How Much Does Medical School Cost?
Getting into medical school requires mental and emotional preparation, as well as financial readiness. Med school is expensive, and everyone who wants to be a doctor knows this. But you may be wondering “how much does medical school cost really?” If, despite the looming financial burden and the premed critics you will face, you are still thinking about applying to med school, below is a summary of the financial cost of attending medical school. Proceed with caution…
Medical School Tuition
According to the Association of American Medical Colleges (AAMC), the median annual tuition and fees for 2023–2024 were: $41,737 for resident students at public institutions, $67,308 for non-resident students at public institutions, $69,673 for resident students at private medical schools, and $70,596 for non-resident students at private medical schools. These figures do not include health insurance, housing, and other expenses, so when answering “how much does medical school cost?” you need to do some math. So, for four years of medical school, the average total cost is estimated at: $208,428 for resident students at public schools, $269,392 for non-resident students at public schools, $271,800 for resident students at private schools, and $272,000+ for non-resident students at private schools.
Fees and Expenses in Medical School
Answering “how much does medical school cost?” obviously takes more than looking at tuition. On top of tuition, there are other mandatory fees and expenses to consider in your financial planning for medical school. These mandatory fees can include student health center, student services, student health insurance, student aid fund, malpractice insurance, disability insurance, and miscellaneous charges that amount to about $2,000–$3,000 per year, or roughly $8,000–$12,000 over four years. Other expenses include room and board averaging $15,000–$25,000 per year, and books and supplies at about $1,500 annually. You will also need to budget for licensing exams, including the USMLE Step 1 and Step 2 exams (~$645 each). Finally, you should account for personal expenses. On average, students spend $5,000–$7,000 per year on food, transportation, and other living costs.
Total Cost of Attending Medical School
Considering all of the figures above, the total estimated cost of attending medical school today is: $215,000+ for resident students at public schools, $270,000+ for non-resident students at public schools, and $270,000–$280,000+ for students at private schools.
As these numbers are overwhelmingly high, it’s important to keep in mind that there are scholarships, grants, loan forgiveness programs, and institutional aid options available. You just have to know where to look. If you need help applying for financial aid or with your medical school application, schedule a consultation with one of our medical school admissions experts today!