Understanding MCPHS University Tuition Costs and Financial Aid Opportunities
For prospective students considering MCPHS University, understanding the financial aspects of attending is crucial. This article breaks down the tuition costs, available financial aid, work-study programs, and other financial considerations to help you make an informed decision.
The Cost of Attendance
Prospective students considering MCPHS University should be aware of the various costs associated with attending this institution. The annual tuition and fees at MCPHS University amount to $37,230, placing it in the top 45% of colleges and universities in terms of cost. The annual tuition to attend Massachusetts College of Pharmacy and Health Sciences is $37,620. The cost is the same for both in-state and out-of-state students.
In addition to tuition, students must consider the expenses related to room and board. MCPHS University provides on-campus housing, with a typical room charge for the academic year at $15,150, which is in the top 5% of room charges among institutions. The typical board charge for the academic year is $4,300, placing it in the bottom 30% of board charges. Combining these figures, the total room and board charges at MCPHS University come to $19,450, which is also in the top 5% of colleges and universities. On campus room and board is provided by the school at a cost of $23,988 per academic year. If living on-campus, students should budget for $3,936 in additional living expenses.
Benchmarking Against National Averages
To put these costs into perspective, it is helpful to compare them to the average total annual costs of studying in the United States. For public two-year colleges, the average cost is $15,862. In-state students at a four-year public college can expect to pay an average of $25,707, while out-of-state students at a four-year public college face an average cost of $44,014. Lastly, private non-profit four-year colleges have an average total annual cost of $54,501.
In summary, the total cost of studying for a year at MCPHS University, including tuition, fees, and room and board, is $56,680. This places MCPHS University's costs above the average for out-of-state students at a four-year public college and slightly above the average for private non-profit four-year colleges. Prospective students should carefully consider these costs when deciding if MCPHS University is the right choice for their educational needs.
Read also: Tuition Options at MCPHS
Net Price and Additional Expenses
The average reported annual net price for Massachusetts College of Pharmacy and Health Sciences for students receiving grants or scholarship aid was $37,182* in 2019/2020. The net price provides a more realistic estimate of the true cost of attending Massachusetts College of Pharmacy and Health Sciences, once common grants and scholarships have been taken into account. It's important to note that your net price will fluctuate based on factors such as family income, assets and individual financial need.
Other costs include books and supplies ($1,257 per year), personal expenses, and transportation.
Financial Aid and Benefits
MCPHS University offers a variety of financial aid options for prospective students, including grants and military benefits. A significant 99% of students at the university receive financial aid, placing MCPHS University in the top 35% of institutions in this regard. Furthermore, 65% of students experience indebtedness, which ranks the university in the top 25% for this metric. 100% of full-time undergrad Massachusetts College of Pharmacy and Health Sciences received financial aid in the form of grants, scholarships, fellowships from the institution or from Federal, State or local government agencies. This aid averaged $22,249 per student during the 2019/2020 school year.
Types of Aid Available
Financial aid can include grants, loans, scholarships and work-study jobs. Financial aid packages vary depending on your financial need. Most colleges determine financial need based on your FAFSA. As you’re comparing costs of different institutions, also consider the total cost and the net price. The total cost is the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses. Need-based self-help aid includes federal loans and work-study. Merit-based aid, also called non-need-based aid, is awarded for a specific talent or athletic or academic achievement.
Scholarships are a type of funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation. Some students receive enough in scholarship money to cover their tuition and living expenses.
Read also: Tuition at Loyola University Maryland
Financial Aid Amounts
The average amount of financial aid received by students at MCPHS University varies depending on their level of study. Graduate students typically receive an average of $22,950 in financial aid, placing the university in the bottom 50% for this category. However, undergraduate students fare better, receiving an average of $34,700 in financial aid, which ranks MCPHS University in the top 10% of institutions.
Military Benefits
In addition to grants, MCPHS University also provides military benefits for eligible students.
- Institution is G.I. Bill certified
- Institution participates in Yellow Ribbon Program
Key Financial Aid Dates
- Priority Application Due: Mar 16 (Applications received prior to this date will be given the strongest consideration. Still apply for financial aid if you don’t make this due date.)
- Notification Date: May 1 (When students receive a letter with the amount and types of aid the college is offering.)
Application for Federal Student Aid
Grant and scholarship aid does not need to be paid back. To apply for a Pell Grant to attend Massachusetts College of Pharmacy and Health Sciences, the first step is to fill out the Free Application for Federal Student Aid (FAFSA).
Student Loan Debt
How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate. At MCPHS University, the median federal loan debt among borrowers who completed their undergraduate degree is $25,000. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $265.
Loan Repayment Example
CollegeSimply has modeled example payment coverage for the annual tuition and living expenses of $67,722. To gauge a more realistic picture of what it really could cost you out of pocket to go to Massachusetts College of Pharmacy and Health Sciences, we've modeled a ten year student loan with an original principal value of $148,728. The loan balance of $148,728 is a four year multiple of the $37,182 average net price. This is a estimate of what you could owe upon graduation if you were to qualify for average financial aid and what a degree really may cost. Should you not qualify for financial aid, you may owe significantly more when you graduate. Based on these assumptions, a monthly repayment of $1,691 could be required to pay off your student loan.
Read also: Affording ECU
Please note that financial aid is not guaranteed and is only available for qualifying students. Federal Student Loans are not grants and must be repaid with interest. In order to afford student loan payments and still meet all your other costs of living, it is recommended not to borrow more than you can pay back using 10% of your monthly income earned after graduation. If you're considering attending Massachusetts College of Pharmacy and Health Sciences, should consider if it will be realistic to make the post graduation loan payments based on your expected salary.
Work-Study Opportunities
MCPHS University provides its students with a range of work-study, internship, and on-campus employment opportunities, allowing them to gain practical experience in their chosen field of study while developing valuable skills for their future careers. The average expected pay for working students depends on the specific position and the individual's level of experience.
On-Campus Employment
On-campus employment opportunities at MCPHS University are available for students who wish to work part-time while pursuing their studies. These positions can be found in various areas, such as the library, dining services, and administrative offices. Additionally, students can work as research assistants in departments like pharmacy, nursing, and healthcare, further enhancing their practical experience and skill development. The pay for these roles varies based on the position and the student's experience level.
Internships
Internships are another option for MCPHS University students, offering hands-on experience in their field of study. These internships can be found in industries such as healthcare, pharmaceuticals, and biotechnology, thanks to the university's partnerships with numerous companies. Not only are these internships paid, but students can also earn academic credit for their work. The compensation for these internships depends on the specific role and the student's experience.
Work-Study Programs
Work-study opportunities are available for students who demonstrate financial need, providing part-time employment on campus with earnings used to help cover educational expenses. International students are also eligible for work-study opportunities at MCPHS University, allowing them to gain valuable work experience while studying in the United States.
Begin your job search by checking whether your college has in-person or online job boards. Some institutions match students with work-study positions, while others require them apply to the positions, like they would for any other job.
Pharm.D. Program Costs
When you head to graduate school, you know you’ll be signing up for both a degree and some debt. This is especially true for Doctor of Pharmacy (Pharm.D.) grads. Well-known for its health programs, MCPHS offers three pathways for obtaining a Pharm.D.
- Accelerated: A full-time Pharm.D. program that builds on your previous bachelor's degree.
- pharmacists who have a bachelor's degree and are already practicing.
Each of the programs will result in a Pharm.D. and the potential for increased salary. The average salary for a pharmacist is $126,120, according to the Bureau of Labor Statistics.
Direct Entry Program
If you opt for the Direct Entry program offered at MCPHS, you’ll pay about $226,465 in tuition and Pharm.D. The pre-professional phase costs $33,600 per year. It’s a two-year period, so you’re looking at $67,200 for this phase - tuition only. The professional phase costs $39,500 per year. This is a full-time program, so it’s safe to say you won’t be working a full-time job while in school.
Accelerated Pathway
The Accelerated pathway to a Pharm.D. is quick. It can be appealing to get out of school sooner, but the cost of accelerated programs should take into account any student debt you already have. The cost for a Pharm.D. The annual tuition cost is $53,100 per academic year. This program runs 34 months, which is a little less than three years. Fees for the Pharm.D. Let’s add the average debt of an undergrad who attended MCPHS - $27,000.
Postbaccalaureate Program
The most affordable Pharm.D. program offered at MCPHS is the Postbaccalaureate program. The only downside is that this is for working pharmacists with a bachelor's degree. The program is online, and the cost is per credit. It costs $990 per credit, and a total of 34 credits are taken online. A portion of these are fulfilled at your current workplace. The clinical rotations cost $1235 per credit hour. You’ll be full time for four weeks, and it’s counted as three credit hours. The program will end up costing about $37,365. This is tremendously less than the other programs.
Estimated Pharm.D. Program Costs
| MCPHS Pharm.D. program | Estimated cost of tuition with Pharm.D. fees |
|---|---|
| Direct Entry Program | $226,465 |
| Accelerated Program | $186,615* |
| Postbaccalaureate (Online) Program | $64,365** |
*Based on the average undergraduate debt of $27,000.
The total numbers for each program don’t take into account any kind of living expenses, general fees or books.
Student Loan Considerations for Pharm.D. Students
Unless you can opt for the online program as an already practicing pharmacist, you’re going to end up with over six figures of debt from MCPHS tuition. This isn’t a novelty for pharmacists by any means. According to the American Association of Colleges of Pharmacy (AACP) 2019 Graduate Survey, 85% of students borrowed money to pay for their degrees. Students from this survey also estimated that they’d owe about $200,000 after graduating. We see these same numbers from pharmacist clients at Student Loan Planner®.
If you’ve already attended MCPHS or another high-priced Pharm.D. program, then it’s time to figure out how to pay off your student loans.
- If you owe less than 1.5 times your income: Your best bet is to pay back your student loans aggressively. This should take no longer than 10 years.
- If you owe more than 1.5 times your income: In this case, you can take the slower route to pay off your loans. It’s not impossible for pharmacists to pay off $200,000 or more in debt.
Job Outlook for Pharmacists
Before jumping into any Pharm.D. program, looking at the job outlook should be top on your list. MCPHS cites “a field of growth” and the need for more pharmacists to dispense medications for the growing number of individuals with insurance as positive reasons to pursue the degree. This is misleading information to give prospective students. The BLS reports a 0% growth rate for pharmacists over the next 10 years. Zero. With about 15,000 Pharm.D.
Is MCPHS Worth the Price?
To make a comparative assessment if MCPHS is worth the price, measures of it's relative value for tuition dollar can be examined. We've calculated an academic national percentile rating of 72.25/100 for Massachusetts College of Pharmacy and Health Sciences. Considering an average net price paid of $37,182, this leads to an overall value ranking of 53/100.
Private universities are notoriously more expensive than in-state public universities. Unfortunately, 75 of the schools that offer a Pharm.D. degree are private universities, according to the AACP.
