. comes close to this level of grant support.

Each year, every 3rd and 4th year Pharm.D. student that applies receive merit- and need-based financial support, with an average annual grant, per student, of $6,000. In addition, all students with a grade point average of 3.6 or better are awarded Dean's Scholarships, and qualified first-year students can also compete for Academic Recognition Scholarships.

And our College's outstanding financial aid package got even better in fall 2004.

Many colleges of pharmacy will show you a low list price. Don’t take it at face value. When you factor in our exceptional grant-in-aid awards (which continue to increase annually), our PharmD degree is cost competitive with any PharmD degree-granting program in the U.S.

Remember this: All PharmD degrees are not equal.

For more than 128 years, the University of Michigan College of Pharmacy has been a recognized world leader in pharmacy education. A Michigan PharmD degree is synonymous with superior ability, high achievement, intellectual rigor, and quality.

If your goal is to own a degree from one of the world’s premier colleges of Pharmacy, Michigan is the right place for you.

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 a 2004 survey by Drug Topics magazine, the average base annual salary of pharmacists with a PharmD degree exceeds $86,000, excluding bonuses and other perks.

We know from our own surveys of graduating PharmD students and alumni that salaries continue to increase, annually. So the figures published by Drug Topics are now on the low side.

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, to the federal financial aid processor, the Free Application for Federal Student Aid (FAFSA). The FAFSA form is available on the World Wide Web at www.fafsa.edu.gov. A Departmrnt of Education PIN number is required and an applicant's and parent's online siginiture. You can apply for a PIN numbers at www.pin.ed.gov. To ensure that the University of Michigan receives a copy of your FAFSA application, insert school code 002325 in Step 6 of the application. Submit your FAFSA by February 15 to receive a financial aid offer prior to the May 1 enrollment deposit deadline. For more information, see www.finaid.umich.edu/financial_aid_basics/whois.asp.

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 Step 4 of the FAFSA. (To be considered for the low-interest Health Professions Loan , a parent must co-sign the FAFSA document you submit.)
For FAFSA document question 23, indicate that you are working on your first bachelor's degree.
For FAFSA document question 24, indicate that you are a fourth year/other undergraduate.
You will be considered an undergraduate when applying for financial aid during your first two years in the College. During your final two years of the PharmD program you will be eligible for College of Pharmacy grant aid, if you fill out a College grant application.

If you have completed an undergraduate degree program before entering Michigan's PharmD program, you will be admitted as a graduate 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.)
For FAFSA document question 23, indicate that you are working on your graduate or professional degree.
For FAFSA document question 24, indicate that you are a first-year graduate/professional student.
During your final two years of the PharmD program you will be eligible for College of Pharmacy grant aid, if you fill out a College grant application and meet the criteria for federal loans.

		Frequently Asked Questions About the Cost of a PharmD Education at the University of Michigan What is the annual tuition for the Doctor of Pharmacy (PharmD) degree program at the University of Michigan College of Pharmacy? What expenses other than tuition will I incur? How will I finance my education at the at the University of Michigan College of Pharmacy? 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? How do I apply for financial aid at the U-M College of Pharmacy? 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 for the 2007-2008 academic year is $17,500 for Michigan residents and $32,400 for nonresidents. 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. What expenses other than tuition will I incur? Typical expenses include room and board, books and supplies, and a 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. For 2006-2007 academic year, average student expenses for housing and other living costs were approximately $14,700. Books and supplies were an additional $750. How will I finance my education at the at the University of Michigan College of Pharmacy? The University of Michigan College of Pharmacy offers the most generous financial aid package of any pharmacy school in the U.S. Case in point: In 2007, our financial support to PharmD students surpassed $900,000. These were not loans, but actual scholarship awards. We will distribute even more grant-in-aid support this year. No other pharmacy school in the U.S. comes close to this level of grant support. Each year, every 3rd and 4th year Pharm.D. student that applies receive merit- and need-based financial support, with an average annual grant, per student, of $6,000. In addition, all students with a grade point average of 3.6 or better are awarded Dean's Scholarships, and qualified first-year students can also compete for Academic Recognition Scholarships. And our College's outstanding financial aid package got even better in fall 2004. Many colleges of pharmacy will show you a low list price. Don’t take it at face value. When you factor in our exceptional grant-in-aid awards (which continue to increase annually), our PharmD degree is cost competitive with any PharmD degree-granting program in the U.S. Remember this: All PharmD degrees are not equal. For more than 128 years, the University of Michigan College of Pharmacy has been a recognized world leader in pharmacy education. A Michigan PharmD degree is synonymous with superior ability, high achievement, intellectual rigor, and quality. If your goal is to own a degree from one of the world’s premier colleges of Pharmacy, Michigan is the right place for you. 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 a 2004 survey by Drug Topics magazine, the average base annual salary of pharmacists with a PharmD degree exceeds $86,000, excluding bonuses and other perks. We know from our own surveys of graduating PharmD students and alumni that salaries continue to increase, annually. So the figures published by Drug Topics are now on the low side. 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, to the federal financial aid processor, the Free Application for Federal Student Aid (FAFSA). The FAFSA form is available on the World Wide Web at www.fafsa.edu.gov. A Departmrnt of Education PIN number is required and an applicant's and parent's online siginiture. You can apply for a PIN numbers at www.pin.ed.gov. To ensure that the University of Michigan receives a copy of your FAFSA application, insert school code 002325 in Step 6 of the application. Submit your FAFSA by February 15 to receive a financial aid offer prior to the May 1 enrollment deposit deadline. For more information, see www.finaid.umich.edu/financial_aid_basics/whois.asp. 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 Step 4 of the FAFSA. (To be considered for the low-interest Health Professions Loan , a parent must co-sign the FAFSA document you submit.) For FAFSA document question 23, indicate that you are working on your first bachelor's degree. For FAFSA document question 24, indicate that you are a fourth year/other undergraduate. You will be considered an undergraduate when applying for financial aid during your first two years in the College. During your final two years of the PharmD program you will be eligible for College of Pharmacy grant aid, if you fill out a College grant application. If you have completed an undergraduate degree program before entering Michigan's PharmD program, you will be admitted as a graduate 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.) For FAFSA document question 23, indicate that you are working on your graduate or professional degree. For FAFSA document question 24, indicate that you are a first-year graduate/professional student. During your final two years of the PharmD program you will be eligible for College of Pharmacy grant aid, if you fill out a College grant application and meet the criteria for federal loans.
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