Financial Planning

How much does medical school cost?

Annual tuition and fees at state medical schools in 2008–2009 averaged $23,581 for state residents and $43,587 for non-residents. At private schools, tuition and fees averaged $41,225 for residents and $42,519 for non-resident students. These figures do not include housing or living expenses.

For detailed data, see Tuition and Student Fees Reports.

How can I pay for medical school?

Don't let the costs discourage you. A wide array of loans, scholarships, and grants are available to those who are determined to get a medical education. Some of these may minimize your debt. Some are need-based; some are not. Some options are targeted to individuals who plan to pursue careers in primary care or who agree to practice in under-served areas for a pre-determined amount of time.

However, you will need to plan your budget carefully so that you don't end up with more debt than necessary.

About 87 percent of medical students graduate with some educational debt, according to the LCME Part I-B Medical School Questionnaire (LCME-1B). Many receive substantial financial assistance in the form of loans guaranteed by the federal government.

Most medical students borrow at least a portion of the money they need to finance their education. In 2008, the median debt was $155,000. That's significant debt. However, a medical education is an investment that keeps returning dividends throughout your life.

Federal student loans include, but are not limited to, the subsidized and unsubsidized Stafford loan, the Graduate PLUS Loan, and the Perkins loan. Non-federal alternative loan programs are also available.

Grants and scholarships are available from the federal government and from the individual medical schools. Federal programs include the Armed Forces Health Professions Scholarship and the National Health Service Corps. Scholarships for underrepresented minority students also are available through the National Medical Fellowships.

How can I get started?

Take a look at the resources available at Financing Your Medical Education.

Once you have been accepted to a medical school, plan to meet with the medical school financial aid office to develop a budget and financial aid program based on your needs and resources.