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If you’re interested in becoming a doctor, the high cost of medical school can feel like a daunting hurdle. Tuition, fees, and living expenses can add up to hundreds of thousands of dollars over four years. For the class of 2026, the median four-year cost of attendance was $297,745 at public medical schools and $408,150 at private medical schools.
Paying for medical school may require a combination of scholarships, grants, federal and private student loans, service-based programs, and personal funds. Understanding your options early can help you create a funding strategy and potentially limit how much you need to borrow. Below are some of the main ways students pay for medical school.
Key Points
• Medical school can be expensive, with median four-year costs often exceeding $300,000 depending on the type of institution.
• Students typically fund their education through a combination of scholarships, grants, federal and private student loans, and service-based programs.
• Completing the FAFSA is a key first step for accessing federal student aid, which does not require parental financial information for medical students.
• Service-based programs offer financial support for medical school in exchange for a commitment to work in specific communities or settings after graduation.
• Carefully comparing all available financing options and understanding borrowing limits early can help students manage debt and make informed decisions about their medical education.
What Is Medical School?
Medical school is a four-year professional program that prepares students to become licensed physicians. Graduates generally earn either an MD (Doctor of Medicine) or a DO (Doctor of Osteopathic Medicine) degree. After medical school, graduates typically complete a three- to seven year residency, depending on their chosen specialty.
Medical education generally combines classroom and laboratory instruction with hands-on clinical training.
• Years 1 and 2: Students typically study foundational subjects such as anatomy, physiology, pharmacology, and pathology. They also begin preparing for required licensing examinations, including the United States Medical Licensing Examination (USMLE) for MD students or the Comprehensive Osteopathic Medical Licensing Examination (COMPLEX-USA) for DO students.
• Years 3 and 4: Students complete clinical rotations, or clerkships, in hospitals and clinics. These rotations give students supervised experience caring for patients in areas such as internal medical, surgery, pediatrics, and psychiatry.
Different Types of Medical School
Medical schools in the U. S. primarily offer either allopathic (MD) or osteopathic (DO) medical education. Both prepare students to become physicians, but there are some differences in their educational approach.
Allopathic Medical School
Allopathic medical schools award a Doctor of Medicine (MD) degree. Their programs cover the foundational and clinical sciences needed to diagnose and treat patients using evidence-based medical practices. Students learn about areas such as anatomy, physiology, pharmacology, pathology, and clinical medicine, and also complete supervised clinical rotations.
Osteopathic Medical School
Osteopathic medical schools award a Doctor of Osteopathic Medicine (DO) degree. Like MD programs, DO programs cover the basic and clinical sciences and prepare students to diagnose and treat medical conditions. They also include additional training in the musculoskeletal system and osteopathic manipulative medicine. DO programs generally emphasize treating the whole person and considering how different aspects of a patient’s health may interact.
Financing Medical School
Medical school can be expensive, but students have several ways to help cover the cost. For the 2025-26 academic year, the median first-year cost of attendance was $75,654 at public medical schools and $106,787 at private medical schools. The median four-year cost of attendance for the class of 2026 was $297,745 at public schools and $408,150 at private schools. Cost of attendance includes tuition and fees as well as estimated expenses such as housing, food, transportation, books, and supplies.
Here are some of the primary ways to pay for medical school.
Scholarships and Grants
Scholarships and grants can help reduce the amount you need to borrow because they generally don’t have to be repaid. Start by checking with the medical schools you’re considering to see what institutional scholarships and grants they offer. Awards may be based on financial need, academic achievement, career interests, geographic location, or other criteria.
Completing the Free Application for Federal Student Aid (FAFSA®) is also important because schools use information from the FAFSA when determining eligibility for certain types of financial aid. However, submitting the FAFSA does not automatically qualify you for scholarships or grants; individual schools and outside organizations may have separate eligibility requirements and applications.
You can also search for scholarships through professional associations, nonprofit organizations, and foundations. Some examples include:
• American Medical Association (AMA): The AMA and its foundation offer scholarships and other resources for medical students. The Physicians of Tomorrow program, for example, provides tuition assistance to selected students approaching their final year of medical school.
• American Medical Women’s Association (AMWA): AMWA offers scholarships, awards, and other financial assistance opportunities for eligible medical students.
• American Podiatric Medical Association (APMA): The APMA Educational Foundation provides scholarships specifically for qualified students attending schools of podiatric medicine.
Because scholarship opportunities can be competitive, it may be worthwhile to apply for multiple awards and continue searching throughout medical school.
Federal Student Loans
Filing the FAFSA is also the first step toward accessing federal student loans. Medical students are generally considered independent students for federal financial aid purposes, so they typically do not need to provide parental financial information to qualify for federal student loans.
Federal student loan rules changed beginning July 1, 2026. For new borrowers who do not qualify for a limited exception, Graduate PLUS loans are no longer available to graduate and professional students.
Medical students who qualify as professional students may borrow up to $50,000 per year in Direct Unsubsidized Loans, subject to a $200,000 aggregate limit for professional study. A new overall lifetime federal student loan limit of $257,500 also applies to most borrowers beginning with the 2026-27 award year.
Direct Unsubsidized Loans are not based on financial need, and interest accrues while you’re enrolled in school. Because the federal borrowing caps may not cover the full cost of medical school, students may need to combine federal loans with scholarships, service-based programs, personal funds, or other financing.
Private Student Loans
If you still have a funding gap after using scholarships, grants, and available federal student loans, you may consider a private student loan. Private student loans for medical school are available from banks, credit unions, and other private lenders.
The interest rate and loan terms you receive can depend on factors such as your credit history, income, and whether you have a cosigner. Private loans may have either fixed or variable interest rates.
Private student loans generally don’t offer the same federal borrower protections as federal student loans. For example, private loans generally aren’t eligible for federal income-driven repayment or federal Public Service Loan Forgiveness (PSLF). For these reasons, students may want to compare federal and private borrowing carefully and consider private loans after exploring other sources of funding.
Recommended: Average Medical School Debt
Service-Based Programs
Some programs help pay for medical school in exchange for a commitment to provide medical care in a particular community or setting after graduation and required training. These programs can be particularly valuable for students who are interested in primary care, serving underserved communities, or pursuing a military medical career.
For example, the National Health Service Corps (NHSC) Scholarship Program can provide up to four years of financial support, including tuition, eligible fees, other educational costs, and a monthly living stipend, in exchange for a service commitment at an approved site in a Health Professional Shortage Area. The program is available to qualifying students pursuing primary care, including eligible MD and DO programs.
The Indian Health Service (IHS) also offers a Health Professions Scholarship for eligible American Indian and Alaska Native students. Recipients agree to a service commitment providing clinical care after completing their education and, when required, postgraduate training.
Military programs, such as the Health Professions Scholarship Program, can also provide financial assistance to qualifying medical students in exchange for military service.
Service-based funding can significantly reduce the amount you need to borrow, but it comes with contractual obligations. Before accepting an award, you’ll want to make sure you understand the required service, eligible specialties and locations, and what could happen if you don’t fulfill the commitment.
Loan Forgiveness and Repayment Options
If you borrow federal student loans for medical school, you may have options for managing the debt after graduation. Depending on your circumstances, federal repayment plans may offer lower payments than a standard repayment schedule, which can be particularly relevant during residency when income is typically lower than it may be later in a physician’s career.
Public Service Loan Forgiveness (PSLF) may also be an option for physicians who work full time for a qualifying government or nonprofit employer. Eligible borrowers can generally receive forgiveness of the remaining balance on their Direct Loans after making 120 qualifying monthly payments while meeting the program’s other requirements.
Some states, health systems, and other organizations also offer loan repayment assistance to physicians who agree to work in designated underserved areas or specialties. These programs can have their own eligibility rules and service requirements, so be sure to research the terms carefully before relying on loan repayment assistance as part of your medical school financing strategy.
The Takeaway
Paying for medical school often requires more than one source of funding. Scholarships and grants can reduce the amount you need to borrow, while federal student loans can provide an important source of financing. Service-based programs may cover substantial education costs in exchange for a commitment to practice in a particular setting, and private student loans can help fill remaining funding gaps.
Because federal student loan rules changed in 2026, it’s especially important to understand your borrowing limits before starting medical school. It’s wise to compare the financial aid packages offered by different schools, explore scholarships and service programs early, and consider how much debt you may need to carry into residency. A proactive approach to financing can help you make informed decisions about both where to attend medical school and how to pay for it.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
What is the best way to pay for medical school?
The best approach may be to combine several sources of funding. Start by looking for scholarships and grants that don’t need to be repaid. Then consider federal student loans, which generally offer more borrower protections than private loans. Service-based programs may also cover some or all of your education costs in exchange for a service commitment. If you still have a funding gap, private student loans may be an option. Comparing the total cost of each option and limiting borrowing when possible can help you manage medical school debt.
How do you get medical school paid for?
You can pay for medical school through a combination of scholarships, grants, federal and private student loans, service-based programs, and personal savings or other funds. Start by completing the FAFSA and researching financial aid offered by the schools you’re considering. You can also look for scholarships through professional associations and nonprofits. Some government and military programs help cover medical school costs in exchange for a service commitment. If these sources don’t cover your full cost of attendance, you may need to consider student loans.
Is it hard to get loans for medical school?
Getting federal student loans for medical school is generally straightforward if you meet the eligibility requirements and complete the FAFSA. Federal loans don’t typically require a credit check or cosigner. However, federal borrowing limits may not cover the full cost of medical school. Private medical school loans can have additional requirements, such as a credit history, income, or a cosigner, and approval and interest rates can vary by lender. Your credit profile and financial circumstances may affect your ability to qualify for private financing.
How much does medical school cost on average?
Medical school costs vary by school and whether it’s public or private. For the class of 2026, the median four-year cost of attendance was $297,745 at public medical schools and $408,150 at private medical schools. Cost of attendance includes tuition and fees as well as estimated expenses such as housing, food, transportation, books, and supplies. Your actual cost may be higher or lower depending on the school you attend, your living expenses, and other factors.
Can you pay for medical school without loans?
Yes, it’s possible to pay for medical school without taking out student loans, although it may require substantial financial resources. Scholarships and grants can reduce or potentially cover some education costs, while service-based programs may cover significant expenses in exchange for a service commitment. Some students also use personal savings or financial support from family. Depending on the school and your eligibility, a combination of these sources could cover your costs. However, many medical students use some amount of student loans to help finance their education.
About the author
Jacqueline DeMarco
Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.
Photo credit: iStock/FatCamera
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