We prioritize value and affordability

We understand the financial burden of continuing your education and obtaining your M.D. degree. We strive to create a student experience you won’t find elsewhere at an unbeatable value.

We want you to be able to choose a career based primarily on your interests, skills, and aptitudes rather than financial considerations due to student debt. Because of this, we offer a variety of scholarships, grants, and loans to reduce the burden of medical education.

2023-2024 tuition rates, fees, and other expenses

Estimated budget information is provided to allow you to completely prepare for your education. The estimated budget is the estimated cost of education-related expenses.

• Living allowance expenses include housing and utilities, food, personal and miscellaneous expenses, and transportation. Federal regulations do not allow car payments or credit card payments.
• Personal expenses include clothing, laundry and cleaning, personal hygiene and grooming, recreation, renter's insurance, student health insurance, and disability insurance.
• Transportation expenses include gas, oil, maintenance, insurance, and two round trips home (economy fare).
• Day care expenses may be added to the budget on a case-by-case basis with supporting documentation from the day care provider. Contact Mayo Clinic's Financial Aid Office for further information.

Note: Tuition is the only budget item that is directly billed in the first year. Students should adjust the remaining budget items based on individual needs.

Student benefits

Students are offered low-cost comprehensive medical insurance, including a prescription drug plan, as well as dental and vision insurance. Other student benefits include access to subsidized gym memberships, counseling services, and many more resources offered by our Office of Student Financial Aid and Registrar.

Cost of attendance budget

Estimated first-year student expenses (12 months) for the 2023-2024 academic year:

Tuition billing and financial aid disbursement

Financial aid is scheduled to disburse on dates that coincide with the following tuition billing schedule. Student loans are split into equal portions across these dates when disbursed. All financial aid is automatically applied toward the outstanding tuition bill first.

Tuition billing schedule

• July 14, 2023: $32,000 billed; first half of financial aid disbursed
• Jan. 15, 2024: $32,000 billed; second half of financial aid disbursed

Funds accessed above and beyond the tuition bill are refunded to students by direct deposit or paper check. Allow five business days from the tuition billing dates for direct deposit processing.

A paper check will be generated for students not enrolled in direct deposit. Allow 10 business days for a paper check to be mailed to the home address on file. Students should refer to the lender disclosure statement to confirm disbursement dates.

Scholarship consideration for all who apply

Through the generous gifts of our benefactors, scholarships offset a sizable portion of tuition expenses for eligible students. We determine these awards by evaluating your prior academic performance and financial need. Awards are communicated to accepted students in the spring after an offer of admission is extended.

Scholarship eligibility is reviewed for all accepted students. Mayo Clinic Alix School of Medicine uses parental income and asset data to award institutional scholarships. This is a practice consistent with most medical schools in the country. To ensure we're able to offer the best possible scholarship, students are encouraged to include parent information when completing the FAFSA.

Scholarship awards are renewable subject to continued meritorious performance. The awards may be adjusted if the student receives external funding equal to 100% of their cost of attendance. 

Financial aid office

Many students also offset the cost of their medical education with external loans, grants, scholarships, or other funding opportunities. For more financial aid information, contact:

Office of Student Financial Aid and Registrar
Phone: 507-284-4839
Email: mayofinaid@mayo.edu