You Can Afford Medical School

November 30, 2022

New section

If you want to be a doctor or physician scientist, they are good career choices, both socially and financially. Although medical school may be expensive, there are options available for financing your education. The key to affording medical school is educating yourself about your choices.

New section

New section

group of young students on campus
 
Things to Think About

There are many different ways to pay for your education; however, student loans are a reality for most medical students. The keys to successful repayment are careful planning and budgeting, learning how to effectively manage your debt, and educating yourself about the various repayment options.

Have a Plan

One of your first stops on the road to creating a sound financial plan should be the FIRST website. It contains extensive information about the cost of applying to medical school, information about various loan types, repayment information, and other financial topics. Even with these resources, the process can seem overwhelming, so your next step is to identify a financial aid administrator to assist you as you apply for medical school financing.

Get Good Advice

The importance of getting sound, accurate, and timely advice cannot be overstated. Whether it’s your pre-health advisor, a current medical student or resident, the admissions or financial aid officer, there are people who can help you navigate this often complex topic. Look at the medical school’s financial aid website to see school specific information about financing options. When visiting and interviewing at prospective schools, take your financial aid questions with you and speak with the financial aid administrator(s). They are there to help you, so take advantage of their assistance.

Learn About Loan Repayment/Forgiveness Options

There are many ways to fund your medical education and there are various programs to help you repay your student loans based on your financial situation. If you are interested in pursuing a career in medicine, but are concerned about paying back your loans, know that there are flexible repayment options for federal loans that are based on the borrower’s income – not the borrower’s debt. These repayment plans typically make loan payments manageable regardless of a physician’s debt or specialty choice.

Other opportunities for repayment and/or forgiveness may be found through service programs. These programs may provide repayment assistance in exchange for a service commitment. For more information about repayment/forgiveness options, visit the FIRST website.

Final Thoughts

Stay true to your passion. Explore your options. Find a good advisor and/or mentor. If you can, enter medical school with little or no credit card debt and be aware of the status of your undergraduate loans. The less debt you bring to medical school, the less debt you’ll have when you graduate from medical school.

Financial Facts
  • The median amount of debt for the class of 2022: $200,000*
  • The median 4-year cost of attendance for the class of 2023: $268,476 (public school) and $363,836 (private school)
  • Median non-education debt from credit cards: $5,000

With proper budgeting, even during residency, borrowers are often able to afford a student loan payment.

Medical school debt and cost may be high; however, so is the starting salary for the average primary care physician. Generally, a physician’s salary allows for a comfortable monthly budget if finances are managed wisely.

*Source: October 2022, Medical Student Education: Debt, Costs, and Loan Repayment Fact Card

New section

Sign up to Receive the FIRST Newsletter

Provide your name and email address, scroll down to Student Resources, and select FIRST Newsletter.

Contact FIRST
Young male presenting doctor wearing scrubs looking at a computer.
AAMC Financial Wellness

Access free financial calculators, articles, and videos to help you create a budget, track your spending, create financial goals, and enhance your financial knowledge about credit, financial planning, money management, and more!

Visit AAMC Financial Wellness