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How Much Is Medical School? Your Guide to Affording a Medical Degree

Budgeting Financial Aid Student Loans College Planning

4 minute read

It’s estimated that every year, more than 24,000 people will be needed to fill open physician and surgeon positions across the United States over the next decade. If you’re considering medical school, you’re looking at a field with good demand in communities nationwide.

Pursuing an education in the medical field can be costly. Discover some ways to fund your education without worry — from scholarships and financial aid to flexible jobs and student loans.

Average Cost of Medical School

While your dreams may take you into the medical field, it’s hard not to ask yourself, “How much is medical school going to cost, and can I afford it?” Medical school tuition is one of the more expensive, and extensive, educational programs out there.

The average cost of medical school is about $59,000 per year, and across four years, the average total is more than $235,000. Depending on whether your school is a private or public institution will also vary your medical school costs.

Thinking about how to pay for medical school can feel daunting, but if you feel the call to become a doctor, we can help you find a way to pay for your degree. First, let’s look at free money being offered to future physicians.

Scholarships and Incentives

Sweating how much medical school is likely to cost you? Luckily, there are many medical school scholarships and incentives out there, especially for specific types of practices.

Primary care physicians are in such high demand that many schools and states are offering their own scholarships or incentives to complete your degree and then practice in their area. This example from the North Carolina Department of Health and Human Services (NCDHHS) places doctors in rural and underserved communities. Doctors who agree to a period of service could qualify for significant funding to repay student loans.

Local hospitals in your community may have medical school scholarships, as they are especially attuned to the shortages of medical professionals and understand how much medical school can cost students. The National Medical Association also has scholarships for underrepresented groups.

North Carolina also has Forgivable Education Loans for Service (FELS) programs for students committed to working in critical employment shortage professions, including primary care physicians and psychiatrists. Eligible students could receive up to $100,000 in student loan forgiveness.

You can also ask your medical school’s financial aid office about scholarship opportunities you may qualify to receive. Don’t forget about our monthly no-essay scholarship worth $1,000. Every little bit helps!

Financial Aid and Flexible Jobs to Pay for Medical School

Financial aid is something you’ll want to consider when thinking about how to pay for medical school. Just like when you were an undergrad, you are eligible for scholarships, federal loans, and work-study programs when you complete the Free Application for Federal Student Aid (FAFSA).

If financial aid is not enough, think about getting a part-time job to help with expenses. More than one future doctor worked their way through medical school waiting tables, bartending, or babysitting. Don’t have time for a set schedule? Make extra money tutoring, become a rideshare driver, or take on freelance writing projects.

Learn About NC Assist Student Loans for Medical School

Despite scholarships, financial aid, and a job, there may be additional costs you need help funding — from housing and books to groceries and a computer. So, if you’re researching how much medical school is, and how you’ll pay for your advanced degree, learn more about an NC Assist Loan for medical school. Whether you’re headed to medical school or a different graduate degree, we can help bridge the financial gap so you can accomplish your goals!

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