What is the Average Medical School Tuition?

Physicians and surgeons earn among the highest salaries of all occupations. Their median wage is $239,200 per year but can be as high as $449,320 for pediatric surgeons. Indeed, being a doctor brings excellent financial benefits and personal fulfillment. However, it’s important for aspiring doctors to consider the average cost of med school as well.

Earning a medical degree comes with a hefty price. About 73% of medical school graduates have student loan debts. The average medical school graduate is $250,995 in debt for student loans.

Individuals interested in becoming doctors must know the average cost of med school. Keep in mind that it’s a significant financial investment for at least ten years. Understanding the average cost is of crucial importance in determining:

• Whether you have the financial resources to enroll in medical school
• Which medical schools offer financial aid that meets your needs and circumstances
• What financial resources are available in the area
• Which career paths are best after graduation, considering the costs of medical school

Note that the average cost of medical school won’t be your actual cost. Nonetheless, it’s a good starting point to set realistic expectations.

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What Is the Average Cost of Medical School?

The average cost of med school is $218,792, with an average annual cost of $58,968 (Education Data Initiative). The total average costs vary depending on the type of institution and residency. In-state students and students at public schools pay $161,972 on average. Out-of-state students and students at private schools spend  $264,704 on average.

Note that the cost of medical school has increased by 2.5% per year since 2014. This means medical school students spend $1,158 more than the previous year. There’s also the fact that students in their junior and senior years spend more on tuition and fees.

You will find up-to-date information about medical school tuition and fees on official websites. Medical schools also provide information about indirect costs as a guide. Indirect costs include room and board, supplies, and living expenses.

Here’s the latest information about annual tuition and fees in private medical programs. Note that private schools usually don’t distinguish between in-state and out-of-state students.

• Johns Hopkins University: $70,380
• University of Pennsylvania: $74,687
• Harvard University: $77,673
• Columbia University: $80,683
• Stanford University: $63,747
• Yale University: $75,003
• Duke University: $74,849
• Northwestern University: $80,302
• New York University: $74,381
• Cornell University: $84,538

Here are the annual tuition and fees for in-state students in public medical programs. Out-of-state students usually pay more than in-state students.

• University of California, San Francisco: $49,745
• University of Michigan Ann Arbor: $55,968
• University of Pittsburgh: $69,334
• University of Washington: $53,112                             
• University of California Los Angeles: $51,480
• University of North Carolina Chapel Hill: $34,706
• University of Colorado: 43,450
• University of Virginia: $53,444
• University of Texas Southwestern Medical Center: $23,023
• University of Wisconsin Madison: $39,681

Tuition and fees take up the largest share of medical school expenses. However, the actual cost of becoming a doctor includes indirect costs discussed below.

Other Expenses to Consider

The actual med school costs breakdown includes these expenses. Keep in mind that these are just as important as tuition and fees. You can’t earn your medical degree without spending money on these expenses.

Application fees

Applying to medical school is a good introduction to its significant financial investment. If you’re applying to 10-15 medical schools, your application costs can exceed $10,000. Here’s a breakdown of these costs, although your actual costs will vary.

• Test preparation services for the MCAT: $300
• MCAT exam: $320 to $375 (Add $115 for test-takers outside of the US)
• MSAR database access: $28 for a one-year subscription
• The choice between three application portals:
  • AMCAS: $170 for the primary application plus $40 for every additional application
  • AACOMAS: $195 for the primary application and $45 for every additional application
  • TMDSAS: $185 flat fee
• Secondary application fees: generally between $75 and $100 per supplemental/secondary application
• Official transcripts submission: commonly $10 per transcript
• Medical school interviews: applicant pays for travel and accommodations
• Business attire costs         
• Campus visit: applicant pays for travel and accommodations
• Acceptance deposits range from $500 to $3,000 (often non-refundable)

Books and Supplies

Once accepted, medical students shoulder the costs for the following:

• Textbooks
• Medical equipment and supplies
• Software and online resources (e.g., laptop and medicine-specific software)

Budget at least $1,500 for these items per year if you already have a laptop.

Room and board

Medical students are well-advised to budget at least $13,000 per year for their room and board. Housing options include university housing, affiliated housing, and off-campus housing. Take advantage of the student housing services, too.

Factor in the cost of the utilities in case of off-campus housing. Electricity, water, gas, and Internet connection aren’t usually included in rent.

Living expenses

Groceries and meals are on top of the list of living expenses. Add hygiene items, clothes, and other essential items. Transportation can be a significant expense, too, for off-campus students. The AAMC estimates $27,200 per year of average living expenses for medical school students.

Miscellaneous costs

Be sure to add these items to your budget, too:

• Professional clothing, including scrubs and suits
• Transportation and accommodations for attendance in medical events
• Recreation and entertainment

Exam fees

Even after graduation, medical school costs continue for:

• Exam preparation costs
• USMLE Step exams
• Board certification exams
• Residency applications

Do these costs give you second thoughts? No, these shouldn’t if you can find ways of paying for them.

How to Pay for Medical School

You and your parents should have in-depth discussions about how to pay for medical school in your high school years. The earlier you start planning, the better your financial circumstances can be in medical school.

With that said, here are the best ways. Note that borrowing is mentioned last mainly because you want to avoid the student loan debt trap.

College education savings and family support

If possible, you and your parents should have built a college education fund specifically for medical school. There’s less risk and reliance on borrowing with it. Talk to your parents about these resources that they can tap in financing your medical education:

• American Opportunity Tax Credit
• Lifetime Learning Credit
• 529 Plans
• Coverdell Education Savings Accounts
• Employer tuition assistance programs
• Tax-free financial gifts to children

Your parents can also provide support in other ways, if necessary.

Scholarships and grants

File the FAFSA even if you don’t think you’re qualified for federal student aid. Medical schools also use its information in their scholarships and grants programs.

Apply to as many scholarship and grant programs as you can. Every dollar counts in reducing your educational costs.

Military programs

If you’re an active-duty service member or a veteran, check out military programs like the:

• Health Professions Scholarship Program
• Uniformed Services University of the Health Sciences

Employer sponsorships

Ask employers, such as corporations and hospitals, about their employer sponsorship programs for medical school students. Examples include:

• Kaiser Permanente Medical Student Scholarship Program
• National Health Service Corps loan repayment assistance\
• Pfizer Medical Student Scholarship

Part-time work

If your schedule allows, you can also work as a part-time employee. Being a research or teaching assistant is a good idea.

Student loans

Federal loans are a go-to option. These include Direct Unsubsidized Loans and Direct PLUS Loans. Check out the Public Service Loan Forgiveness program, too.

Private loans are also an option but beware of their terms and conditions. Interest rates can be higher, and there’s usually no forgiveness program.

You can combine most or all these measures to earn your medical degree. It takes careful planning and execution, but graduating with as little debt as possible is a reward in itself.

Financial Aid Options

Besides the medical school budget tips in the next section, you must consider all your financial aid options.

Federal and state aid

Again, file your FAFSA. Federal and state aid amounts are determined from the personal information provided. Financial aid comes in these forms:

• Grants, such as Pell Grants and state student aid
• Federal loans, such as Health Professions Student Loans
• Work-study programs
• Loan repayment programs

Grants and scholarships

These come in several types, including:

• Merit-based scholarships
• Need-based scholarships
• Service-based scholarships
• Demographic- or population-based scholarships
• Military scholarships
• Employer tuition reimbursement programs

Note that many of these financial aid options may not cover the hidden costs of med school. Scholarships, for example, can only be used for tuition and fees, not for loan interest payments.

Such is the importance of financial aid for medical school, that it should ideally be the first thing you look into. If medical programs in your area offer generous financial aid, you may want to prioritize them.

Scholarships for Medical Students

These scholarships for medical students have competitive selection criteria. If you’re interested, you must be aware of their application requirements, criteria, and deadlines.

• National Health Service Corps Scholarship Program – Full tuition and fees plus a living stipend with a service obligation
• Armed Forces Health Professions Scholarship Program – Full tuition and fees plus a monthly stipend, with an annual training camp and post-graduation service obligations
• Herbert W. Nickens Medical Student Scholarships – $5,000
• Tylenol Future Care Scholarship – $5,000 to $10,000
• Paul & Daisy Soros Fellowships for New Americans – Up to $90,000 support for tuition and living expenses
• American Medical Association (AMA) Foundation Scholarships – Amount varies; several scholarships available

Budgeting Tips for Med Students

• Use budgeting tools to set a monthly budget, track income and expenses, and evaluate them.
• Apply for as many scholarships and grants as you can. Use the money for its intended purpose, such as for books and supplies only.
• Set aside an emergency fund, no matter how small.
• Choose affordable housing, such as a shared apartment, where you can split the rent and utilities. Live on-campus or near the campus to save on transportation costs.
• Plan your meals. Make home-cooked meals instead of takeouts. Make meals in batches and freeze for consumption in the coming days. Buy non-perishable items in bulk.
• Use public transportation, bike or walk, or carpool to save on the costs of car ownership.
• Buy used or digital textbooks, if allowed. Use the libraries’ resources. Sell your old books and equipment.
• Use free exercise facilities.
• Take advantage of student discounts, coupons, and promotions.

The bottom line: Live within your means.

Conclusion

The earning potential of doctors justifies the cost of earning a medical degree. However, it’s a significant financial investment that demands careful planning from application to graduation. Otherwise, you can end up with a crippling student loan debt that can derail your medical career.

Fortunately, there are many effective ways of paying for medical school. Besides saving for it, take advantage of the wide range of financial aid options available for medical school students.