Medical school is a popular goal, and an increasing number of students are enrolling each year. With the high salaries doctors often command — the U.S. Bureau of Labor Statistics reported that the median salary for physicians and surgeons was $239,200 as of 2023 — it’s no surprise that medical school is so appealing.
However, it can also be very expensive. How much does medical school cost? The total cost of attendance at a medical school program typically exceeds $250,000.
However, there are ways to reduce medical school debt, and there are programs available that can help you repay outstanding student loans that you took out to pay for your education.
How Much Does Medical School Cost?
Medical school is a significant investment, but the exact cost depends on where you live, what financial aid you receive, and the type of institution you attend. As of the 2023-2024 academic year, the average four-year cost of attendance was $276,006 at public schools and $374,476 at private schools.
Those amounts are on top of the total cost of earning a four-year undergraduate degree, so the bottom line of your overall education cost may be even higher.
How to Pay for Medical School
Although the cost of medical school can be stress-inducing, there are some ways to reduce the expense or make it more manageable:
Attend a Free Program
There are some medical schools that operate free programs or have financial aid programs that cover 100% of the student’s financial needs with grants and scholarships rather than loans. By attending a tuition-free program, you could save a substantial amount of money.
For example, Columbia University’s Vagelos College of Physicians and Surgeons introduced a program that replaced student loans with scholarships to cover tuition and living expenses.
However, tuition-free programs tend to be highly selective, and not everyone will qualify for admission or scholarships.
Research Incentive Programs
Some states and national agencies launched incentive programs to recruit new doctors and healthcare professionals in areas experiencing healthcare shortages. These programs will cover a portion of your tuition and other education expenses; in exchange, you must agree to complete a qualifying employment assignment.
For example, New Mexico recently launched its Medical Loan-for-Service Program. Students can receive up to $25,000 per year to pay for their education. For every year they serve as a doctor in the state in a qualifying facility, a portion of the award is forgiven. If the student completes the service requirement, 100% of the money is forgiven, converting it into a grant.
To find out if similar programs are available in your state, contact your state education agency.
Consider State Schools
State public schools cost significantly less than out-of-state public schools or private schools; in fact, the Association of American Medical Colleges (AAMC) reported that the total cost of attendance at private medical schools is about 36% higher than the cost of attending an in-state public school.
State universities often operate excellent programs at relatively affordable prices. Check out U.S. News & World Report’s rankings of the best medical schools to find a highly-regarded public school.
Scholarships & Grants
Medical school students can qualify for grants and scholarships to cover some of their education expenses. These awards are available from universities, private companies, and non-profit organizations. For example:
- American Medical Women’s Association (AMWA): The AWMA Medical Education Scholarship awards $500 to women currently enrolled in medical school.
- BJC Memorial Hospital Medical Student Grant: The Student Grant Program awards qualifying students with up to $1,000 per month for up to 12 months to put toward tuition and living expenses. After that, the award can be renewed, paying up to $1,500 per month for up to four years.
- Tylenol Future Care: Incoming medical school students can receive $5,000 to $10,000 to pay for their education through the Tylenol Future Care scholarship.
Visit CareerOneStop, Scholarships.com, FastWeb, and The College Board’s Scholarship Directory to find potential scholarships and grants.
Federal Student Loans
U.S. citizens and non-eligible residents who complete the Free Application for Federal Student Aid (FAFSA) may qualify for federal student loans; in general, federal loans have competitive rates, flexible repayment plans and other perks that can make them good financing options.
There are two main loan types for medical school students: Direct Unsubsidized and Grad PLUS . Grad PLUS loans have higher interest rates, but there is no borrowing maximum on these loans, so you can borrow up to 100% of the school-certified cost of attendance.
Private Student Loans
With federal loan rates reaching record highs, private student loans could be a useful solution. Depending on your credit — and whether you have a credit-worthy co-signer — you could qualify for a loan with lower rates than you’d get with Direct Unsubsidized or Grad PLUS Loans. Plus, private loans don’t have borrowing caps, so you can borrow up to the total cost of attendance.
How do medical school loans work? Depending on the lender, you may have to make payments while in school or during your residency. However, there are some lenders that allow you to defer payments until after you graduate and your residency is completed.
Repaying Medical School Debt
With the high cost of medical school, it’s no surprise that student loan debt is a common issue. According to the AAMC, 70% of medical school students have outstanding student loans and the average medical school debt balance was $206,924 as of 2023.
To manage your debt, consider these tips:
Loan Forgiveness
If you have federal student loans and intend to work for a government agency, non-profit hospital, or health clinic, you may be eligible for loan forgiveness through Public Service Loan Forgiveness (PSLF). Through this program, you must work full-time for a qualifying employer for 10 years while making 120 qualifying monthly payments; if you still have a balance after meeting those requirements, the government forgives the remainder.
Repayment Assistance
If you don’t qualify for PSLF, you may qualify for state or national loan repayment assistance programs. These programs repay a portion of your debt if you complete employment requirements in high-need areas. For example:
- National Health Service Corps (NHSC) Loan Repayment Program: In exchange for two-year service commitments, qualifying physicians can receive up to $75,000 in loan repayment benefits.
- Arizona Loan Repayment Program: Eligible healthcare providers can receive up to $65,000 for two years of service within the state.
The AAMC maintains a database of loan repayment and loan forgiveness programs for medical school students.
Income-Driven Repayment
Medical school graduates struggling to afford their federal student loan payments may be eligible for an income-driven repayment (IDR) plan. These plans recalculate your minimum monthly payments based on your family size and income; some borrowers pay as little as $0 or $5 per month.
You can apply for an IDR plan online.
Student Loan Refinancing
If you have high-interest student loans, refinancing your medical school debt can help you save money. You can replace your existing loans with one new loan with a more competitive rate and different term, so you can potentially reduce your payments and lower the total amount of interest you pay.
You can get a quote and see your potential savings from student loan refinancing online without affecting your credit score.
