What to Consider When Weighing the Cost of Medical School Tuition
Medical school is a huge financial investment. Everything from the cost of application fees to food can start to add up quickly. The tab for medical school begins calculating before a student’s first day in their program. All figures in this article are in U.S. dollars.
Pre-Medical School Fees
One of the first big expenses pre-medical students face is the Medical College Admission Test® (MCAT®). Official test prep materials offered through The Association of American Medical Colleges (AAMC) can cost up to $320 while the 2024 MCAT initial registration fee costs $330 per test. Students may need to retake the test to earn a competitive score for their school of choice.
Although most medical schools accept applications through the American Medical College Application Service® (AMCAS®), this service is not free. The application fee for the first school is $175 and each additional school application is $45. If applicants apply to a school that does not use AMCAS, these fees may vary.
Thankfully, the AAMC offers to help eligible individuals by offsetting some of the cost through their Fee Assistance Program. Some of the benefits include, but are not limited to:
- A waiver of one AMCAS application fee, which covers up to 20 medical school submissions.
- A reduction in the MCAT registration fee.
- MCAT Official Prep Online-Only Bundle.
Many medical schools require a secondary application which also has a fee. Colleges may charge a fee to send official transcripts or recommendation letters to other schools, so applicants should check with their school’s registrar for more information.
Medical school applicants should plan for potential travel expenses, overnight accommodation, food, and appropriate clothing for medical school interviews.
Medical School Tuition and Fees
Medical school tuition can vary based on a student’s residence status and choice of public or private school. The AAMC created a report* detailing the tuition and fees of first-year U.S. medical students. While the full report covers the costs for each U.S. school by academic year starting with 2013-2014, this post only examines the figures for 2023-2024.
*The full report can be accessed by following the link above. Scroll down to “Download the Reports” and select the “2013-2024 Tuition and Student Fees” report in the drop-down menu.
| Cost Type | Ownership | Residence Status | Min. Cost | Median Cost | Max Cost | Avg. Cost |
| Tuition, Fees, and Health Insurance | Private | Resident | $0 | $69,673 | $80,203 | $64,729 |
| Tuition, Fees, and Health Insurance | Private | Nonresident | $0 | $70,596 | $80,203 | $66,176 |
| Tuition, Fees, and Health Insurance | Public | Resident | $0 | $41,737 | $64,057 | $40,493 |
| Tuition, Fees, and Health Insurance | Public | Nonresident | $0 | $67,308 | $96,489 | $64,473 |
*Adopted from AAMC Tuition and Student Fees Report
The average cost for residents and nonresidents attending private schools was surprisingly similar. Public medical schools have an average cost difference of almost $24,000 for first year students between residents and nonresidents. Despite this, it is important to note the above figures do not represent the total tuition for all four-years required to complete the program.
Before you can enroll in your med school program, you’ll need to submit a non-refundable deposit to reserve your seat. Depending on the school, the deposit may be paid in a lump sum or made as several partial payments. At Ross University School of Medicine (Ross Med), this deposit is applied to tuition costs.
Medical school tuition increases each year with the last 2 years being the most expensive. Before residency, students are required to pass Step 1 and Step 2 of the United States Medical Licensure Exam® (USMLE®) or Level 1 and Level 2 of the Comprehensive Osteopathic Medical Licensure Exam® (COMLEX-USA®).
For students and graduates of medical schools accredited by the LCME or AOA in the U.S. or Canada, the USMLE Step 1 and Step 2 CK each cost $670 while COMLEX-USA Level 1 and Level 2 each cost $715. COMLEX-USA exams can accrue additional fees if examinees need to reschedule, cancel, or do not show up on test day. Declined payments for USMLE will accrue a $25 fee and no services will be rendered until payment is received. There is also a $70 eligibility extension period fee for the USMLE. (Fees listed are for 2024 dates and subject to change; please visit the National Board of Medical Examiners for up-to-date fee information.) Students and graduates of medical schools located outside of the U.S. and Canada, such as Ross Med, register for the USMLE Step 1 and Step 2 exams through the Educational Commission for Foreign Medical Graduates (ECFMG™). Fee information is available through the ECFMG website.
Applying for residency comes with another set of application fees and travel expenses. In some cases, residents may need to move to be closer to their residency program. Although the numbers quickly add up, there are ways to make medical school more affordable.
How to Pay for Medical School
Private funding options are available; however, we recommend students first complete the Free Application for Federal Student Aid® (FAFSA®) to assist in determining their eligibility for federal financial aid.
Options to pay for medical school include:
- Federal loans: Graduate or professional students may consider federal loan options such as Direct Unsubsidized Loans and Direct PLUS Loans. Direct Unsubsidized Loans and Direct PLUS Loans accrue interest while borrowers are in deferment, forbearance, or school. Direct PLUS Loans require applicants to submit to and pass a credit check.
- Scholarships and grants: Institutions may offer scholarships or grants to help students cover housing or tuition costs. Ross Med offers a wide range of scholarships to reduce the financial burden medical students face. Students should also consider scholarships for underrepresented communities and those related to their future medical specialty.
- Private loans: These may come from a bank, credit union, or private lender. A student’s eligibility and interest rate depend on various financial factors and their credit score. The Department of Education provides a summary of the differences between federal loans and private loans.
- Savings: If students worked during undergrad to save money or have a college fund, this money could be used toward medical school expenses. Future physicians can start saving for medical school before they start their pre-medical studies.
FAFSA® is a registered trademark of the U.S. Department of Education.
Living with roommates can potentially reduce cost of living expenses. Common expenses such as rent, utilities, and groceries can be split to help reduce financial burdens. Students may choose to pay accrued interest on student loans while in school which can help reduce interest amounts accumulated over time. Federal loans have multiple options when determining how to repay the loan. If a private student loan is chosen, the lender will determine the repayment options.
Federal loan repayment options include:
- Fixed Payment Repayment Plans:
- Standard: Payments are fixed amounts to pay off loans within 10 years (10 to 30 years if loans are consolidated).
- Graduated: Payments start lower and increase about every 2 years. Payments are designed to pay off loans within 10 years, but can take up to 30 years if loans are consolidated.
- Extended: Requires the borrower to have at least $30,000 in outstanding loans. Payments can be fixed or graduated and are designed to pay off loans within 25 years.
- Income-Driven Repayment (IDR) Plans:
- Saving on a Valuable Education (SAVE) Plan: The repayment amount is based on 10% of a borrower’s discretionary income and is determined based on income and family size. The remaining loan balance is forgiven if graduate or professional-level borrowers make regular payments under this plan for 25 years.
- Pay As You Earn (PAYE) Repayment Plan: The repayment amount under this plan is generally 10% of a borrower’s discretionary income, but never more than the 10-year Standard Repayment Plan amount. The remaining balance is forgiven if borrowers make regular payments under this plan for 20 years.
- Income-Based Repayment (IBR) Plan: For new borrowers on or after July 1, 2014, the repayment amount under this plan is generally 10% of a borrower’s discretionary income and the remaining balance is forgiven if borrowers make regular payments for 20 years.
- The amount is generally 15% of a borrower’s discretionary income if they are not a new borrower on or after July 1, 2014. The remaining balance is forgiven if these borrowers make regular payments under this plan for 25 years.
- Neither repayment amount option exceeds the 10-year Standard repayment plan.
- Income-Contingent Repayment (ICR) Plan: The repayment amount is calculated based on either 20% of a borrower’s discretionary income or what they would pay on a repayment plan with a 12-year fixed plan adjusted to their income. The amount borrowers pay under this plan depends on which option has the lowest monthly payment. The remaining balance is forgiven if borrowers make regular payments under this plan for 25 years.
In Summary
While the fees for medical school can seem daunting, there are ways to manage them. Applying for programs, grants, and scholarships early can help offset tuition costs. Students can start saving for medical school or residency before they graduate undergrad to potentially reduce future loans.
Students should consider the various student loan options and determine which may be best for them. With proper planning and research, students can find a variety of ways to pay for medical school.
Ready to start medical school? Apply to Ross Med today!