The financial challenges medical students typically face include finding a way to pay the costs and support themselves, coping with unexpected financial challenges, and repayment following training.
Costs of Medical School
- In the 2020–2021 school year, the median tuition, fees, plus health insurance for U.S. public medical school was: $39,150 (in-state), $63,546 (out-of-state), and $64,053 (private medical schools)
- There is a fair amount of variation in tuition from school to school.
- The mean debt for medical students graduating in 2020 was $200,000.
- Some schools (e.g., Weill Cornell, Columbia) offer debt-free financial aid to qualifying students, that is, there is nothing to pay back upon graduating.
Source: Shammassian Academic Consulting (includes list of tuition for each school)
Resources for Student Financial Concerns
- Financial Aid – Association of American Medical Colleges (AAMC) “FIRST” resource: Financial Information, Resources, Services, and Tools. Information on Paying for Medical School, Managing Your Finances During Medical School and During Residency, Financial Aid Fact Sheets
- Loan Repayment/Forgiveness/Scholarships – Searchable database on state and federal loan repayment, loan, scholarship, and other programs database
- Refinance Student Loans – Example of one company