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Medical school is a major financial investment, and the total cost is often higher than students expect. For the 2024-2025 academic year, the average annual cost of medical school was $59,720, with total tuition, fees, and insurance for graduates averaging $228,959 over four years.
When you factor in living expenses, application costs, and interest, many students end up paying significantly more. Add a student’s undergraduate education, and the total cost of becoming a physician now averages over $370,000. The Association of American Medical Colleges (AAMC) predicts future classes will pay even more.
While the cost of medical school can be significant, it varies widely depending on the school you attend, your residency status, and the financial aid you receive. In this guide, we’ll break down what medical school really costs, key expenses to plan for, and ways to reduce what you pay.
Browse our free Med School Explorer tool to view key stats for each medical school, including GPA/MCAT, tuition, class size, secondary essays, interview format, and more. Filter and compare schools to build a personalized school list in minutes.
Main Costs to Consider
The cost to become a doctor isn’t just tuition. Several variables affect your total expenses, and understanding them early can help you plan more effectively:
- Public vs. private schools: Public medical schools typically cost about $35,000 to $75,000 per year in tuition and fees for in-state students. Private medical schools are generally higher, ranging from $65,000 to $85,000+ per year.
- Public in-state vs. public out-of-state tuition: In-state students at public medical schools usually pay about $35,000 to $55,000 per year. Out-of-state students often pay $55,000 to $85,000+ per year, sometimes nearly double in-state rates.
- Housing, food, transportation, and more: Living expenses generally add $20,000 to $40,000 per year, depending heavily on location. High-cost cities like New York or San Francisco are significantly more expensive than smaller college towns or rural campuses.
- Books, supplies, additional materials: Educational materials, devices, white coats, and required equipment typically cost about $1,000 to $3,000 per year. Some med students in more specialized settings may see even higher costs.
- USMLE/COMLEX: The USMLE Step exams cost $2,385 for students in medical programs in the U.S. The COMLEX exam series for osteopathic students is $2,400 for all 3 levels, with additional fees if you register less than 30 days before an exam date.
- Health insurance: Most schools require healthcare coverage, which typically costs $2,000 to $4,000 per year if purchased through the institution. Students on family or employer-based plans may pay less or have this cost waived.
A quick note: MD and DO tuition are now similar overall, with both ranging from $35,000 to $80,000+ per year depending on school type and residency status. Differences are usually driven more by institution (public vs. private) than degree type.
Application Fees
Before you even start medical school, the application process itself can cost thousands of dollars. Here’s a realistic breakdown of the cost of applying to medical school:
- Primary application (AMCAS): $180 (first school) + $48 per additional school
- Primary application (AACOMAS): $198 (first school) + $60 per additional school
- MCAT registration: $355
- Secondary applications: $30-$200 per school
- Casper exam: $85 + additional distribution fees
- Transcripts: $10-$20 per school
- MCAT prep: $300-$5,000+
- Medical school admissions consulting (optional): $3,000-$10,000+
Most applicants apply to 15-25 schools. That puts baseline medical school application costs around $2,000 to $5,000, and significantly higher if you invest in prep courses or advising. (That investment can significantly improve your chances of acceptance the first time!) Because of these upfront costs, your first year of medical school is often the most expensive.
Ways to Reduce Racking Up Debt
Average medical school students carry just over $215,000 in debt after graduation, not including any undergrad loan fees. Over time, that balance can grow to around $300,000 in total repayment, depending on interest and repayment terms.
That average cost is significantly higher than what many physicians paid in previous decades, but there are also more options than ever to manage and reduce medical school debt. Here are the main ways to reduce what you actually pay:
- Financial aid: You can cut a significant chunk out of the average tuition cost by taking advantage of financial aid options to reduce tuition fees. This may include low-interest federal student loans, private loans, grants, and scholarships.
- Public Service Loan Forgiveness (PSLF): You may be eligible to have your remaining federal student loan balance forgiven through PSLF. To qualify, you must make 120 qualifying monthly payments while working at least 30 hours per week for a qualifying employer. Examples include a government organization or a nonprofit medical center.
- HPSAs loan forgiveness: Some loan repayment programs offer financial incentives for practicing in designated Health Professional Shortage Areas (HPSAs). For example, programs like the National Health Service Corps (NHSC) offer loan repayment assistance in exchange for a service commitment, typically lasting 2-3 years.
- Income-driven repayment (IDR) plans: Many medical graduates use IDR plans to lower their monthly payments based on income and family size. As of July 1, 2026, a new federal option called the Repayment Assistance Plan (RAP) will base payments on your income, with loan forgiveness after a long repayment period (typically 30 years).
- Military programs: If you’re interested in serving in the U.S. military, several programs can cover the full cost of medical school. The most common is the Health Professions Scholarship Program (HPSP), which pays tuition, fees, and a living stipend in exchange for a service commitment. Another option is the Uniformed Services University of the Health Sciences (USUHS), where you attend medical school as a commissioned officer.
- Lower-cost schools: Targeting schools with lower tuition or a lower cost of living can reduce total debt by tens of thousands of dollars. Attending public medical schools in your home state is also one of the simplest ways to lower medical school tuition costs, rather than paying tuition for nonresidents.
A Crash-Course in Paying for Medical School: 10 Ways You Could Save $10,000
Common Ways to Pay for Medical School
Most students use a combination of funding sources to pay for medical school:
- Scholarships and grants: This is the best-case scenario since these don’t need to be repaid. Opportunities vary by school, merit, background, and financial need.
- Federal student loans: This is the primary funding source for most students. Federal loans may offer income-driven repayment plans, loan forgiveness options, and more flexible protections than private loans.
- Private loans: These are typically used as a last resort. They often have higher interest rates and fewer repayment protections.
Some students supplement their finances through part-time work, savings, or family support, especially during the pre-clinical years.
“Future you” will thank “past you” for applying for as many scholarships as possible, since any loans you take out must be repaid with interest. You can even use one scholarship offer to negotiate with another school. Most medical students rely on federal student loans, which are accessed through the Free Application for Federal Student Aid (FAFSA).
Least Expensive Medical Schools
To find the least expensive medical schools, aim for public institutions in your current state. In-state tuition for public colleges is typically the lowest cost for students. Also, consider the cost of living. New York City is much more expensive to live in than Lubbock, Texas, for example.
MD Programs
Below are some of the least expensive MD programs in the U.S., based on annual tuition and required fees (in-state rates for public schools where applicable):
- University of Puerto Rico School of Medicine: $19,686
- Texas A&M University College of Medicine: $21,760
- University of New Mexico School of Medicine: $23,531
- The University of Texas at Austin Dell Medical School: $24,525
- Marshall University Joan C. Edwards School of Medicine: $25,614
- The University of Texas Rio Grande Valley School of Medicine: $24,970
- The University of Texas at Tyler School of Medicine: $25,880
- Texas Tech University Paul L. Foster School of Medicine: $26,183
- Texas Tech University Health Sciences Center School of Medicine: $26,351
- University of Houston Tilman J. Fertitta Family College of Medicine: $27,726
- East Carolina University Brody School of Medicine: $28,079
- University of Texas Southwestern Medical School: $28,560
- McGovern Medical School at UT Health Houston: $29,532
- Baylor College of Medicine: $29,571
- Joe R. and Teresa Lozano Long School of Medicine at UT Health San Antonio: $30,057
- University of Texas Medical Branch John Sealy School of Medicine: $30,060
- Florida State University College of Medicine: $32,903
- University of Central Florida College of Medicine: $33,220
- Medical College of Georgia: $34,661
- Ohio State University College of Medicine: $35,766
- University of South Dakota Sanford School of Medicine: $36,554
- West Virginia University School of Medicine: $38,352
- University of Cincinnati College of Medicine: $38,375
- University of North Dakota School of Medicine and Health Sciences: $38,574
- University of Florida College of Medicine: $39,842
Looking outside the U.S.? Here are the best Caribbean medical schools.
DO Programs
Costs at DO programs also vary depending on whether the school is public or private and for in-state vs. out-of-state students. Below are some of the most affordable DO programs in the U.S. Totals consider tuition and fees for in-state residents:
- The Texas College of Osteopathic Medicine (TCOM) at The University of North Texas Health Science Center at Fort Worth: $19,768
- Sam Houston State University College of Osteopathic Medicine: $26,500
- Oklahoma State University College of Osteopathic Medicine: $28,884
- West Virginia School of Osteopathic Medicine: $23,594
- Ohio University Heritage College of Osteopathic Medicine: $39,720
- Lake Erie College of Osteopathic Medicine (LECOM): $40,033
- Michigan State University College of Osteopathic Medicine: $43,858
- Rowan-Virtua School of Osteopathic Medicine: $48,266
- William Carey University College of Osteopathic Medicine: $49,500
Read Next: How to Choose Where to Apply to Medical School
Tuition-Free Medical Schools
A small number of medical schools in the U.S. offer full-tuition coverage, though the structure varies by institution. Some are permanently tuition-free, while others offer need-based full scholarships or time-limited programs tied to funding cycles. Some international programs also advertise tuition-free models, often with service commitments or strict eligibility requirements.
Below are several well-known U.S. programs with tuition-free or full-tuition scholarship structures:
- NYU Grossman School of Medicine: This school offers full-tuition scholarships to all MD students, regardless of merit or need. Additional scholarships may also cover living expenses, depending on financial circumstances.
- NYU Grossman Long Island School of Medicine: This is another NYU MD program, but, unlike the campus in Manhattan, this Long Island school offers a non-traditional 3-year MD program with a focus on primary care.
- Albert Einstein College of Medicine: Following a major philanthropic donation, this program provides full-tuition scholarships for all MD students moving forward, significantly reducing the financial burden for matriculants.
- Cleveland Clinic Lerner College of Medicine: This Cleveland college offers free tuition for its 5-year MD program. It’s 5 years instead of 4 because of this school’s emphasis on biomedical research.
Johns Hopkins School of Medicine is a top medical school that deserves an honorable mention. This one isn’t universally tuition-free, but it offers need-based financial aid that can fully cover tuition for students below certain income thresholds. Additional support varies based on individual financial need.
Learn More: Using the MSAR to Choose Where to Apply to Medical School
FAQs
To budget for med school expenses, start by estimating your total cost of attendance, including tuition, fees, health insurance, living expenses, and one-time costs like applications and exams. From there, factor in possible financial aid, scholarships, and expected loan borrowing.
Creating a simple monthly budget for rent, food, and transportation can help you avoid unnecessary debt during school. If you’re still in the pre-med stage, working part-time or taking a gap year job can help you build savings and reduce how much you need to borrow later. Even modest savings can offset application costs or early living expenses once you get started.
Some of the highest-paying specialties include neurosurgery, thoracic surgery, and orthopedic surgery, with average salaries often exceeding $500,000 per year. However, compensation varies widely based on location, experience, and practice setting, so it’s important to balance earning potential with your interests and lifestyle goals.
Most physicians take about 10-20 years to fully pay off their medical education debt, depending on their specialty, salary (including residency salary), and repayment strategy. Those who pursue loan forgiveness programs or higher-paying specialties may pay off their loans faster, while others using income-driven repayment plans may take longer.
Making the Most of Your Investment
Applying to medical school is a major investment of both time and money, so it’s important to do what it takes to make sure it pays off. For most physicians, that investment leads to strong long-term earning potential and financial stability over the course of a career.
Getting accepted the first time can save you thousands in reapplication costs and lost time. With the right guidance, you can strengthen your application, improve your interview performance, and maximize your chances of acceptance.
Work 1-on-1 with a physician and former admissions committee member to build a competitive application strategy tailored to your goals. Join the 92% of MedSchoolCoach clients who get into medical school.
Sahil Mehta MD
Dr. Mehta is the founder of MedSchoolCoach and has guided thousands of successful medical school applicants. He is also a practicing physician in Boston where he specializes in vascular and interventional radiology.
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