How to pay for medical school
There are many options for funding medical school, and most medical students use a combination of funding strategies.
Your big investment into becoming a physician is within your reach with medical school loans, scholarships and loan forgiveness programs.
Understanding medical school costs
The first step to deciding how you’ll pay for medical school is calculating what those costs will be. The simplest approach is to break it down.
The two major expense categories are:
Tuition + fees that go directly toward your goal to become a doctor
Your living expenses
Tuition and fees breakdown
You’ll take the Medical College Admission Test (MCAT) before you apply for medical school. Expect the MCAT registration fee to be about $355, with additional costs if you take the test outside the United States, U.S. territories or Canada, or if you need to reschedule your exam date.
Medical school tuition varies depending on which institution you choose for your MD or DO degree, ranging from an average of more than $32,000 a year at public medical schools to more than $50,000 a year at private institutions.
During medical school, you’ll take USMLE or COMLEX-USA exams, which vary in cost from about $700 to about $1,000. You also might need to factor in travel expenses, depending on where you take the exams.
You should also expect to pay small application fees to residency programs that you apply to as you look forward to graduation, as well as travel costs when programs invite you to interview.
Finally, make room in your medical school budget to attend conferences and meetings that are open to medical students. They aren’t required, but you shouldn’t pass on these opportunities to build your network and your CV.
Living expenses for medical students
Your living expenses will vary by area. Good sources of information are local chambers of commerce and medical schools’ financial aid offices.
Financial aid options for medical students
Most medical students use loans and other programs to help pay for medical school and living costs.
FAFSA for medical school
If you’re thinking about applying for loans to attend medical school, fill out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility. The federal deadline is usually June 30, but the schools you’re considering, and different states, may have different deadlines.
MCAT fee assistance
You might qualify for help with fees to take the MCAT. The Association of American Medical Colleges has updated information about its fee assistance program.
Scholarships and grants
There are many opportunities for medical students to receive special funding support. Medical school scholarships and grants can be applied to a wide range of costs—not only tuition, but also expenses for activities that prepare you to become an outstanding physician, like travel to conferences.
Loan programs and repayment plans
Most medical students use loans to help pay for medical school and living costs. You can expect to earn a high enough salary as a physician to make loan repayment affordable with most lifestyles.
There are a few different types of loans for medical school, including federal loans that offer several repayment options and private loans that each have their own repayment terms and timelines.
Loan forgiveness and repayment is a changing landscape, with programs sponsored by national, state and local governments, as well as some private organizations. Physicians who enter these programs typically are recruited to practice in designated health professional shortage areas after residency.
Smart strategies for financing medical school
Right now—when you’re beginning to think about how you’ll pay for medical school—is the time to make sure you’re building a good financial foundation.
Budgeting and saving tips
The AAFP offers a comprehensive guide to money management for premedical and medical students.
Set yourself up for financial success by using this resource to:
Understand—and improve—your credit score
Make capitalization and compound interest work for you
Create a budget you can live with
Alternative medical school financing options
The National Health Service Corps (NHSC) offers scholarships and loan repayment programs to future physicians who commit to spend some time working in specific rural locations and other areas that have a shortage of doctors.
The AAFP supports the NHSC as part of our ongoing advocacy for programs that help future family physicians avoid or reduce medical school debt.
Frequently asked questions
What are some non-tuition expenses I should plan for during medical school?
Common non-tuition expenses for medical students include registration and travel costs to attend conferences, exam fees, test preparation materials and fees to apply to residency programs.
What should I consider when setting my financial priorities in medical school?
First, decide whether you’ll attend a public or private medical school. Then factor in the cost of living for that area, paying attention to the things that matter most to you, such as proximity to campus or to interesting parts of town. Also consider whether you’ll be eligible for loan repayment or forgiveness programs.
What are the differences between types of loans for medical students?
Medical students typically use four types of loans:
1. Federal Direct Unsubsidized Loans
- Available to all medical students; no credit check.
- Interest accrues immediately.
- Annual limit is usually around $40,500.
- Eligible for IDR (income-driven repayment) and PSLF.
2. Federal Direct Grad PLUS Loans
- Covers the remaining cost of attendance after unsubsidized loans.
- Requires a credit check.
- Higher interest rate and origination fee.
- Eligible for IDR and PSLF.
3. Private loans
- Offered by banks and lenders; credit-based.
- May offer lower rates for strong credit but fewer protections.
- Not eligible for PSLF or federal repayment programs.
4. Institutional (school-based) loans
- Terms vary by school.
- May offer lower interest or favorable terms.
- Usually not eligible for federal forgiveness programs.
What are the main fees associated with exams for medical students?
Medical students typically pay separate fees for exams like USMLE Step 1 and Step 2, and COMLEX-USA Level 1 and Level 2. Additional costs may include travel expenses for certain exams and buying study resources.
Are conferences and meetings a required expense for medical students?
Attending conferences and meetings is optional, but they are great ways to start building your professional network. Scholarships and stipends are sometimes available to help offset expenses.