How to pay for medical school

1. Understand costs and future earnings

Paying for medical school starts with understanding the full financial picture—and what that investment may return over time. That means pairing total costs with your career outcomes.

Nearly 8 in 10 medical majors say they expect their degree to increase their earning potential — and most choose programs based on career impact, not just cost. Evaluating both sides of the equation helps you decide whether the investment makes sense for your goals.

Source: How America Pays for Graduate School

Average medical school tuition costs

Medical school costs vary widely based on school type, location, and degree program, which is why it’s important to look beyond tuition alone.

• Public medical schools (in-state): $35,000–$45,000
• Public medical schools (out-of-state): $55,000–$65,000
• Private medical schools: $60,000–$70,000+

When you factor in housing, transportation, books, equipment, fees, and exam costs, total annual costs often reach $60,000–$90,000+. Over four years, many students face total medical school costs of $250,000–$350,000 or more.

Why medical school costs vary

The total cost of medical school can look very different from one program to the next. Several factors play a role in how much you’ll pay—and comparing programs side by side can help you see where those differences come from.

• Public vs. private institutions
Public medical schools are often less expensive for in-state residents. Private schools may charge more, but sometimes offer institutional scholarships that can offset costs.

• In-state vs. out-of-state tuition
Residency status can change your total cost by tens of thousands over four years—verify residency rules before you commit.

• Geographic location
Housing, travel, and everyday expenses vary by location—look at total COA, not just tuition.

• Program length & structure
Tracks, dual degrees, or extended timelines can increase total costs by adding extra years of tuition and living expenses.

• Degree type
Programs leading to a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Veterinary Medicine (DVM), or Veterinary Medical Doctor (VMD) can differ in tuition, required equipment, clinical fees, and exam costs.

How to find your full cost of attendance

Tuition is only part of the picture. A school's cost of attendance (COA) also includes non-tuition expenses such as housing, books, supplies, health insurance, and licensing/exam fees.

Do some research before you commit. With tools like Scout College Search, you can look at schools side by side and compare estimated total costs, not just tuition.

Typical salary ranges for physicians

Understanding your potential earnings is just as important as understanding costs. Physician salaries vary by specialty, practice setting, and location.

• Primary care physicians: $200,000–$275,000
• Medical specialists: $300,000–$400,000+
• Surgical specialists: $400,000–$600,000+

Because earnings are lower during residency, consider how much debt you'll carry into training and how that aligns with long-term career goals.

2. Maximize free money

Free money should always be your first stop when figuring out how to pay for medical school. Scholarships and grants can significantly reduce how much you need to borrow.

Federal aid and the FAFSA^®

The Free Application for Federal Student Aid (FAFSA) isn’t just for undergraduates. Completing it each year is required to access federal student loans and may qualify you for certain grants or scholarships. For step-by-step help, check our FAFSA guide.

Medical school grants and service-based programs

Some programs offer grants or service-based funding (e.g., public health workforce programs) that may provide tuition assistance or loan repayment in exchange for service commitments.

Scholarships for medical students

Scholarships can help lower the cost of medical school because they don’t need to be repaid—and even smaller awards can help reduce what you borrow over time. Start with medical school scholarships and explore scholarships for graduate students. Plus, you'll want to check out free tools like Scholly Scholarships to find scholarships that match your field of study, background, or career interests.

For an easy start, enter Scholly Easy Apply Scholarships and our $5,000 Grad School No Essay Scholarship. No essays or long applications required, and you can apply to win every month.

3. Borrow smart

Even after scholarships and grants, many medical students still rely on loans to cover remaining costs. The key is to borrow thoughtfully so loans support your future—without limiting flexibility during residency and beyond.

Federal vs. private student loans

Federal student loans are often a good starting point. They’re issued by the U.S. Department of Education and may offer benefits private loans don’t, such as income-driven repayment programs. Private medical student loans, offered by banks and other lenders, can help fill funding gaps once you’ve maximized free money and federal loans.

Federal loans for medical students

Med students may qualify for Direct Unsubsidized Loans, which don’t require a credit check or cosigner. Interest begins accruing as soon as the loan is disbursed—even while you’re in school—and you're responsible for all of it.

Because of recent changes to federal loans, the graduate PLUS loan will no longer be available as of July 1, 2026.

Know the federal loan limits

As of July 1, 2026, new borrowing limits apply to federal graduate loans:

• Professional degree students: Up to $50,000 per year ($200,000 lifetime)
  Professional degrees include medicine, dentistry, pharmacy, veterinary medicine, optometry, podiatry, chiropractic, and clinical psychology.
• Graduate students: Up to $20,500 per year ($100,000 lifetime)

Because total medical school costs often exceed these limits—and the federal PLUS loan program has been eliminated—many med students may need to adjust their funding plan.

Look for ways to maximize free money like scholarships and grants—and explore private student loans to cover remaining costs.

Using private student loans to fill the gap

Private loans can play a strategic role in your funding plan when scholarships and federal loans aren’t enough. Consider terms, rates, and repayment options carefully, as well the repayment schedule through residency and into practice. Some students use private loan options like the Sallie Mae® Medical School Loan to cover their remaining medical school costs.

Before you borrow…

• Review your federal aid offer. Look at the breakdown of grants and federal loans, then calculate what you still need after savings and other sources.
• Factor in federal loan limits. Understand how annual and lifetime caps affect your total borrowing plan. For details, check out Sallie Mae's guide to PLUS loan changes.
• Think long term. Don't just look at the amount you need today. Consider how your expected salary aligns with how much you plan to borrow. Use a loan calculator to estimate your payments ahead of time.

Borrowing smart isn’t just about getting the loan — it’s about building a plan that supports your goals and future earning potential. For more tools and guidance, see the Sallie Mae Student Loan Guide.

More ways to pay for medical school

In addition to financial aid, savings, and loans, you may be able to reduce costs through:

• School-based or institutional aid
• Government or public service programs
• Military medical education benefits

Planning ahead for residency and post-graduation costs

Residency applications, interviews, licensing exams, and relocation costs can add up quickly. You may want to consider a specialized loan like the Sallie Mae^® Medical Residency and Relocation Loan to bridge the transition from school to training.

Move forward into medicine with a smart plan

Paying for medical school works best when you start with the full picture. By understanding total costs, prioritizing scholarships and grants, and borrowing thoughtfully, you can build a funding plan that supports you through residency and beyond. With the right strategy, medical school can be a long-term investment in both your career and financial stability.