Pursuing a medical profession is something you’ve always dreamed of, but you’re worried about the costs associated with medical school. Don’t worry, you’re not alone. If you’re interested in one of the many medical professions, we’ll help you better understand what costs to expect and how to pay for medical school.
How Much Does Medical School Cost?
Medical school is a significant financial investment, and the most recent 2025 AAMC (Association of American Medical Colleges) data gives a clear picture of what today’s students are facing.
Median Medical School Tuition and Fees
For the 2025-26 academic year, the median tuition and fees for first-year in-state students at public medical schools is $43,648 (a 2% increase from the prior year), while private medical schools report a median of $74,661 (up 3%).
Median Medical School First-Year Cost of Attendance
When factoring in living expenses, supplies, transportation, and other necessities, the median first-year cost of attendance (COA) rises to $75,654 at public schools and $106,787 at private schools. Over the full four years, the median COA for the class of 2026 is now $297,745 for public schools and $408,150 for private schools, reflecting a 4% increase.
Median Medical School Debt
Debt levels mirror the rising costs of medical training. In 2025, 70% of medical-school graduates report carrying education-related debt (including premedical borrowing). Among those with debt, the mean total education debt is $223,130, while the median stands at $215,000. Public-school graduates hold a mean of $210,147, and private-school graduates a mean of $244,964. AAMC data also shows that 59% of all graduates owe $200,000 or more, and 28% owe $300,000 or more.
Medical School Noneducation Debt
Beyond medical-school loans, many graduates also carry additional financial burdens: 27% report premedical education debt (median $28,000), 12% carry credit-card debt (median $6,000), and 1% report residency and relocation loans. Given these realities, it’s no surprise that 65% of graduates plan to enter a loan-forgiveness or repayment program.
Financial Support for Medical School
Medical school is expensive—but with the right strategy and support, it’s manageable. Understanding the full scope of tuition, fees, and living expenses is the first step. Next, you’ll want to explore every resource available to help pay for medical school, from scholarships and federal aid to flexible private loan options designed specifically for future physicians.
That’s where College Ave can help—providing tools and financing options that make the investment in your medical career more achievable.
9 Ways to Pay for Medical School
In figuring out how to pay for medical school, you will need to understand all the different options available to you. Some will be reminiscent of how you looked for aid as an undergrad but pay attention because there are more than a few options that are specific to paying for medical school.
1. Reach Out to Financial Aid Officers (And Do it Early)
Getting accurate and relevant financial aid advice is crucial before your time in medical school. Reach out to the financial aid officers, pre-health advisors or current medical students or residents at the programs you’re applying to, so you can ask them direct questions about how to pay for med school.
Here are several questions to consider asking:
- What is the full cost of attendance at their school? There are more costs involved in medical school than tuition, fees, and room and board. Be sure to find out if there are other expected costs to your MD program.
- Do they know about institutional or local scholarships or grants? Some schools offer their own forms of gift aid or may be aware of less-publicized local opportunities.
- Do they have their own institutional loans? Some schools have their own loan programs.
- What is the average amount of debt for their students? Knowing where other students stand can help you gauge your own expected level of debt.
- Is a supplemental financial aid application required at their school? Some schools will automatically consider you for need-based aid. But not all.
- Do they require parental information for you to get a financial aid award package? Even if you are considered an independent student on an application for federal loans, some schools require parental information to be considered for additional aid provided by the school.
- Are scholarships for one year or more? Some medical schools will renew scholarships annually or each semester.
2. Look for Other Sources of Free Money for Aspiring Doctors
You’re not limited to sources that are designed just for pre-med or medical school students. You can also apply to general graduate school scholarships and grants.
Fellowships are a good option for doctors who wish to become highly specialized. If you’ve already completed your first four years of med school and your residency, a medical fellowship can fund further training within your medical specialty.
There’s a small but growing trend of free medical schools. For example, in 2024, Johns Hopkins received a $1 billion financial aid gift, making the cost of attendance free for most medical students.
3. Apply for Federal Aid Using the FAFSA
Medical school students should fill out the free application for Federal Student Aid (FAFSA), as soon as it becomes available every October.
Filling out an application can help you qualify for federal aid such as work-study, scholarships, and gift aid from your state or school. Plus, there are loan options you might qualify for:
- Federal Direct Unsubsidized Loans – These fixed-rate loans are available to graduate and professional students regardless of financial need, and no credit check is required. Interest begins accruing at the time of loan disbursement. For loans first disbursed between July 1, 2025, and June 30, 2026, the interest rate is 7.94%. Graduate and professional students can typically borrow up to $20,500 annually through this program.
- Federal Direct Graduate PLUS loans (aka Grad PLUS) – These fixed-rate loans are available to graduate and professional students who need to borrow more than what’s available through Direct Unsubsidized Loans. A credit check is required, though a cosigner may be used if needed. For loans disbursed between July 1, 2025, and June 30, 2026, the interest rate is 8.94%. The maximum amount you can borrow is the cost of attendance minus any other financial aid received. It’s important to note that legislation Congress passed in July 2025 eliminated Grad PLUS loans as an option for paying for medical school and all other graduate programs for new borrowers. If you currently have a Grad PLUS loan, you will be able to borrow more Grad PLUS loans for up to three additional years. New graduate school student borrowers will not be eligible for Grad PLUS loans as of July 1, 2026.
Use our student loan calculator to estimate what your student loan costs could be. Don’t forget to search for Scholarships and Grants for Pre-Med or Medical School Students.
It’s a good idea to make scholarship and grant hunting a regular activity. Your search should start before you enroll and continue throughout your studies. There are scholarships and grants for medical school students, which can cover a variety of costs from tuition to attending specialized conferences.
The Association of American Medical Colleges (AAMC) has a database of scholarships (and loans) that are specific to pre-med and med school students. This is a great place to start.
Don’t forget to check nonprofit organizations and medical associations to see whether there are scholarships, grants and other forms of financial aid for current medical students. You can start by looking at scholarships offered by the American Medical Association, American Podiatric Medical Association, and the American Medical Women’s Medical Association. These associations offer scholarships to members or member nominees, usually students who are entering their third or final year of medical school.
4. Become a Research or Teaching Assistant
If you can qualify — some schools require a certain amount of undergraduate credits — you may be able to apply to become a research assistant or teaching assistant. These teaching or research aid opportunities allow you to lead small group discussions or assist professors to receive tuition credit, and a small salary.
Typically, first-year medical students aren’t eligible but that doesn’t mean you shouldn’t talk to your school now so you can meet the eligibility requirements down the road.
5. Be Diligent About Your Budget
Living on a budget during school will help you with your long-term financial life. It’ll help you spend below your means and prevent you from borrowing more money than necessary.
When creating a budget, you’ll need to see how much income you’ll have each month and allocate accordingly. Look at your fixed expenses first, like rent, then see how much you can afford to spend in other categories like food, clothing, and transportation.
You can do this in a notebook, spreadsheet, or there are plenty of budgeting tools.
TIP: We offer a printable budgeting guide that you can use over and over again to help you manage you monthly and day-to-day budget.
6. Consider Side Hustles to Earn Extra Money
In addition to work-study programs you might get from filling out the FAFSA, consider flexible side hustles where you can work at the hours you want without compromising your studies.
For example, you can tutor undergrads, become an overnight asleep assistant (where you provide emergency support for the overnight awake staff at various facilities), or become a human subject researcher through your university. If you’re looking for maximum flexibility, driving for Uber or Lyft, freelance writing, or even babysitting are great ways to earn extra cash.
7. Take Out a Private Student Loan to Pay for Medical School
If you don’t qualify for federal aid programs or find you need to borrow more, private student loans are a viable option. For example, College Ave offers private loans for medical school. These loans are designed for doctors and offer flexible repayment options and deferment during your residency.
Before taking out a private student loan to pay for your med school, make sure to shop around for the best rates and terms.
Apply for a Private Medical Student Loan.
8. Research Loan Repayment Programs Before Going to Medical School
There are various loan forgiveness and repayment programs, each with specific requirements for eligibility, that can provide significant assistance to aspiring medical professionals. Typically, they will repay all or some of your student loans in exchange for a commitment of service. Understanding what these are before applying for school not only sets you up for financial assistance but also helps plan your career trajectory once you have that diploma.
Here are some of the different types of programs to consider:
- The National Health Service Corps has a few federal and state loan repayment programs in place if you’re willing to commit to practicing in underserved areas.
- The National Institute of Health provides up to $50,000 annually to repay loans if you commit to working on research relevant to the NIH mission.
- Public Service Loan Forgiveness programs forgive qualifying federal loans for those who work in public service careers. Borrowers will need to meet certain qualifications like making 120 on-time monthly loan payments and working full-time for an qualified employer. Other requirements include submitting a “Public Service Loan Forgiveness: Employment Certification Form” each year.
- The Indian Health Service provides up to $50,000 a year in loan repayment in exchange for an initial two-year service commitment to practice in health facilities serving American Indian and Alaska Native communities.
- The Military Health Professionals Loan Repayment Program pays a maximum of $40,000 per year to both current and former enlistees who work in areas the Department of Defense considers to be critical in times of conflict.
- There are many state loan forgiveness programs available to medical school students. Typically, these are awarded to students who commit to practicing in high-needs areas.
Paying for Medical School is Possible With College Ave
High costs shouldn’t stand in the way of your medical school goals. With early research and smart planning, you can make it work. By tapping into all resources available-like scholarships, aid, and student loans- you can manage costs and pay for medical school without the stress.
