The cost of medical school is rising at an alarming rate. According to the Education Data Initiative (EDI), the cost of attending medical school rises by more than $1,500 each year.
Thirty-five years ago, medical students graduated with an average of $32,000 in student loan debt. Now, the average medical school debt for graduates is $216,659 according to EDI, with 70% of students graduating with debt.
The rising cost of medical school, plus the daunting number of years of education and training, is making some prospective medical students ask: Is an M.D. really worth it?
To gain a better understanding of how much medical school actually costs, we’ll take a look at the costs of an M.D., and some ways young doctors can get out of medical school debt faster after graduation.
Table of Contents
Key Points
• High demand, limited spots, increased educational expenses, and reduced state funding for public colleges are some of the factors driving the rising cost of medical school.
• The average debt for medical school graduates is $216,659, with 70% of students incurring debt.
• Income-driven repayment plans, making extra payments, and student loan refinancing are options to manage medical school debt.
• Making payments during residency may help shorten the debt repayment timeline.
• Despite high costs and debt, a career in medicine can be financially and personally rewarding, which may help justify the investment for some students.
How Much Does Medical School Cost?
The average medical school tuition varies depending on factors like whether the student is attending a public or private university.
The average total cost of in-state tuition for a student at a public university is $161,222. At a private school, the average total cost is $255,497.
But that’s only the cost of tuition, fees, and insurance — there’s also living costs to consider, which is why it’s useful to consider the entire cost of attendance (COA).
Each school publishes the estimated costs of attendance for their program, which typically not only include tuition and fees, but also costs like room and board, college textbooks and supplies, and travel.
Why Is Medical School More Expensive Than Ever?
The rising cost of medical school tuition is part of a larger trend. According to the College Board’s Trends in College Pricing 2025 report, the cost of college tuition and fees at private, nonprofit, four-year institutions in America is 4% higher for the 2025-2026 school year than for the 2024-2025 academic year.
In general, college tuition has increased dramatically in the past 30 years, while wages have grown at a much slower rate. So what’s behind the dramatic uptick in college prices?
One factor is the demand for a college education has dramatically risen over the last three decades. In addition, there is a high demand for getting into medical school and a limited number of spots available.
Another factor is the increasing expenses colleges pay for educating and housing students and for administration and maintenance, among other costs, according to research by the Lumina Foundation, a nonprofit that focuses on higher education.
And finally, there has been a decline in state funding for public colleges. According to a report by the National Education Association, 32 states spent less on public colleges and universities in 2020 than they did in 2008, which works out to an average of almost $1,500 less per student. That means students end up paying more for their education.
How Long Does Paying for Med School Take?
Many medical students apply for financial aid to cover their college price tag, which means they graduate with significant amounts of medical school debt.
How long it takes to pay back the debt depends on the student, the career path they take, and the medical loan repayments they make. However, the relatively low salaries young doctors earn during their residencies don’t typically allow for much opportunity to pay back loans until their first position after residency.
Let’s say, hypothetically, a borrower has federal Direct Loans and that they qualify for the Income-Based Repayment (IBR) plan, which is one of the income-driven repayment (IDR) plans.
In that situation, the monthly repayment would be capped at 10-15% of the borrower’s monthly discretionary income for a period of up to 25 years, after which time on the IBR plan, the remainder of their student loan debt is forgiven.
However, if after residency, the borrower in question gets a position with an income that’s too high to qualify for an IDR plan, they could currently switch to the 10-year Standard Repayment Plan for federal student loans and potentially pay off the loan more quickly.
It’s worth noting that student loan repayment plans will be changing in mid-2026 under President Trump’s big domestic policy bill that was signed into law. While the Standard Repayment Plan will continue to exist, there will be some changes to it. Starting on July 1, 2026, borrowers taking out new loans on this plan will have fixed payments over a term based on their loan amount. Borrowers with loans of less than $25,000 will have 10 years to repay what they owe, while those with loan amounts of $100,000 or more will have 25 years.
Also starting on July 1, 2026, there will only be one other repayment plan for borrowers to choose from: the Repayment Assistance Program (RAP), which is similar to an IDR plan. Payments on this plan may be 1% to 10% of a borrower’s discretionary income for a term of up to 30 years, after which time any remaining balance will be forgiven.
Is It Possible to Shorten the Medical Debt Payment Timeline?
Here are some tips for those medical school students and grads who are able to shorten their repayment timeline, which can lower the amount of student loan interest paid over the life of the loan and help them pay off their student loans faster.
Repaying Loans During Residency
It is possible to start paying down medical school debt in residency. While some students may be tempted to put their loans in student loan forbearance in their residency years, doing so can add quite a bit in accruing interest to the bill.
Instead, consider an income-driven repayment plan to start paying back federal loans with an affordable payment. Another option is to look into medical residency refinance options to compare which method is best for you. Keep in mind, though, that if you choose to refinance your federal student loans, you will no longer be eligible for federal benefits and protections, including income-driven repayment plans, deferment, and student loan forgiveness.
Making Extra Payments
Another tactic to help pay off student loans faster is by creating and sticking to a budget. After getting your first position post-residency, consider committing to living on a relatively tight budget for just a few more years. Putting as much salary toward extra student loan payments as possible could potentially help cut time — and interest payments — off the repayment timeline.
Speeding Up Med School Debt Repayment With Refinancing Student Loans
If you choose to refinance your medical student loans, it may be possible to secure a lower interest rate and/or a lower required monthly payment – depending on the terms you choose, your credit score, and other factors.
A lower interest rate through student loan refinancing could help reduce how much money is paid in interest over the life of the loan. Extending your loan term could mean a lower monthly payment – but keep in mind that you’ll most likely pay more in interest over the life of the loan.
While refinancing may help borrowers save money over the life of the loan, it does mean giving up the benefits that come with federal student loans, like income-driven repayment, deferment, and forbearance.
The Takeaway
The cost of medical school has risen in the past 30 years, and so has the amount of debt med students take on. But a career in medicine can be both lucrative and rewarding, making medical school worth the time, effort, and cost for many students.
Borrowers who are repaying student loans from medical school may consider strategies like income-driven repayment plans, making extra payments, or student loan refinancing to help them tackle their student loan debt.
FAQ
Why has medical school gotten so expensive?
Medical school has gotten more expensive due to a number of factors, including an increased number of students applying to medical school and limited availability, which allows schools to charge more; the rising expenses colleges and universities pay for educating and housing students; and a decline in funding for state colleges.
What is the average cost of medical school today?
The average total cost of medical school today is $161,222 for an in-state student at a public university, and $255,497 for a student at a private college, according to the Education Data Initiative.
How do people afford medical school?
Many students afford medical school through a combination of sources, including financial aid, scholarships and grants, federal and/or private student loans, and financial help from parents. Some med school students also work part-time or use personal savings to help cover the cost.
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