How Much Does Medical School Cost in 2024?

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Students deciding to attend medical school to become a doctor must assess multiple factors, but one of the most significant factors is how much medical school costs.

Medical school tuition in the United States is known for being extremely expensive. Having to pay for medical school on top of accrued undergraduate school costs may make students feel it will be impossible to pay for their education. However, there are many opportunities to help students lessen the financial burden of attending medical school.

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Average Cost of Medical School

While there is a wide range between the cheapest medical school and the most expensive medical school, most medical schools fall in a range in the middle. This average can give students researching medical school costs a good idea of what they will likely spend while they attend medical school. The average cost of medical school in the United States is $60,497 per year.

Students may be able to pay lower tuition fees if they attend an in-state institution. In-state students pay, on average, $54,195 per year for in-state tuition, while out-of-state students pay, on average, $66,800 for out-of-state tuition fees. There also may be more opportunities for scholarships and financial aid when attending an in-state school; contact schools' financial aid offices for more information.

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Average Cost of Tuition, Fees, and Health Insurance for First-Year Students

First-year students may have to pay anywhere between $39,237 and $63,630 for tuition fees and health insurance. These numbers do not include other living expenses students will have to pay.

Vehicle and Parking Costs

A significant financial consideration students should not forget is their vehicle and parking costs. Many medical school students commute and must include the cost of their vehicle, gas, and parking pass in their budget. Across the states, parking on campus for the school year costs an average of $362.

Application Fees

Many medical schools use the AAMC's American Medical Colleges Application Service (AMCAS) to process applications. In 2023, the application fee was $170 for the first school and $43 for every school after that.

After the AMCAS, many schools require a secondary application with further materials that costs a secondary application fee. And there are additional college service fees for transmitting your transcripts and letters of recommendation.

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Further, the medical school application process requires you to take the Medical College Admission Test (MCAT) exam. The registration fee for the MCAT is $330, which includes both taking the exam and sending your scores to schools.

There may be other expenses accrued during the application process, including things such as:

  • travel, overnight accommodations, and proper attire for medical school interviews
  • buying application tools and books to help you with the application process
  • buying study tools and practice materials for the MCAT exam

The Cost of Attending a Public vs. a Private Medical School

Students also need to consider whether they will attend a public medical school or a private medical school. The average yearly cost of public medical schools is $53,420, and the average yearly cost of private medical schools is $65,575.

To determine whether public medical schools or a private school of medicine and health sciences is the better option for you, you should assess what financial aid options are offered at all the schools you are considering.

Wondering where to attend medical school? Check out the best medical schools in Michigan!

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List of Tuition Fees at the Top 15 Medical Schools

Harvard Medical School

Full-time tuition: $63,400

John Hopkins University, Baltimore

Full-time tuition: $54,900

University of Pennsylvania

Full-time tuition: $59,910

New York University Grossman School

Full-time tuition: $53,308 - awards all accepted students a full tuition scholarship

Stanford University School of Medicine

Full-time tuition: $60,234

Columbia University

Full-time tuition: $62,980

Mayo Clinic School of Medicine

Full-time tuition: $57,170

University of California, Los Angeles

Full-time tuition: $48,619

University of California, San Francisco

Full-time tuition: $59,910

Cornell University

Full-time tuition: $58,760

Duke University

Full-time tuition: $63,310

University of Washington School of Medicine

Full-time tuition: In-state tuition: $9,259, Out of state tuition: $27,005

Yale School of Medicine

Full-time tuition: $64,864

University of Pittsburgh School of Medicine

Full-time tuition: $63,576

Northwestern University Feinberg School of Medicine

Full-time tuition: $66,096

how to pay for med school

How to Pay for Medical School

The first step of paying for medical school is to make sure you fill out the Free Application for Federal Student Aid (FAFSA) every year you're in medical school to qualify for grants and scholarships from the government and your school, and for federal loans and private loans.

Scholarships and Grants for Medical School

Scholarships and grants can be given out by the government or your school. Browse government websites for information on scholarships provided there, and contact your school's financial aid office to find out what opportunities are available to you.

Additionally, there are private scholarships and grants, such as those available on Bold.org.

Student Loans

Both federal loans and private student loans are options to help pay for medical school, but both options will put students into debt. You should try to maximize other ways to pay for your medical school cost to minimize your student loan debt.

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Exclusive Medical School Scholarships in 2024

Mendez-Olvera Medicine and Public Health Scholarship

Amount: $2,000; 2 winners, $1,000 each

For: High school seniors who are from Texas, have a GPA of 3.6 or higher, are BIPOC, and are pursuing medicine, public health, and related fields.

This scholarship will support BIPOC high school seniors pursuing medicine, public health, and related fields that come from low-income families.

Saswati Gupta Cancer Research Scholarship

Amount: $2,000; 2 winners, $1,000 each

For: Undergraduate juniors or seniors or graduate students who are female and studying medicine or biology

This scholarship aims to support female students interested in medicine or biology so they can go on to advance cancer research and prevention.

Kotick Health Equity Scholarship

Amount: $4,000; 2 winners, $2,000 each

For: Undergraduate or graduate students who attend the University of Southern California in Los Angeles and have non-profit work or volunteer experience

This scholarship will support students of USC Los Angeles who are passionate about promoting health equity.

Collaboration & Diversity in Healthcare Scholarship

Amount: $500

For: High school juniors or seniors, trade school students, or undergraduate students who are majoring in healthcare and have experience with volunteering

This scholarship will support a student pursuing a career in healthcare.

“Science for Life” Biology and Health Sciences No-Essay Scholarship

Amount: $1,000

For: Students who are interested in biology or health sciences

This scholarship aims to support students who are pursuing biology and the health sciences so that they can complete their degrees no matter their financial status.

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What Is the Cheapest Medical School?

The cheapest among public medical schools in the United States for out-of-state students is the University of Texas Health Science Center, with out-of-state tuition of $26,125. The cheapest public medical school in the United States for in-state tuition is the University of New Mexico Medical School, with an in-state tuition of $15,328. The cheapest among private medical schools is New York University Grossman School of Medicine, which offers full-ride scholarships to all its MD students.

What Is the Most Expensive Medical School?

Case Western Reserve University is the most expensive medical school in the US, with tuition fees of $68,788.

Is the Cost of Going to Medical School Worth It?

Yes. If you are passionate about being a doctor, then the cost is worth it. Going to medical school and becoming a practicing doctor can be very profitable and is an excellent career path for securing a retirement fund.

Medical School Scholarships on Bold.org

Create a Bold.org profile and use the scholarship search feature to access exclusive medical school scholarships. The process is easy, and hundreds of scholarships are available to help aid students like yourself. There are scholarships on Bold.org available for many different majors and need-based and merit-based scholarships, among many other categories.

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Frequently Asked Questions About Medical School Cost

How much does a doctor make in a year?

The amount a doctor gets paid in a year can vary greatly and depends on their specialty, where they practice, as well as some other factors. The average salary range, including all specialties, is about $181,121 - $244,989.

Do you get paid in medical school?

Medical school students do not get paid during medical school, for their clinical rotations, or for any clerkships. However, it is possible for medical school students to have a job in addition to attending medical school.

Do doctors get paid during residency?

Yes. Residents get paid, though their salary is not as high as a fully-fledged doctor's. The average salary that a first-year resident makes is $60,000.

What is the highest paid doctor?

The specialty of medicine that tends to pay the highest is plastic surgery. Plastic surgeons in either reconstructive or aesthetic procedures and plastic surgeons working in aesthetics tend to make more than those working in reconstruction. The average annual salary is $526,000, and the average hourly wage is $202.

What is the lowest-paid doctor?

The specialty that pays the least is family medicine. This specialty is known for being the lowest paying and the least competitive specialty. Family medicine can be a rewarding specialty to practice and requires doctors to be generalists who know a bit of everything. The average annual salary is $236,000, and the average hourly wage is $89.

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