How Much Does Medical School Cost?: That Depends on Where You Live—And What Type of School You Attend

What Is The Average Cost of Medical School?

The cost of attending medical school varies based on your school and location, but according to the Association of American Medical Colleges, the average cost of medical school for the class of 2023 ranges from $363,836 at private medical schools to $268,476 at public ones. 

All in all, a whopping 71% of medical school students have education debt, according to AAMC, with 84% having at least $100,000 or more in debt. One in five graduates has debts of $300,000 or more.

Keep in mind that the cost of medical school can vary widely. In-state students tend to pay significantly less than out-of-state residents, and private schools are generally more expensive than public schools. (According to AAMC, the median cost per year at a private medical school is $67,443. At a public school, it’s just $41,181.)

How To Pay for Medical School

Medical school can certainly be expensive, but you don’t always have to foot the bill yourself. Here are a few ways you might opt to cover the costs of your medical education.

529 Funds

If your loved ones opened a 529 college savings plan in your name as a child, you can use those funds to pay for medical school and its associated costs. Those 529 funds can go toward tuition, fees, room and board, books, supplies, computers, software and more.

Federal Student Loans and Grants

If you need to borrow funds for your medical school costs, federal student loans should be your first line of defense. These loans are issued by the federal government and come with pre-established rates, and you don’t need a cosigner or a certain credit score to qualify. 

They also offer more flexibility upon graduation with income-based repayment plans and possible loan forgiveness options. Your parent or guardian can even take one out on your behalf with the PLUS loan.

There are also federal grants you may be eligible for. These typically do not need to be repaid as long as you adhere to the grant’s enrollment and other requirements. You can apply for both federal loans and grants using the Free Application for Federal Student Aid—or FAFSA. 

Private Student Loans

In the event that federal student loans and grants will not cover your full costs of attending medical school, private student loans may be an option to explore. These are issued by private banks and lenders and are credit-based—meaning your credit score and credit history will influence not just your ability to qualify but the interest rate and terms you get on your loans, too.

Private student loans typically come with higher interest rates than federal ones, and they usually don’t have the same repayment and forgiveness options, either.

If you’re not sure you’ll be able to qualify for a private student loan based on your credit score or other financial factors, most lenders allow you to bring in a cosigner. This is typically a parent or other adult in your life who agrees to make payments on the loan if you’re ever unable to. Lenders will consider the cosigner’s credit and financial history in addition to yours, which could help you qualify and get a better rate.

Scholarships and Grants

You can also look to private scholarships and grants to pay for school. These may come from professional organizations, employers, community groups and private companies, and typically, eligibility is merit-, need- or achievement-based. 

To find scholarships you might be eligible for, look to your state medical association or professional groups like the American Medical Association or the American Academy of Family Physicians. Your chosen medical school may also have its own scholarship and grant programs you could be eligible for.  

How To Pay Off Medical School Debt

The majority of medical school students graduate with debt—and often, quite a bit of it. According to the AAMC, at least eight in 10 graduates have more than $100,000 in debt to their name.

If you’re in the same boat, here’s what you can do to whittle away that debt and reduce your long-term interest costs:

• Start paying early: You usually won’t be required to make payments on your loan while still in school, but interest will still accrue on your balance during this time. If you can, consider making even small payments toward your loan while in school or during your residency. This can help reduce your long-term interest costs and keep your total debt to a minimum.
• Take advantage of income-based repayment or forgiveness plans: With federal student loans, you can enter what’s called an income-based repayment plan, which lets you set your monthly payment based on your monthly earnings. If you work in the public sector for a certain amount of time, you may also be eligible to have your loans forgiven under the Public Service Loan Forgiveness (PSLF) program. According to AAMC, nearly half of all class of 2022 medical graduates planned to enter a repayment program or apply for loan forgiveness.
• Refinance or consolidate your loans: Refinancing or consolidating your student loans can often reduce your interest rate, monthly payment or both. You might consider this if you have private student loans with high rates (and your credit score has improved since your initial application) or if your loans have variable rates and you want to secure a fixed interest rate and more consistent payments. Just keep in mind: Refinancing federal loans into private ones will mean losing benefits like income-based repayment plans and PSLF options.

Smart budgeting can also help you pay down your medical school debts more efficiently. Most financial professionals recommend following the 50-30-20 rule, which says you should put 50% of your income toward needs, 30% toward wants and the remaining 20% toward debts and savings goals.