Financial Planning

How much does medical school cost and can I afford it?

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 nonresidents These figures do not include housing or living expenses. But don't let these costs discourage you. A wide array of grants and loans are available to those who are determined to get a medical education.

According to the LCME-1B, about 87 percent of medical students graduate with some educational debt. Many receive substantial financial assistance through programs that provide loans guaranteed by the federal government.

You will need to plan your budget carefully, however, so that you don't end up with more debt than is necessary. Once you have been accepted to a medical school, work with the school's financial aid officer to develop the best package to meet your needs.

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.

There are many options for loans and scholarships, some of which may minimize your potential debt. Some are based on need. Others are not. Some loans are targeted specifically to individuals who are seeking careers in primary care.

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

Various grants and scholarship programs also are available from the federal government and from 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.

The best plan is to meet with the medical school financial aid office after being accepted to develop a budget and financial aid program based on your need and resources.