Medical school typically spans four years, plus an additional three to seven years in residency. To cover the costs of this education, the majority of medical school students (71%) take out student loans, according to the Association of American Medical Colleges (AAMC). The average medical school debt reached $205,037 among the class of 2022.
While doctors and other health care providers often go on to earn high salaries, debt of this magnitude can still take a significant amount of time to pay back. Here’s a look at the average cost of medical school and how to reduce what you borrow.
Average medical school debt in the US
On average, seven in 10 medical school students take out student loans to pay for medical school. Here’s how the numbers break down by school type, according to data on the class of 2022.
Source: Association of American Medical Colleges (AAMC)
The median medical school debt has steadily increased since 2009, though it remained steady at $200,000 between 2019 and 2022:
Source: Association of American Medical Colleges (AAMC)
The amount of time it takes to pay off education debt of this size will vary by specialty. Some medical school students defer payments while in residency or utilize an income-driven repayment (IDR) plan, which has terms spanning 20 or 25 years.
The Standard Repayment plan for federal loans allows up to 10 years to repay student debt, while medical school graduates who consolidate federal loans may have up to 30 years to pay off their debts, depending on how much they owe. Some doctors also speed up repayment through refinancing for better rates or qualifying for a loan forgiveness program.
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Overview of medical school costs
The cost of medical school varies greatly by institution, with public schools typically charging lower tuition rates (to in-state students) than private medical schools. In fact, four years at a private medical school could have a cost of attendance nearly $100,000 more than four years at a public university.
Source: Association of American Medical Colleges (AAMC)
Along with tuition and fees, medical school students will have to cover other costs, including housing, food, transportation, supplies, books, and other living expenses. Most schools provide a breakdown of the average cost of attendance on their financial aid websites.
Harvard Medical School, for example, gives a first-year estimate of $12,540 for housing, $5,610 for food, $2,332 for transportation, $3,393 for books and supplies, and $4,680 for miscellaneous expenses. The total cost of attendance at this prestigious school is $104,200 for first-year students.
Related: How To Pay for Medical School
Factors that influence medical school debt
There are a variety of considerations that affect medical school costs and your debt load upon graduation. Opting to attend your state’s public medical school, for instance, will likely cost less than paying for out-of-state or private school tuition.
“Some public colleges have lower costs for state residents, and therefore less debt,” said financial aid expert Mark Kantrowitz. “So, students should consider applying to an in-state medical school.”
The school’s location can also play a role. Medical schools in urban areas, for instance, will probably cost more than those in rural or suburban areas due to a higher cost of living.
Financial aid, including grants and scholarships, will also affect how much you need to borrow in student loans. By earning gift aid for school, you may reduce your cost of attendance and be able to take out fewer student loans as a result.
Is medical school worth it?
There’s no one-size-fits-all answer to the question of whether medical school is worth it. The answer depends on several factors, including your financial situation, career goals, and passion for the field.
While many medical school students take on major debt to go to medical school, they also may go on to earn higher-than-average salaries. The median pay for physicians and surgeons is equal to or greater than $208,00 per year, according to the Bureau of Labor Statistics.
“Generally, if you pursue a specialty and graduate, the income after graduation should be sufficient to repay the medical school debt,” said Kantrowitz.
Some physicians also work in high-need communities or medical-shortage areas for a few years, which may qualify them for student loan forgiveness or repayment assistance.
At the same time, it’s worth considering how a large amount of student loan debt could impact other milestones in your life. Having to deal with high student loan payments each month could mean a delay in achieving other goals, such as buying a home or growing your family.
When deciding whether medical school is worth it, considering the long-term financial impact of student loan debt, as well as estimating your future earnings as a health care provider, can help you make the best decision for you.
Tips for managing medical school debt
While managing six figures of medical school debt is no easy feat, there are a number of strategies you can use to ease the burden. Here are a few tips for dealing with medical school debt:
1. Make a financial plan early
Don’t ignore your debt while you’re in school, even if payments aren’t due yet. Explore your options for repayment plans, and consider making interest-only payments, if possible, to prevent your balance from ballooning. Learn how to follow a budget, live frugally, and track your saving and spending, as these skills will help you when you graduate and student loan payments are due.
2. Explore options for loan forgiveness and repayment assistance
Loan forgiveness programs, such as Public Service Loan Forgiveness, can cancel your debt after 10 years in public service. The National Health Service Corps (NHSC), as well as many states, also offer repayment assistance programs to doctors who work in high-need areas, sometimes after only two or three years.
3. Be proactive during residency
Residents typically don’t earn enough to make full payments on their student loans. If this applies to you, consider:
- Requesting a forbearance: This will let you temporarily pause your payments during residency. Just keep in mind that your loans will typically continue accruing interest during forbearance.
- Signing up for an IDR or Graduated Repayment plan: Under an IDR plan, your payments will be based on your income, while a Graduated Repayment plan will start off with low payments that increase every two years. Making payments under either of these options could help keep your interest from wildly accruing.
4. Consider more aggressive repayment post-residency
Once you complete your residency and begin making a higher salary, you might be able to manage a more aggressive repayment plan. In general, paying your loans off faster will save you money on interest and reduce your overall loan cost.
5. Refinance your loans for better rates
If you have high-interest private student loans, consider refinancing them for new rates and terms. If you can score a lower interest rate, you could reduce your monthly payment and save money over the life of your loans.
Be cautious about refinancing federal student loans, though. By replacing federal loans with a privately refinanced loan, you’ll lose access to federal repayment plans, forgiveness programs, and other useful protections.
