Paying for Medical School

There are many costs associated with medical school, including paying for the MCAT and its prep resources, the costs of submitting applications and then actually paying for medical school. All these can incur substantial debt. But fear not! By starting to build your financial plan and budget for pursuing medicine early, you'll find the process less overwhelming, and will also find some financial aid options to assist you.

Paying for Medical School Applications

• Depending on how many schools you intend to apply to, expect costs (without financial aid) of upwards of $1000

• Both the AMCAS and AACOMAS applications have their own fees:

  • AMCAS charges $170 for submitting materials, and an additional $41 for each school you select to send your application. This is where being strategic in your choice of schools can save you money!

  • AACOMAS charges $196 for submitting materials, and an additional $46 for each school you select to send your application.

• Both programs do offer fee assistance, so it is worth reviewing the financial aid criteria to see if you qualify and can offset these costs

  • AMCAS

  • AACOMAS

Paying for Medical School: Financial Aid and Loans

• In 2021, the median cost of medical school was $259,347 (public school) and $346,955 (private school)

  • • Public schools are generally less expensive than private schools for in-state residents, but the fact is that most medical schools exit medical school with debt.

• According to AAMC: 73% of all medical students graduating in 2019 reported leaving medical school with student loan debt.

  • As such, many medical students seek financial aid such as loans or scholarships to help fund their medical school education.

• Not all loans are created equal! When searching for options, some things to consider are loan forgiveness and income-driven repayment. There are also both federal and private loan options for students.

  • • Forbes and NerdWallet have approachable guides to some of their recommended loan options and why.

Paying for Medical School: The Military Route

• The Health Professions Scholarship Program (HPSP) is a means of fully funding medical school, while committing to the military. You pick a branch: Army, Navy or Air Force. Each have similar benefits and requirements.

• From the Army HPSP site: "Qualifying students can receive full tuition for any accredited medical, dental, veterinary, psychiatric nurse practitioner, psychology or optometry program, plus a generous monthly stipend of more than $2,400+."

• Other benefits include full tuition coverage, officer's pay, a signing bonus, and cost coverage for textbooks and other educational supplies

• You must be a US citizen and already be accepted to an MD or DO school before you can apply for the HPSP program.

• In exchange for the above benefits, you will owe a set amount of time in service after your residency (varies based on specialty, length of education, etc.)