How to pay for medical school

By Carolyn Morris | Published on March 10, 2026

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If you’re an aspiring doctor in the United States your future plans likely include attending medical school after your four years of undergraduate study. But how much will it cost to make your medical career dream come true – and how will you pay for medical school?

Like any higher education, the cost of attending medical school can easily skyrocket when you factor in the full cost of attendance. That includes tuition as well as room, board, food, and other living expenses, to name a few.

How much does medical school cost?

To be sure, completing your medical training can be a very long — and expensive — process. But that doesn’t need to deter you from your dream — there are smart ways to make the cost more manageable with the right financial planning.

According to the Shemmassian Academic Consulting, for the 2023-2024 academic year, the median annual tuition and fees for public medical schools are $41,737 for in-state students and $67,308 for out-of-state students. For private medical schools, the median annual tuition and fees are $69,673 for in-state students and $70,596 for out-of-state students.

Keep in mind that this is just tuition, not housing, food, and other expenses.

How much money does a doctor make?

The good news is that physicians’ salaries are some of the highest in the country. According to the U.S. Bureau of Labor Statistics (BLS), as of May 2023, the median annual wage for physicians and surgeons was equal to or greater than $239,200. Specialty doctors earn even more: a radiologist averages a yearly salary of $353,247.

Though it’s a hefty investment, attending medical school can pay off in the long run.

How to pay for med school

First, you should visit your school’s financial aid office to begin your search for financial aid and scholarship information. Many medical schools offer financial aid in the form of scholarships, loans, and student employment.

Apply for federal financial aid

To receive federal student aid in the form of grants and loans, you must fill out the Free Application for Student Aid (FAFSA). You should also apply for additional grants, fellowships, and scholarships, but generally speaking, student loans are the primary source of funds for medical school.

Federal loans for medical school

You will be offered federal student loans directly through the financial aid office at your university. Your federal student loan rates are determined by when they are issued; check with the Department of Education for exact rates.

In addition to the federal student loans that are available to all graduate students (Stafford and Direct PLUS loans), there is another federal student loan program for Primary Care Loans that is specifically for students in medical school.

However, these low-rate loans come with a string attached — they require the borrower to practice in primary care for a certain length of time after graduation. That means these loans are a great option if you’re certain you’ll end up in primary care, but not so good if you’re thinking about specializing.

Comparing federal loan types for medical school

Type of loan

Sources: StudentAid.Gov, HRSA, Phoenix Med

Federal loans come with certain repayment benefits, such as the ability to qualify for income-based repayment¹ or loan forgiveness. However, this benefit can be limited in scope and prospective medical students should weigh the pros and cons carefully.

Medical school loan programs

Some medical schools have their own loan programs. For example, the Yale School of Medicine offers loans at 7.5% fixed interest, and applicants must use a co-signer to qualify.

Private loans for medical school

These loans are for those who want an alternative to federal loans or need additional funds. Typically, you can only apply for a private loan with a private lender–not through your school. Rates are determined by a number of factors, such as total amount requested, savings, and credit history, and vary from lender to lender.

Earnest, a trusted provider of private student loans², offers competitive interest rates and flexible repayment options tailored to medical students. With features like no origination fees, custom payment plans, and rate discounts for autopay³, Earnest can help bridge the gap between federal loans and the total cost of attendance.

Scholarships, fellowships, and grants for medical school

Apply for scholarships for medical school

There are many partial scholarships available for medical school students that can help you focus more on your studies and worry less about your education bills. A good place to start combing through the available scholarships is through scholarship databases such as Fastweb.

Note that some scholarships are even available to high school students who plan to pursue pre-med courses and then medicine. For example, the Palo Alto Foundation Medical Group (PAFMG) Pre-Medical Scholarship provides up to $30,000 in scholarship money paid out over five years: that’s four years of undergraduate university and the first year of medical school to local graduates.

Full-ride scholarships for medical school are relatively rare. One example of this is the Harvard Medical School Scholarships. HMS scholarship funding covers both tuition and mandatory fees for full-need students that fit the given criteria.

Medical school scholarships through the Armed Forces

Another way to fund your medical school education is by obtaining a scholarship through the Army, Air Force, or Navy. For example, the Army offers scholarships through the Health Professions Scholarship Program (HPSP) that pay for the full four years of medical school, including living expenses.

In return, you’ll be required to serve four years of active duty in the military after graduation (or however many years the scholarship was granted). You must already be enrolled in the medical school of your choice to apply for the HPSP scholarship.

American Medical Association scholarships for med school

The American Medical Association (AMA) offers financial support to medical students who demonstrate exceptional efforts in the field of medicine. One of these scholarships is the Physicians of Tomorrow Award, which offers $10,000 scholarships for rising final year med students who have excellent grades and demonstrate financial need.

Another scholarship the AMA offers is the David Jones Peck, MD Scholarship for Health Equity, which rewards minority students based on leadership activities, community involvement, and more. Your school’s financial aid office can provide you with more information about applying for these scholarships.

National Medical Fellowships for minority physicians

A nonprofit organization, National Medical Fellowships (NMF) strives to increase the number of students who are underrepresented as minority physicians. They mostly offer general scholarships to first and second-year medical students, but even residents can apply for funds. NMF scholarships are based on financial need.

Grants for medical school

Each year, the UCLA-Caltech MSTP program provides full funding for 12-15 students, covering tuition, fees, a stipend, and health insurance through support from the National Institutes of Health and other sources. Of these students, two have the option to conduct their PhD research at Caltech. Due to the program’s high level of selectivity, only a limited number of offers are extended annually.

Repaying your student loans after medical school

Paying for medical school is the first step; managing hefty medical school debt while in the early stages of training, such as residency, is another step. How to best manage your loans will be determined by your total debt load, your expected length of residency, your field of practice, and the types of loans you have taken.

For private loan borrowers, Earnest provides opportunities to refinance student loans at lower rates, offering substantial savings over time. Our platform also offers tools to customize repayment plans that align with your career stage and budget.

Generally speaking, once you have your “match letter” for residency and a job offer in hand, you’re in a position to potentially refinance your student loans⁴ at a lower rate⁵.

Make informed choices

Embarking on your journey to become a doctor is an exciting and life-changing decision, but it comes with significant financial considerations. Understanding your funding options and planning for the cost of medical school are essential steps to achieving your dreams.

While federal loans, scholarships, and grants can cover a portion of the costs, private student loans can help bridge the gap. Earnest’s private student loan options offer competitive rates, no fees, and flexible repayment plans designed to meet the unique needs of medical students. Whether you need additional funding during school or are looking to refinance loans after graduation, Earnest can provide tailored solutions to help you manage your debt while focusing on your career.

Visit Earnest to explore how their student loan products can support you on your path to a rewarding career in medicine.