Guide to the Cost of Medical School
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The typical medical school cost in the United States is tens of thousands of dollars per year, with the annual cost of medical school exceeding $100,000 for some students. The cost of medical school may include tuition and fees, room and board, books and supplies, transportation expenses, and medical insurance.
The annual cost of attending medical school can vary based on a student’s year of study and whether the student is a resident or nonresident. Medical schools may accept students from different states and countries, but out-of-state residents attending public medical schools generally pay higher tuition costs than in-state residents.
Medical schools can be public or private, and private med schools, on average, cost more than public schools. The average cost of attending private medical school stood at $65,453 per year as of 2023, according to data from Education Data Initiative. The United States hosts some of the most prestigious medical schools in the world. Below we highlight some of those schools and their annual costs of attendance.
Medical School Tuition Cost
As mentioned above, the cost of medical school may include tuition and fees, room and board, books and supplies, transportation expenses, and medical insurance. Tuition alone can cost tens of thousands of dollars per year, while some medical schools have tuition-free programs.
Below we highlight medical school tuition costs, according to AAMC data:
Private Medical School
Private medical school tuition averages $65,453 per year for some students.
The average total cost of private school education is $261,812.
Public Medical School
Public medical school tuition averages $52,483 per year for some students.
The average total cost of public school education is $209,932.
Resident
The average cost of public medical school tuition for in-state residents is $52,611.
The average cost of public medical school tuition for out-of-state residents is $65,325.
University of Pittsburgh School of Medicine tuition and fees cost by year and residency status | University of Michigan Medical School tuition and fees cost by year and residency status | University of Washington School of Medicine (Seattle) tuition and fees cost by year and residency status |
Resident year 1 (MS1): $71,334 | Resident year 1 (Scientific Trunk): $89,768 | Resident year 1 (MS1): $94,123 |
Nonresident year 1 (MS1): $73,800 | Nonresident year 1 (Scientific Trunk): $109,318 | Nonresident year 1 (MS1): $135,928 |
Resident year 2 (MS2): $71,064 | Resident year 2 (Clinical Trunk): $95,438 | Resident year 2 (MS2): $90,076 |
Nonresident Year 2 (MS2): $73,530 | Nonresident year 2 (Clinical Trunk): $114,988 | Nonresident year 2 (MS2): $127,817 |
Resident year 3 (MS3): $70,664 | Resident year 3 (M3 Branch): $92,218 | Resident year 3 (MS3): $93,953 |
Nonresident year 3 (MS3): $73,130 | Nonresident year 3 (M3 Branch): $111,768 | Nonresident year 3 (MS3): $135,758 |
Resident year 4 (MS4): $72,440 | Resident year 4 (M4 Branch): $61,656 | Resident year 4 (MS4): $93,293 |
Nonresident year 4 (MS4): $74,906 | Nonresident year 4 (M4 Branch): $74,856 | Nonresident year 4 (MS4): $135,098 |
Average Cost of the Top 10 Medical Schools in the US
The annual cost of attending medical school can vary based upon a student’s year of study and whether the student is a resident or nonresident.
Here are the top 10 medical schools in the United States based upon their research performance in medicine as of 2023, according to U.S. News.
School | Tuition and fees |
|---|---|
1. Harvard Medical School | $66,284 |
2. Johns Hopkins University School of Medicine | $59,700 |
3. Perelman School of Medicine at the University of Pennsylvania | $61,586 |
4. Columbia University | $66,816 |
5. Duke University (tied for 5th) | $63,310 |
5. Stanford University (tied for 5th) | $63,747 |
5. University of California - San Francisco (tied for 5th) | $38,073 (in-state); $50,318 (out-of-state) |
5. Vanderbilt University (tied for 5th) | $64,882 |
5. Washington University in St. Louis (tied for 5th) | $65,001 |
10. Cornell University | $62,650 |
Most Expensive Medical Schools in the US
The following schools have some of the highest medical school tuition costs in the United States:
Washington University in St. Louis: Washington University’s tuition for the 2023–24 school year is $65,001.
Columbia University: Columbia University’s tuition and fees for the 2023–24 school year is $66,816.
Harvard Medical School: Harvard’s tuition for the 2023–24 school year is $66,284.
Other Costs of Medical School
Below, we highlight some of the additional costs of medical school outside of tuition:
Room and Board
Room and board refers to on-campus living expenses. It typically includes the cost of rent and food. Room and board at Stanford Medicine for the 2022–23 school year is $47,620 for rent, food, and personal on-campus expenses for students enrolled in the autumn, winter, spring, and summer quarters. That amounts to $11,905 per quarter.
Books and Supplies
Students have to buy specific books and supplies during the course of their studies. Books and supplies at Stanford Medicine for the 2022–23 school year is $2,000 for students enrolled in the autumn, winter, spring, and summer quarters. That amounts to $500 per quarter.
Fees
Fees can include any mandatory expenses an enrolled student has to pay outside of tuition. The campus health services fee at Stanford Medicine for the 2022–23 school year is $241 per quarter.
Average Total Cost of Medical School
The average total cost of public medical school per year is $52,611 for in-state residents and $65,325 for nonresidents as of 2023, according to data from Education Data Initiative.
The average total cost of private medical school per year is $65,453 as of 2023, according to data from Education Data Initiative.
Strategies for Paying for Med School
Consider the following strategies for paying for med school:
Medical School Student Loans
Banks and other financial institutions may offer private student loans to help you pay for med school. Students may also be eligible for federal student loans.
The difference between private and federal student loans is that federal student loans are provided exclusively by the U.S. Department of Education. Banks, credit unions, online lenders, and select state-based or state-affiliated organizations may offer private student loans.
Financial Aid
Most U.S. citizens or eligible noncitizens are eligible for financial aid for college, including medical school, according to Federal Student Aid, an office of the U.S. Department of Education.
You may apply for financial assistance under the Free Application for Federal Student Aid, better known as the FAFSA® form. The way how FAFSA works is you complete and submit the FAFSA form to apply for federal student aid options, including federal student loans. Med school students may be eligible to receive federal student loans and school aid.
Scholarships for Medical School
Nonprofit and private organizations may offer medical school scholarships to help students pay for med school. Some organizations may award scholarships based upon academic merit. Medical schools may offer scholarships on the basis of financial need or academic merit.
Refinancing Undergraduate Student Loans
Refinancing undergraduate student loans in some cases may lower your monthly payment and save you money over the life of your loan. Minimizing the cost of your undergraduate loans may help you pay some of the costs of going to med school. Borrowers may refinance federal student loans with a private lender. This will cause you to forfeit your federal student loan benefits.
The Takeaway
Medical school student loans can be federal or private, and borrowers may refinance both. Refinancing federal student loans can allow borrowers to replace their existing federal loans with the terms and conditions of a private loan agreement.
One of the advantages of refinancing student loans is it may provide you with a lower interest rate. One of the big disadvantages of refinancing federal student loans with a private lender is you’ll be forfeiting federal benefits, including income-driven repayment plans and federal student loan forgiveness programs.
Your personal circumstances may dictate whether student loan refinancing is right for you. Some may ask, how long does it take to pay off student loans? It can take borrowers between 10 to 30 years to pay off federal student loans and 5 to 25 years to pay off private student loans.
If you’re burdened with education loan debt and are interested in student loan refinance opportunities, Lantern by SoFi can help. Explore your options today and consider applying with a lender of your choice.
Find and compare student loan refinance options with Lantern.
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