How to Pay for Medical School
Medical school can be expensive, but there are ways to manage the cost. Here’s a closer look at how to pay for medical school.
✨ 5-second summary
You can pay for medical school by applying for scholarships and grants, using federal aid programs, and exploring loan forgiveness or service-based funding options.
With a severe physician shortage looming shortly, many medical schools are offering free tuition to attract new students.
While most schools aim to help offset the potentially crushing burden of medical school tuition, there are steps you can take to help pay for your education. Here's a closer look at how you can pay for medical school.
Know the full cost of medical school
Medical school tuition rates can vary depending on the type of school. However, they all add up. Whether you're an in-state student at a public medical school or an out-of-state student at a private institution, you can expect to pay a lot—and to keep paying a lot—to attend.
💡 In fact, according to Comet, the average medical school debt climbed from $87,297 to $195,000 between 1992 and 2017, a 123.4% increase.
Fully understanding medical school's dollars and debt can help you make the most comprehensive, realistic plan to pay for it.
Talk to a medical school financial advisor
Unless you're among the lucky few, paying for medical school involves much more than merely writing a check.
While navigating this process is challenging, you don't have to do it alone. Medical schools have financial aid advisors who can walk you through the significant questions and possible answers.
💡 Organizations such as the Association of American Medical Colleges (AAMC) FIRST (Financial Information, Resources, Services and Tools) program can help you develop a financial plan proactively.
Find money you don’t have to pay back
The best way to pay for medical school and trim your future debt? Avoid accumulating it in the first place. Of course, this is easier said than done.
In addition to using your savings, consider:
- Scholarships
- Fellowships
- Grants
- Assistantships
Finding these can help you minimize the amount you have to borrow.
Also, don't forget to consider service programs, which typically involve working for a few years in exchange for your medical school tuition.
💡For example, the US Department of Health & Human Services offers the National Health Service Corps (NHSC) Scholarship.
This scholarship covers tuition, books, and living expenses for medical students specializing in osteopathic or allopathic medicine willing to work in approved high-need areas for a designated period after graduation.
Looking for a scholarship to fund your medical studies?
Use our Scholarship Directory for 550+ scholarships you can apply for!
Explore federal financial aid options
The Free Application for Federal Student Aid (FAFSA) may open the door to several federal aid programs to help you pay for medical school, including:
- Federal Direct Loans, also known as 'Stafford Loans'
- Direct Graduate PLUS Loans
- Health Resources and Services Administration (HRSA) Primary Care Loans
Learn more about financial aid for graduate school here.
👉 Don't forget to factor in loan forgiveness
Thinking of working in public service? You may qualify for the Public Service Loan Forgiveness (PSLF) program.
This federal program is designed to forgive employees' debt in specific fields of work, including certain public and nonprofit jobs.
Even if you don't end up working in public service, there are other ways to wipe your medical school loans away, including physician signing bonuses of up to $100,000, according to HealthLeaders Media.
Conclusion
Paying for medical school can feel overwhelming, but it's more manageable than you might think with the correct information, planning, and support.
By understanding the true cost, exploring all available funding options, and seeking guidance from financial aid experts, you can reduce your debt and focus on what matters most: your journey to becoming a doctor!
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