Medical school tuition and fees can amount to hundreds of thousands of dollars, leaving many med students struggling to pay for school. While choosing a relatively inexpensive medical school is one good approach, even in-state tuition at a public university exceeds $42,000 per year, according to 2024 data from the Association of American Medical Colleges. Fortunately, there are other ways to cover the costs of your medical education.
Strategies for Approaching the Costs of Medical School
1. Look Into Tuition-Free Medical Schools
Medical schools that don’t charge tuition are rare, but they do exist. For example, the Uniformed Services University of Health Sciences medical school doesn’t charge tuition. In fact, its students are commissioned officers in select branches of the military, and they’re paid a salary. Other options include Cleveland Clinic Lerner College of Medicine and Grossman School of Medicine. However, each is very selective with admissions, so it can be challenging to get in.
2. Apply for Financial Aid
Federal financial aid includes federal student loans, work-study programs, and more; and it’s often recommended to start with here when estimating the cost of school you’ll be responsible for.
To qualify, you’ll need to start by filling out the Free Application for Federal Student Aid (FAFSA). You’ll provide information about your financial situation — and possibly also the same for your parents — on the FAFSA to determine how much aid you qualify for. Since the FAFSA can take some time to complete, make sure you start it early. Check the deadline for the upcoming school year and plan to submit your FAFSA long before that date. In addition to your tuition and fees, you can also use federal financial aid to pay for certain living expenses.
3. Start With Relevant Scholarships and Grants
After evaluating if and how much you’ll need to pay for medical school, scholarships and grants can be another helpful option. You don’t need to repay these awards, either. Here’s how to search for scholarships and grants:
- Scholarships: Scholarships can come from many sources, including your school, local organizations, state and federal agencies, and other private organizations. Contact your school’s financial aid office, check with local organizations and government agencies, and search websites like Scholarships.com and Fastweb to find opportunities that align with your interests and experiences.
- Military medical school scholarships: Several military medical school scholarships are available through all branches of the Armed Forces. You’ll need to join the military, though, and meet certain service-related requirements, among others. If you’re considering a career in the military, check with local recruiters to find out more.
- National Health Service Corps scholarships: You may qualify for National Health Service Corps scholarships if you agree to two years of full-time service in exchange for one year of scholarship support.
- Grants: Several organizations, including the American Medical Association (AMA), also offer grants for medical school students. Many med school grants are focused on research
4. Work as a TA or RA
You’ll be hard-pressed to work a part-time job while you’re in medical school, but there may be some opportunities to work as a teaching assistant or research assistant.
As a teaching assistant, you’ll typically lead discussions with underclassmen and provide other assistance for teachers in exchange for tuition credits.
As a research assistant, you can research in areas related to your field of study. This will not only give you a great experience you can use in your career, but it will also help you pay for medical school.
5. Consider Student Loans
Many medical school students take out student loans to pay for their education. Typically, borrowers consider federal student loans first, though private student loans can help fill any gaps.
Federal Student Loans for Medical School
The federal government offers two loan programs you can use to pay for medical school: Direct Unsubsidized Loans and Direct PLUS Loans. Your first step to qualifying for these loans is completing your FAFSA.
Borrowing caps apply for Direct Unsubsidized Loans, but these loans have lower interest rates and fees than Direct PLUS Loans. You won’t have to undergo a credit check during the application process. Direct PLUS Loans carry higher interest rates than Direct Unsubsidized Loans, but they don’t limit how much you can borrow. A credit check is required for PLUS Loans.
With federal student loans, you’ll get access to certain benefits you can’t get with private student loans, such as income-driven repayment plans. Refinancing federal student loans later on is possible if you can find better rates or terms with a private lender. Just ensure you understand the benefits and drawbacks of refinancing before moving forward.
Private Student Loans for Medical School
Private student loans are another option for paying for medical school. Unlike federal loans, private student loan interest rates aren’t standardized — your rate will depend on the lender and your creditworthiness. Your lender will do a hard credit check when you submit a loan application, but you can typically prequalify and compare rate quotes before you officially apply. Prequalifying won’t result in a hard credit check.
Depending on your financial situation, you may be able to score a lower interest rate on a private student loan than what the federal government offers. But you won’t be eligible for benefits like income-driven repayment plans.
6. Enroll in a Service Program
If you have federal student loans from your undergraduate program or medical school, you could get a large portion of your debt forgiven under the Public Service Loan Forgiveness program, or PSLF for short. To qualify for PSLF, you must work full-time for a federal, state, local, or tribal government agency while making 120 qualifying payments on your student loans. Debt forgiven under PSLF is not considered taxable income, and when you’re on an income-driven repayment plan, you can expect relatively low monthly payments throughout the process.
Apply for a Medical School Student Loan with ELFI
With ELFI’s medical school student loans, qualified borrowers can borrow up to the amount of education expenses approved by their schools. There are no application or origination fees and also no prepayment penalties for repaying debt ahead of schedule. ELFI’s fixed and variable interest rates are competitive, and you can also enjoy the opportunity to choose a repayment term that fits your financial goals. As with any other financial decision, take your time to compare ELFI and other student loan options to find the best option for you.
