Tuition and Financial Aid
Tuition for 2014-2015 is $47,470. Financing medical education is the student's responsibility, but thanks to generous benefactors and thoughtful planning, Mayo Clinic's financial aid program is able to assist students based on financial need.
For new matriculating students, Mayo Medical School will use parental income and asset data in the awarding of institutional scholarships. This is a practice consistent with most medical schools in the country. Scholarship awards will be re-evaluated on an annual basis.
The financial aid program goals are to:
- Increase access to the medical profession for all prospective candidates regardless of their social or economic backgrounds
- Allow graduating students to choose a career based primarily on their interest, skill and aptitude rather than financial considerations imposed by high indebtedness
- Attract the absolute best students to Mayo Medical School
Estimated first-year Mayo Medical School student expenses (12 months) for the 2014-2015 academic year are:
- Tuition — $47,470
- Books — $1,950
- Rent and utilities — $14,328 (average $1,194 a month)
- Food — $4,260 (average $355 a month)
- Personal and miscellaneous — $6,360 (average $530 a month)
- Transportation — $3,828 (average $319 a month)
- Technology fees — $540 (average $45 a month)
- Total budget — $78,736
Scholarships and loans
Mayo Medical School tuition scholarships
Through the generous gifts of Mayo Medical School benefactors, medical school tuition scholarships are available annually and help offset a portion of tuition expense for eligible students. The Mayo Medical School Financial Aid Committee determines these awards using data provided by the student and student's family. Awards are communicated to accepted students in the spring prior to matriculation.
Mayo Medical School need-based grant funds
This award program is designed to assist students in funding their education. The selection criterion for this award is based on a formula that evaluates student-documented financial need. These award amounts vary annually and are made possible by generous Mayo Medical School donors.
Mayo Medical School participates in the Federal Direct Student Loan Program. Commonly known as Direct Loans, they allow students to finance their education. Payment on these loans begins after graduation or when the student drops to less than half-time status.
For more financial aid information, please contact: