Mounting student loan debt is an increasing problem for many U.S. students and others around the world. As of 2020, over 43.4 million Americans have student loan debt totaling $1.68 trillion, and the average medical student takes on over $200,000 in loans. Fortunately, student loans aren’t the only way to fund your med school education. Medical school costs can vary widely across different states and institutions, but understanding your costs and financing options before you apply can help you build a workable financing plan that can get you through medical school without being saddled by debt for the next 30 years.student frustrated with medical school cost

Paying for Medical School

While all schools provide some information on tuition and fees through their websites, the listed costs don’t need to come directly out of your pocket. There are lots of ways to fund your med school education, and some of the funding methods are at no cost to you. As you are comparing the costs of medical schools, take some time to also compare the amount of no-cost or low-cost funding provided by each school.

Scholarships

Scholarships are another method that can be used to fund your med school education. Most scholarships have some sort of “merit” qualification – you may need to come from a certain background, live in a certain area, or have proof of a certain grade point average in order to qualify. The application process is generally easier than for grants, but you may still need to write an essay or complete other tasks to be eligible for the award. Scholarships are also competitive, especially if the application requirements are fairly simple. Fortunately, scholarships can be offered by anyone – from local organizations to major corporations – so there are thousands of scholarships available to students each year.

Work-Study

Work-study programs are another way to help cover medical school cost without later repayment. At first glance, work-study programs may not seem any different than holding down a part-time job while in school; you work a job in your field of study, and you earn a predetermined amount towards the cost of your medical education. However, work-study programs generally have a few advantages over working a regular job while in school. Managers of work-study programs understand that your education is a priority, so they are generally more flexible in working around school schedules and exams. Your financial aid office can help with securing you a work-study position, which can be beneficial if you have no previous work experience or job interview skills. Unlike other forms of financial aid, work-study funds can be used for a variety of things while you are in school – including food or basic living necessities. They are also paid to you directly, so you control how the funds are spent. Most part-time jobs are located off campus, which can make transportation a challenge. Most work-study jobs are located on-campus, making it easier for students to fit working hours in between classes.paying for medical school costs

Grants

The terms “grant” and “scholarship” are often used interchangeably, but they are distinct forms of financial aid. Grants are typically offered by federal institutions, and the awards are often based on demonstrated financial need. Grant awards are “free” money in the sense that they do not need to be repaid, but they may come with some stipulations, such as maintaining certain academic standards or completing a research project. The application and evaluation process for grants are typically quite extensive, although grants awards tend to be for higher amounts.

Personal Savings

If you or your family have been planning for your higher education costs for a while, you may have a significant amount in savings. In the United States, residents also have access to 529 College Savings Plans that can be used to stretch your education dollars even further. Plans vary by state, but every state offers at least one plan that can be set up through your preferred financial institution. This method works best when you start saving early – putting $100 per month into the account from the time you were born until the time you graduated high school, you would have $21,600 saved (not including interest). While this won’t cover the entire cost of your medical education, it can certainly reduce the amount of interest you pay when funding your education through loans.

Student Loans

Student loans are probably one of the most common methods of funding a med school education. Due to rising educational costs, it can be challenging to fund the entire cost of med school out of pocket or with scholarships. Student loans are easy to qualify for, available to almost every student, and can help bridge the gap between your available finances and the actual cost of your education. However, student loans can be extremely costly over time. Even with interest rates at record low levels for the 2020/2021 school year, using loans can add thousands of dollars to the cost of your education over the standard 20-year repayment period. Furthermore, not all loans are created equally. The average federal student loan interest rate for graduate loans is 4.30%, but some private student loans can charge up to 14.5% interest. If you graduated medical school with the average amount of student loan debt (which is currently $215,900), the interest alone would add approximately $165,000-$240,000 to the cost of your education. While you may not be able to avoid student loans entirely, you can minimize your student loan debt by utilizing other methods of paying for medical school as much as possible.working out medical school costs

Medical School Costs at AUA

To assist students with funding the average cost of medical school, AUA provides students with numerous scholarship and grant opportunities, and qualifying students can use U.S. Department of Education loans to attend with us. Our financial aid office can also assist you with payment plans, multiple payment methods, and options for minimizing fees (such as using a private family health insurance plan). We also partner with many U.S.-based undergraduate institutions to offer affordable med school opportunities from a variety of backgrounds. You can also contact our Office of Student Financial Services at [email protected] with any other questions regarding your medical school cost at AUA.

Average Cost of Medical School

Before you can decide exactly which methods of funding will be best, you’ll need to know much medical school is per year. Once you know this figure, you can calculate how much funding you’ll need to cover. According to the AAMC, the cost of tuition, fees and health insurance of attending a public medical school is around $41,438 per year for residents, and $58,246 for non-residents. For private medical schools, that figure comes up to around $61,490 for residents, and $57,619 for non-residents. Tuition and other costs that are reported can greatly vary widely from school to school. Some medical schools build more of the costs into their tuition to keep things simple, while other schools advertise low tuition rates but tack multiple fees on to students’ accounts. Still other schools, like state schools in Texas, charge multiple kinds of tuition with some going to the school and some going to the State Treasury. With all these different reporting methods, it can be difficult to make an apples-to-apples comparison for your overall cost of medical school. To help, we’ve compiled a list of the average in-state and out-of-state tuition and fee rates at every medical school in the United States. The listed tuition and fee rates are based on a first-year student for Fall and Spring semesters only (not including any optional Summer tuition). Although most medical schools require students to maintain some form of health and/or disability insurance as a student, these rates can vary widely and therefore were not included in our calculations. The calculation of “fees” includes all mandatory student fees, not including insurance or exam fees. Links to additional tuition and fee information for each institution is provided in the table below:

Institution State In-State Tuition & Fees Out-of-State Tuition & Fees
University of Alabama School of Medicine Alabama $29702 $62714
University of South Alabama Alabama $31903 $62907
American University of Antigua Antigua $45100 $45100
Mayo Clinic Alix School of Medicine Arizona $58900 $58900
University of Arizona College of Medicine – Tuscon Arizona $33705 $55514
The University of Arizona College of Medicine Phoenix Arizona $34380 $54980
University of Arkansas for Medical Sciences Arkansas $33010 $65180
California Northstate University College of Medicine California $61227 $61227
California University of Science and Medicine California $60000 $60000
Charles R. Drew University of Medicine and Science California $924 per unit $924 per unit
Kaiser Permanente School of Medicine California $0 through 2024 $0 through 2024
Keck School of Medicine of University of Southern California California $47800 $47800
Loma Linda University School of Medicine California $38077 $38077
Stanford University School of Medicine California $60234 $60234
University of California – Davis School of Medicine California $41927 $54172
University of California – Irvine School of Medicine California $39890 $52135
David Geffen School of Medicine at UCLA California $43726 $55971
University of California – Riverside School of Medicine California $42537 $53652
University of California – San Diego School of Medicine California $38753 $50998
UCSF School of Medicine California $42791 $55036
University of Colorado School of Medicine Colorado $40348 $66303
Frank H. Netter M.D. School of Medicine at Quinnipiac University Connecticut $61230 $61230
University of Connecticut School of Medicine Connecticut $43072 $77152
Yale School of Medicine Connecticut $64864 $64864
George Washington University Medical School District of Columbia $62590 $62590
Georgetown University School of Medicine District of Columbia $65004 $65004
Howard University College of Medicine District of Columbia $48400 $48400
Florida Atlantic University Charles E. Schmidt College of Medicine Florida $31830 $67972
Florida International University Herbert Wertheim College of Medicine Florida $38695 $70195
Florida State University College of Medicine Florida $28987 $68619
Nova Southeastern University Dr Kiran C. Patel College of Allopathic Medicine Florida $59266 $65985
University of Central Florida College of Medicine Florida $29680 $56553
University of Florida College of Medicine Florida $37130 $49390
University of Miami Leonard M. Miller School of Medicine Florida $49124 $49124
University of South Florida College of Medicine Florida $33726 $54916
Emory University School of Medicine Georgia $26712 $26712
Medical College of Georgia at Augusta University Georgia $31075 $59433
Mercer University School of Medicine Georgia $42586 $42586
Morehouse School of Medicine Georgia $53828 $53828
University of Hawaii at Manoa John A. Burns School of Medicine Hawaii $37444 $72100
University of Illinois at Urbana-Champaign Carle Illinois College of Medicine Illinois $38964 $48514
Loyola University Chicago Stritch School of Medicine Illinois $61652 $61652
Northwestern University Feinberg School of Medicine Illinois $65686 $65686
Chicago Medical School of Rosalind Franklin University of Medicine and Science Illinois $62658 $62658
Rush Medical College Illinois $45792 $45792
Southern Illinois University School of Medicine Illinois $39602 $39602
University of Chicago Pritzker School of Medicine Illinois $58538 $58538
University of Illinois College of Medicine Illinois $34992 $57110
Indiana University School of Medicine Indiana $18017 $30709
University of Iowa Roy J. and Lucille A. Carver College of Medicine Iowa $37769 $58544
University of Kansas School of Medicine Kansas $39114 $68601
University of Kentucky College of Medicine Kentucky $40462 $73854
University of Louisville School of Medicine Kentucky $41778 $63530
Louisiana State University School of Medicine in New Orleans Louisiana $32937 $61114
Louisiana State University School of Medicine in Shreveport Louisiana $29343 $61165
Tulane University School of Medicine Louisiana $67364 $67364
Johns Hopkins University School of Medicine Maryland $57440 $57440
Uniformed Services University of the Health Sciences F. Edward Hebert School of Medicine Maryland $0 $0
University of Maryland School of Medicine Maryland $39655 $68750
Boston University School of Medicine Massachusetts $65340 $65340
Harvard Medical School Massachusetts $66787 $66787
Tufts University School of Medicine Massachusetts $65854 $65854
University of Massachusetts Medical School Massachusetts $38346 $64276
Central Michigan University College of Medicine Michigan $43952 $64062
Michigan State University College of Human Medicine Michigan $32252 $59808
University of Michigan Medical School Michigan $42282 $61680
Oakland University William Beaumont School of Medicine Michigan $57222 $57222
Wayne State University School of Medicine Michigan $37612 $64990
Western Michigan University Homer Stryker M.D. School of Medicine Michigan $63500 $63500
Mayo Clinic College of Medicine Minnesota $32106 $32106
University of Minnesota Medical School Minnesota $40191 $57678
University of Mississippi School of Medicine Mississippi $31196 $31196
Saint Louis University School of Medicine Missouri $57830 $57830
University of Missouri-Columbia School of Medicine Missouri $36688 $70977
University of Missouri–Kansas City School of Medicine Missouri $20868 $41556
Washington University School of Medicine Missouri $68480 $68480
Creighton University School of Medicine Nebraska $61696 $61696
University of Nebraska College of Medicine Nebraska $37240 $59170
University of Nevada – Las Vegas School of Medicine Nevada $32676 $61676
University of Nevada – Reno School of Medicine Nevada $31904 $60222
Dartmouth College Geisel School of Medicine New Hampshire $69517 $69517
Cooper Medical School of Rowan University New Jersey $42769 $66530
Hackensack Meridian School of Medicine at Seton Hall University New Jersey $66054 $66054
Rutgers New Jersey Medical School New Jersey $46156 $69693
Rutgers Robert Wood Johnson Medical School New Jersey $45228 $68764
University of New Mexico School of Medicine New Mexico $15946 $15946
Albany Medical College New York $28992 $28992
Albert Einstein College of Medicine New York $58446 $58446
Columbia University Roy and Diana Vagelos College of Physicians and Surgeons New York $65759 $65759
CUNY School of Medicine New York $41912 $41912
Donald and Barbara School of Medicine at Hofstra/Northwell New York $53700 $53700
Icahn School of Medicine at Mount Sinai New York $58695 $58695
New York Medical College New York $59819 $59819
New York University School of Medicine New York $0 $0
New York University Long Island School of Medicine New York $3450 $3450
Stony Brook University School of Medicine New York $43312 $66412
State University of New York Upstate Medical University New York $44744 $66234
State University of New York Downstate Medical Center College of Medicine New York $43965 $65455
Jacobs School of Medicine and Biomedical Sciences – University at Buffalo New York $46722 $68212
University of Rochester School of Medicine and Dentistry New York $61697 $61697
Weill Cornell Medical College New York $61206 $61206
The Brody School of Medicine at East Carolina University North Carolina $23134 $23134
Duke University School of Medicine North Carolina $64780 $64780
University of North Carolina School of Medicine North Carolina $34932 $62325
Wake Forest School of Medicine North Carolina $61200 $61200
University of North Dakota School of Medicine and Health Sciences North Dakota $34762 $61630
Boonshoft School of Medicine at Wright State University Ohio $38895 $57773
Case Western Reserve University School of Medicine Ohio $67440 $67440
Cleveland Clinic Lerner College of Medicine Ohio $67440 $67440
Northeast Ohio Medical University College of Medicine Ohio $42087 $81557
The Ohio State University College of Medicine Ohio $32722 $56972
University of Cincinnati College of Medicine Ohio $32980 $51244
University of Toledo College of Medicine Ohio $35435 $66935
University of Oklahoma College of Medicine Oklahoma $31082 $65410
University of Oklahoma School of Community Medicine Oklahoma $31082 $65410
Oregon Health & Science University School of Medicine Oregon $15076 $15076
Geisinger Commonwealth School of Medicine Pennsylvania $58770 $65070
Drexel University College of Medicine Pennsylvania $60680 $60680
Pennsylvania State University College of Medicine Pennsylvania $51032 $51032
Perelman School of Medicine at the University of Pennsylvania Pennsylvania $65442 $65442
Sidney Kimmel Medical College at Thomas Jefferson University Pennsylvania $59485 $59485
Lewis Katz School of Medicine – Temple University Pennsylvania $53406 $56628
University of Pittsburgh School of Medicine Pennsylvania $58640 $60886
Universidad Central del Caribe School of Medicine Puerto Rico $38100 $46105
Ponce School of Medicine Puerto Rico $37710 $60000
San Juan Bautista School of Medicine Puerto Rico $34450 $44450
University of Puerto Rico School of Medicine Puerto Rico $16300 $16300
Alpert Medical School at Brown University Rhode Island $66088 $66088
Medical University of South Carolina College of Medicine South Carolina $31001 $53001
University of South Carolina School of Medicine South Carolina $44568 $88830
University of South Carolina School of Medicine Greenville South Carolina $45212 $89474
Sanford School of Medicine of the University of South Dakota South Dakota $31787 $76173
East Tennessee State University James H. Quillen College of Medicine Tennessee $34979 $44829
Meharry Medical College School of Medicine Tennessee $55789 $55789
University of Tennessee College of Medicine Tennessee $39519 $65443
Vanderbilt University School of Medicine Tennessee $61604 $61604
Baylor College of Medicine Texas $27843 $40943
Texas A&M Health Science Center College of Medicine Texas $19308 $32408
TCU and UNTHSC School of Medicine Texas $60318 $60318
Texas Tech University Health Sciences Center Paul L. Foster School of Medicine Texas $18378 $31478
Texas Tech University Health Sciences Center School of Medicine Texas $18878 $31948
University of Houston Texas $24264 $37362
University of Texas Medical Branch School of Medicine Texas $24585 $39295
UTHealth John P. and Katherine G. McGovern Medical School Texas $24744 $32997
UT Health San Antonio Joe R. and Teresa Lozano Long School of Medicine Texas $21859 $38525
University of Texas Rio Grande Valley School of Medicine Texas $19639 $32739
University of Texas Southwestern Medical School at Dallas Texas $22651 $35751
Dell Medical School at The University of Texas at Austin Texas $21087 $35406
University of Utah School of Medicine Utah $41784 $77991
University of Vermont College of Medicine Vermont $39864 $66964
Eastern Virginia Medical School Virginia $36729 $60006
University of Virginia School of Medicine Virginia $48574 $59380
VCU School of Medicine – Medical College of Virginia Health Sciences Division Virginia $37143 $60659
Virginia Tech Carilion School of Medicine and Research Institute Virginia $54484 $54484
University of Washington School of Medicine Washington $39137 $69569
Washington State University Elson S. Floyd College of Medicine Washington $40560 $40560
Joan C. Edwards School of Medicine at Marshall University West Virginia $19372 $30182
West Virginia University School of Medicine West Virginia $21762 $42768
Medical College of Wisconsin Wisconsin $53647 $57347
University of Wisconsin School of Medicine and Public Health Wisconsin $39614 $55790