How Much Does Medical School Cost? A Breakdown of the Average Expenses
If you’re thinking about becoming a doctor and wondering, how much is medical school?, it’s a good idea to understand the total expense upfront. The average cost of medical school is $238,420 in total, according to the Education Data Initiative. The yearly cost is $59,605, and there’s an average increase of about $1,224 each year.
Seventy percent of medical students rely on student loans to help pay for the cost of medical school, and the average medical student graduates with just over $264,519 in total student loan debt (this includes debt from their undergraduate degree).
The average physician salary ranges from an average of $277,000 for primary care doctors to an average of $394,000 for specialists, with some specialties making close to $600,000 per year. While these numbers are well above the national average wage of $62,088 per year, paying for medical school and paying off medical school student loans is still no easy feat.
Key Points
• The average total cost of medical school exceeds $238,420.
• Student loans, scholarships, and grants, help students cover medical school expenses, with 70% of medical students borrowing loans.
• Students who choose to pursue their degree by participating in a military physician program may get full funding for medical school with a service commitment.
• Medical students can explore federal repayment plans and loan forgiveness options to help with their student loan debt.
• Student loan consolidation and student loan refinancing are other methods medical students can consider to help manage their monthly student loan payments.
How to Pay for Medical School
With the average cost of medical school being well above six figures, affording their education is one of the biggest hurdles future medical students face. However, by being proactive about finding ways to pay for medical school, med students may be able to reduce their overall student debt.
Scholarships
Scholarships aren’t always easy to get at the graduate level, but it’s not impossible. Some schools offer merit-based scholarships to incoming medical students who show exceptional academic capabilities and have a unique life experience. Students can also look into more individualized scholarships geared toward their location, specific area of study, or previous work experience.
Scholarships are offered by colleges and universities, businesses, local organizations, churches, and more. While it may take some time to search for scholarships you qualify for, the end result could save you thousands in medical school tuition expenses.
Military Service
Some medical professionals choose to obtain their medical degree by participating in a military physician program. The qualifications and commitment for each program vary, and the separate branches of the military, including the Army National Guard and Navy Reserve, have different programs.
The two options for medical students in the military are the Health Professions Scholarship Program and Uniformed Services University of the Health Sciences. Both programs pay for the cost of medical school but require a service commitment once the student graduates.
Federal Financial Aid
The first step in getting federal student loans is to complete the Free Application for Student Aid (FAFSA®). Students can check with the medical school they plan to attend to get filing date requirements and information on institutional financial aid (aid given by the school).
There are three types of federal student aid:
• Grants: Grants, such as the Pell Grant, do not have to be paid back unless the student withdraws from school and owes a refund. Grants are needs-based and the maximum amount for the 2025-2026 academic school year is $7,395.
• Work-Study: Federal work-study jobs are needs-based and help students earn money to pay for school through part-time employment. A bonus for medical students is that the work often is tied to community service or may be related to the student’s course of study, so this type of job may be more interesting and manageable than some others.
• Federal Loans: A student who borrowed money as an undergraduate and demonstrated financial need may have been awarded a Federal Direct Subsidized Loan to help cover school costs. Those types of federal loans are not available to students in graduate and professional school programs.
However, medical students are eligible for other federal loans. They may receive a Direct Unsubsidized Loan, which is not based on financial need, or a Direct PLUS Loan, which will require a credit check.
Private Student Loans
Private student loans are usually used once federal student loans have been exhausted. Based on federal loan limits and the cost of medical schools, medical students may need additional funding to cover the gap. Certain private student loan lenders, including SoFi, allow borrowing up to 100% of the cost of attendance.
To get a private loan with a competitive interest rate, a borrower generally needs to have a strong credit profile and a low debt-to-income ratio. If a borrower doesn’t meet these qualifications, they may want to consider using a cosigner to get a better rate.
Have a Budget Plan in Place
Finding the right resources to pay for medical school is important, but learning to live within a budget can also help to reduce debt. Medical students who started with a spending plan as undergraduates can probably modify what they’ve already been doing. But, it’s never too late to start budgeting.
Once a student determines how much will be coming in from various sources (work, family, loans, scholarships, etc.), the next step is to list what will be going out for tuition and fees, housing, food, transportation, and other costs.
Next, it’s a good idea to see where you can cut back on spending. Is there inexpensive public transportation available? Will you have roommates to split rent and utility bills? Other ideas to reduce expenses include meal planning and cooking at home, canceling subscription services, and buying in bulk.
By living on a budget while in medical school, you may be able to take out less in loans, pay off your loans quicker, and set yourself up for financial success down the line.
How to Pay Off Medical School Debt
It’s no secret that physicians have the potential to earn a higher-than-average salary once they finish their residency and start practicing. Here are the average annual salaries of a variety of medical specialties:
• Orthopedics: $558,000
• Plastic Surgery: $536,000
• Cardiology: $525,000
• Radiology: $498,000
• Anesthesiology: $472,000
• General Surgery: $423,000
• Emergency Medicine: $379,000
• Ob/Gyn: $352,000
• Family Medicine: $272,000
• Pediatrics: $260,000
However, these amounts are not earned until both medical school and residency are completed. Luckily, there are medical school loan repayment strategies that can be used in the meantime.
It’s important to be aware that the total cost of medical school over time can be impacted by the loan repayment option a borrower chooses. Repayment plans with a longer loan term can result in the borrower paying more overall.
In addition, how interest accrues on certain repayment methods can also be a factor. For example, on federal income-driven repayment plans, unpaid interest may accrue. This can happen if your monthly payments are less than the interest that accrues between payments. In that case, because your payments don’t cover all of the interest, the unpaid interest will add up.
Loan Forgiveness and Repayment Through Service
There are several student loan forgiveness programs for physicians with student debt. Some are government-sponsored (federal and state), and some are private programs.
Benefits vary, but generally, participants provide service for two to four years (depending on the number of years they receive support) in exchange for repayment of student loans and possibly a stipend for living expenses.
One of the most common programs is the federal Public Service Loan Forgiveness (PSLF) program, which was designed to encourage students to enter full-time public service jobs.
While PSLF isn’t specifically aimed at medical students, it could help those who choose to work for a government or not-for-profit organization.
Eligible borrowers may receive forgiveness of the remaining balance of their federal direct loans after making 120 qualifying payments while employed by certain public service employers.
Another program is the National Health Service Corps (NHSC) Students to Service Loan Repayment Program, which provides loan repayment assistance in return for at least three years of service at an NHSC-approved site in a designated Health Professional Shortage Area. Students who are in their last year of medical or dental school may be eligible.
Federal Repayment Programs
There are several student loan repayment plans for federal student loan borrowers. Some are based on graduated payments that start low and increase over time, and they are designed to ensure the loans will be repaid after a designated period.
Others, such as income-based repayment, are based on a percentage of discretionary income and family size, and the repayment term is generally 20 to 25 years on these plans.
Federal Loan Consolidation
A Direct Consolidation Loan allows borrowers to combine multiple federal student loans into one loan with a single monthly payment.
Consolidation also can give borrowers access to additional federal loan repayment plans and forgiveness programs. But the interest rate on the new loan will be a weighted average of prior loan rates (rounded up to the nearest one-eighth of a percentage), not necessarily a new lower rate.
If the monthly payment is lower, that may be because the loan term is longer, which means the borrower is paying more interest over time. Also, federal loan consolidation is only for federal loans and does not include private student loans.
Private Student Loan Refinancing
Another option borrowers may want to consider is to refinance student loans. With student loan refinancing, one or more student loans are combined into one new private loan from a private lender with one new payment — ideally, with a lower interest rate.
Advantages of a student loan refinance include possible lower monthly payments and more favorable loan terms. However, borrowers should be aware that they will lose access to federal benefits if they refinance federal loans, including income-driven repayment plans and loan forgiveness.
You may also opt to extend the term of the loan when you refinance. An extended loan term means you may pay more interest over the life of the loan. You can use a student loan refinancing calculator to plug in the numbers and see how much your payments might be.
Refinancing generally works best for borrowers with a good job and solid credit profile when they may be able to qualify for lower student loan refinancing rates.
Recommended: Student Loan Consolidation vs. Refinancing
The Takeaway
Medical school is expensive, with the average cost being well over $200,000. Many students rely on student loans, grants, and scholarships, to pay for their medical education.
When it comes time to pay off your loans, there are many options new graduates can consider. These include federal repayment plans, student loan forgiveness, federal loan consolidation, and student loan refinancing.
If you do choose to refinance your student loans, consider SoFi. It takes just minutes to check your rate and your credit will not be impacted when you prequalify.
FAQ
How much does medical school cost on average?
The average total cost of medical school is $238,420, according to the Education Data Initiative. The average yearly cost of medical school is $59,605.
Is medical school more expensive than other graduate programs?
Medical school, which has a total average cost of $238,420, is more expensive than many other graduate programs, including law school, which has a total average cost of $230,163. It’s also more than the total average cost of an MBA from Harvard, which is approximately $161,304.
What are the main factors that affect the cost of medical school?
Factors that affect the cost of medical school include the length of time a student must attend. Medical school is typically four years — and that’s after the four years students spend earning their bachelor’s degree. In addition, there are supplies and equipment med students need, such as stethoscopes and lab coats, numerous text books, and study materials. As students advance in their medical education, they will often do rotations, which may involve travel and accommodation costs. There are also licensing exams students must take, which are generally hundreds of dollars each.
Can scholarships cover the full cost of medical school?
There are some scholarships that cover the full cost of medical school, but the eligibility requirements to qualify can be rigorous. However, smaller scholarships can add up to help cover a chunk of medical school costs, so students should consider searching for and applying to the applicable scholarships they can find. One resource: The Association of American Medical Colleges, which has a scholarship database organized by state.
How do most students pay for medical school?
Most students pay for medical school by taking out student loans. Seventy percent of medical students rely on student loans to help pay for the cost of medical school, according to the Education Data Initiative.
What is the total cost of medical school including living expenses?
According to research by the Association of American Medical Colleges, the median cost of medical school, including living expenses, for first-year med students at an in-state public school was $73,126 for the 2023-24 academic year. The cost was $103,365 for those attending private medical school.
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