Aspiring Docs

FAQs and Resources

Financing Medial School

  • How much does medical school cost?

    Most students need - and receive - help to pay for medical school. Medical school costs typically include tuition and various fees, books and equipment, living expenses, transportation, and health insurance, and these costs vary from school to school. 

    Annual tuition and fees at state medical schools in 2010-2011 averaged approximately $25,000 for state residents and $48,000 for non-residents. At private schools, tuition averaged $42,000 for residents and $43,000 for non-residents. These figures do not include housing or living expenses.

    The good news is that while medical school is expensive, most students receive some form of financial aid to help meet the costs.  Be aware that financial aid offers generally vary from school to school in terms of total awards and amount of grants and loans.  This can mean that while one medical school might charge more in tuition and fees than another school, the type of financial aid you receive can make the more expensive school actually the less expensive one.  So, it's important to compare financial aid offers.

    For more information about the cost of medical school and financing a medical education, visit the FIRST for Medical Education site.

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  • How can I pay for medical school?

    Don't let the cost of medical school keep you from realizing your dreams. There's plenty of financial aid available to help you. In fact, in 2005, more than $2 billion of aid was available for medical students through loans, scholarships, and grants. 

    The types and amounts of financial aid awarded to students differ from medical school to medical school. Nonetheless, most students (more than 85 percent in 2005) take out educational loans. Grants, ("free" money that doesn't need to be repaid), are also available, although these are limited. There are also service commitment programs, which pay the cost of medical school for students in exchange for serving as physicians following completion of medical training.

    Most, but not all, financial aid is sponsored by the federal government. Depending on the financial aid program, there are different bases for awarding aid, including financial need, cost of education, and merit. Eligibility requirements also differ. For example, most financial aid programs require you to be a U.S. citizen or permanent resident, make satisfactory academic progress, not be in default on other loans, have complied with Selective Service registration requirements, and so forth.

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  • How do I apply for financial aid? Will my parents have to disclose their financial information?

    Every student applying for financial aid to attend medical schools fills out the "Free Application for Federal Student Aid (FAFSA)" form to be considered for federal financial aid, which is the largest source of assistance. Some medical schools will require you to complete additional forms, as well as provide documentation, such as copies of tax returns. 

    So that you can be considered for all available financial aid, it is essential that you complete all the forms that the medical school requires and complete these forms on time. Be sure to connect with the financial aid advisor at each medical school to which you apply as early in your application process as possible.

    To be considered for certain sources of financial aid, your parents will need to provide their financial information, no matter how old you are and even if you are financially independent of your parents. The financial aid advisors at the medical schools at which you apply can give you more information about whether your parents need to submit information and what forms to fill out.

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  • Loans are scary. What can I do to avoid going into debt?

    Loans don't have to be scary, and the likelihood is that you'll be taking out education loans to pay for medical school.

    More than 85 percent of all medical students borrow money to pay for their education, with total COA* debts averaging over $150,000 after four years of medical school for medical students (source: MSAR ® ).  However, loans give you the opportunity to invest in becoming a physician. With an average annual income of more than $200,000 according to the American Medical Association, physicians are among the highest paid professionals in the country.

    But having a high income in the future won't be enough for you to successfully manage your educational debts. The key is taking charge of your spending. What gets most people in trouble is that they spend money on the small things without realizing how much they are really spending. The classic example is "designer" coffee. If you pay just $2.75 each day for a cup of fancy coffee, you'll spend more than $1,000 in one year of school and $4,000 over four years. If you're taking out loans, that $2.75 daily purchase of coffee will end up costing you about $5,600 (assuming a 10-year repayment at 7 percent.)

    Here are some other tips to put you in charge and lower how much you borrow: 

    • Know your goals
    • Make a spending plan
    • Think before you spend
    • Stay away from credit cards
    • Get a roommate
    • Watch for sales
    • Prepare meals at home
    State loan forgiveness or repayment programs

    are available to practicing physicians, residents, and (sometimes to) medical students to repay education loans in return for medical service in the state's areas of need.

    *Cost of Attendance

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  • How can I learn more about government and military service programs that will help pay for medical school?

    Service commitment programs pay for the costs of attending medical school in return for service as a physician after you complete your medical training.  Awards are available through a number of federal and state organizations. Your school's financial aid advisor can be an excellent resource for more information about these programs. Examples of service commitment programs include the following:

    • The Armed Forces Health Professions Scholarship Program offers full support to students enrolled in civilian medical schools in exchange for military service after residency training in the:

    • In addition, the military sponsors a medical school as part of the Uniformed Services University of the Health Sciences (USUHS) . Applicants who are accepted to USUHS pay no tuition or fees. They are accepted into the university as commissioned officers in one of the four uniformed services (Army, Navy, Air Force, or Public Health Service), in exchange for a seven year active duty commitment.

    • The National Health Service Corps (NHSC) is sponsored by the U.S. Department of Health and Human Services (HHS) and offers a scholarship program (full support) and loan repayment program in exchange for medical practice in communities of greatest need following completion of medical training.

      • National Health Service Corps "Ambassadors" in health professions across the country can answer questions about NHSC programs.  Contact them by calling 1-800-221-9393, or by visiting their Web site (click on "Join Us" and then click on "Ambassadors")
    • State loan forgiveness or repayment programs  are available to practicing physicians, residents, and (sometimes to) medical students to repay education loans in return for medical service in the state's areas of need.

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  • Who can give me advice about financial planning, financial aid, and applying for financial aid?

    Talk to your college pre-health advisor and financial aid advisors at the medical schools you're interested in. These individuals are knowledgeable about programs and resources, including those designed for students from underrepresented groups or disadvantaged backgrounds.

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  • Applying to medical school is expensive. Is there any help available?

    The costs of taking the Medical College Admission Test (MCAT®) and completing the American Medical College Application Service (AMCAS) shouldn't be a barrier to your medical school dreams. There are fee waivers available for applicants whose families have limited resources.  For example, the AAMC's Fee Assistance Program (FAP) helps students with extreme financial limitations whose inability to pay the full MCAT registration fee or the AMCAS fee would prevent them taking the examination or applying to medical school.

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