How much does medical school cost? A breakdown of expenses

Tuition and fees: the big ticket item

Medical school in the U.S. is very expensive. You can easily rack up hundreds of thousands of dollars in medical school loans and debt while earning your degree. There are, however, plenty of options to ease the financial pain of pursuing a medical career.

Public vs. private schools

The total average cost medical school is $238,420, and the average medical school cost per year is $59,605, according to the Education Data Initiative. Total costs can vary widely by institution type and location, ranging from $167,476 for in-state public schools to $275,068 for out-of-state private schools.

In-state vs. out-of-state

In-state residents are afforded certain advantages when applying to state schools and typically pay less at public schools than they would at private universities. For instance, the average med school tuition for in-state residents is $208,428, whereas an out-of-state resident pays $269,392 on average.

Beyond tuition: other expenses to consider

Books and supplies

The cost of textbooks and supplies varies depending on your school and which year you are in. At UCLA, the cost for the first year is estimated at $3,476. That compares to the third year, with an estimated cost of $2,703. At Harvard Medical School, the estimate is $3,605.

Health insurance and fees

There are also certain indirect costs to consider. Take insurance, for example. Medical schools should require that all medical students have an active health insurance policy. Schools should offer a policy, but medical students should be allowed to select a personal policy after providing documentation that the policy provides comparable coverage.

Living expenses

Your cost of living can vary greatly depending on whether you live in a big city or in a rural area. For example, the average rent for a one-bedroom apartment in New York was $3,930 as of April 2025. That compares to $1,004 for a one-bedroom apartment in Iowa City, according to data compiled by Apartments.com, a website that connects renters and landlords.

Of course, in New York, you may not need a car. In Iowa City, that could be a real cost that comes with fluctuating gas prices, as well as auto insurance and maintenance costs. You also have to eat. Grocery prices are 64.3% higher in New York versus Iowa City, according to Numbeo, a crowd-sourced platform that compiles cost of living data.

Exam fees (USMLE, etc.)

United States Medical Licensing Examination (USMLE) parts 1 and 2 cost about $680 each. Step 3 costs $935. Licensure fees range from state to state. In New York, they cost $735 for the initial application fee. In Iowa, that will run you $450.

How to pay for med school

Shopping around for medical school loans can be tedious. However, if you do your research and take the time to look for available resources, you may be able to save thousands of dollars.

Scholarships and grants

Scholarships and grants abound and can vary greatly in terms of eligibility requirements and what they can be used for, from tuition to travel for activities like conferences. You can start your search using the best scholarship websites, such as FastWeb and the U.S. Department of Education's student aid website. The Association of American Medical Colleges (AAMC) also has a database with opportunities.

Local hospitals, religious institutions, local businesses, nonprofits, and others may also offer scholarships, so it pays to dig around. And don't forget to check with your medical school. Many of them offer aid to students in financial need.

Federal student loans

Federal financial aid, such as a student loan for medical school students, is available. File a Free Application for Federal Student Aid (FAFSA) to see what programs might be available for you. You could qualify for:

• Federal Direct Unsubsidized Loans: Federal Direct Loans are unsubsidized, meaning you're responsible for paying all the interest on these loans.
• Federal Direct Graduate PLUS Loans: You may be able to get a PLUS Loan for funds beyond Federal Direct Loans. PLUS Loans are also unsubsidized. They tend to have a higher interest rate than Federal Direct Loans.
• Health Resources and Services Administration (HRSA) Primary Care Loan: This is a school-based program that offers loans for medical students who demonstrate financial need.

Federal student loans come with fixed interest rates, with an average interest rate for medical school loan of 7.39%. For the 2024 to 2025 academic year, Direct Unsubsidized loans come with an 8.08% interest rate, and Direct Graduate PLUS Loans have a 9.08% interest rate. In addition, HRSA student loans have a 5% fixed interest rate.

Reducing medical school costs: tips and strategies

Choose an in-state public school

If you're a resident applying to an in-state school, you can expect lower costs overall than with private or out-of-state universities. State-based financial aid programs can also be beneficial. Apply through FAFSA to see if you're eligible for any state-based loans or other financial aid. Most states and Washington, D.C., offer loan repayment programs for medical students.

Apply for scholarships and grants

Scholarships and grants come in all shapes and sizes, and they can add up over time if you apply and qualify for more than one. Be sure to begin your application process early, as these funds can run out.

Consider military scholarships (HPSP/HSCP)

Military scholarships are another option for med students. The U.S. Army, for example, could offer a scholarship, stipend program, or educational loan repayment, as well as the ability to train alongside dedicated healthcare professionals. The F. Edward Hébert Armed Forces Health Professions Scholarship Program, for example, pays 100% of tuition, plus required books, equipment, most academic fees, and a monthly stipend of $2,000. Qualifying medical and dental students are also eligible to receive a $20,000 sign-on bonus.

You will have to fulfill a service commitment for the funding. The active duty service obligation to the U.S. Army is one year of service for every year you receive the scholarship.

Loan forgiveness programs

The Public Service Loan Forgiveness (PSLF) program offers forgiveness of qualified federal student loans after 120 payments are made while employed full-time at a 501(c)(3) nonprofit or government employer. PSLF can erase much of your initial debt balance tax-free, and some residency programs are 501(c)(3) organizations, allowing physicians to start making qualified payments as soon as residency starts.

The Health Resources and Services Administration provides grants to assist states operating in the State Loan Repayment Program (SLRP) for primary care providers working in Health Professional Shortage Areas (HPSA). The New Hampshire State Loan Repayment Program, for example, provides funds to healthcare professionals working in areas of the state designated as being medically underserved and who are willing to commit and contract with the state for a minimum of three years (or two if part-time).

Finally, the National Health Service Corps (NHSC) is a federal program administered by the Health Resources and Services Administration (HRSA) that provides scholarships and loan repayment to healthcare professionals practicing at approved sites located in/or serving Health Professional Shortage Areas (HPSAs) throughout the United States.

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FAQs on the cost of medical school