Average Cost of Medical School

Report Highlights. The cost of medical school education has risen by almost $1,030 every year since 2015.

• The average total cost of medical school is $230,296
• The average yearly cost of medical school is $57,574.
• Total costs vary by institution type and location, ranging from $159,620 (in-state, public school) to $256,412 (out-of-state, private school).

Related reports include Average Cost of Law School | Average Cost of a Master’s Degree | Average Cost of a Doctorate Degree | Average Cost of College| Average Cost of Community College

Medical School Degree

After obtaining an undergraduate education and a bachelor’s degree, a medical school degree typically takes 4 years to complete. A medical school student studies for one of two degrees, either a Medical Doctor (M.D.) or a Doctor of Osteopathic Medicine (D.O.). After medical school, a graduate will enter a paid residency period to obtain their license. Residency typically lasts between 3 to 7 years.

• The average cost of a medical school degree is $230,296.
• Every year, the average cost of medical school rises by $1,030.
• Subsequently, the cost of the average 4-year degree rises by $4,120.
• The average cost of public school education is $213,678.
• The average cost of private school education is $270,298.
• On average, an in-state resident pays $216,778 for medical school.
• On average, an out-of-state resident pays $267,198 for medical school.

Cost Per Year

The average cost of medical school per year – as with most forms of higher education- is cheaper in-state and at a public university than at an out-of-state, private college. Since 2013 however, the average annual price of an out-of-state education has dropped. In contrast, annual in-state costs for public schools have risen by more than 10%.

• The average cost of medical school is $60,497 per year.
• Per year, the average cost of a public medical school is $53,420.
• Per year, the average cost of a private medical school is $65,575.
• On average, an in-state resident pays $54,195 a year for medical school.
• On average, an out-of-state resident pays $66,800 a year for medical school.

Cost by School

There are 193 accredited medical school programs in the United States. 38 of these programs award a Doctor of Osteopathic Medicine Degree (D.O). 155 of these programs award a Doctor of Medicine Degree (M.D.).

• New York University Long Island School of Medicine is the cheapest school per year at $3,950 for both in-state and out-of-state residents.
• Geisel School of Medicine at Dartmouth is the most expensive school per year at $76,609 for in-state residents.
• The University of South Carolina School of Medicine Columbia is the most expensive school per year at $94,364 for out-of-state residents.

Schools With Waived Costs

Certain schools and programs offer tuition-free education. However, administrative costs and living expenses are still the responsibility of the student. Other schools offer partial tuition waivers based on financial need or academic merit.

• New York University Grossman School of Medicine covers full tuition at $60,090.
• Cleveland Clinic Lerner College of Medicine covers full tuition and administrative fees.
• Kaiser Permanente Bernard J. Tyson School of Medicine covers full tuition for the first 5 cohorts of the program at $68,788.
• Columbia University Irving Medical Center: Vagelos College of Physicians and Surgeons offers the Vagelos Scholarship Program which meets 100% of a student’s demonstrated financial need.
• Cornell University: Weill Cornell Medicine offers debt-free need-based financial aid under a financial program that offers full-ride grants instead of loans.
• University of California, Los Angeles UCLA David Geffen School of Medicine offers the Impact and Distinction scholarship which covers the cost of instruction for 10 students each year. Their Scholarship for Excellence covers the full in-state tuition and fees for 50 students yearly.

Cost by Race & Gender

From a 2013 study of medical school debt by race, it was discovered that more than 62% of surveyed medical students anticipated having debt greater than $150,000. Black students were the most likely to have this level of debt than the other 3 races in the survey. Asians were the least likely to reach this level of debt. Men and Women were roughly equal in their response to anticipating high levels of debt.

• 50.2% of Asians reported anticipating debt over $150,000.
• 57.2% of Hispanics expected debt of over $150,000.
• 65.1% of Whites anticipated having debt over $150,000.
• 77.3% of Blacks expected debt of over $150,000.
• 63.2% of students in the Other category expected debt of over $150,000.
• 61.6% of Males anticipated having over $150,000 in debt.
• 62.5% of Females anticipated having over $150,000 in debt.

Additional Costs

The average medical student applicant applies to 18 schools within a given year. Since there is a fee to apply to one school and subsequent fees to apply to other schools, an applicant should be aware of how the costs add up. Many other additional costs are associated with exam fees, equipment fees, and living fees while attending medical school.

• The initial Medical College Admission Test (MCAT) needed to apply for medical school costs $330 per test.
• The initial application fee is $170 through the AAMC.
• Each additional application costs $43.
• The average applicant spends $770 sending out applications.
• There may also be deposit fees to hold an initial applicant’s spot in the program, these may range anywhere from $500 to $3,000.
• Interview and travel costs on average $1,000 for clothes, hotel accommodations, flight costs, and food.
• The United States Medical Licensing Examination (USMLE) during the 2nd and 4th years of medical school cost $660 for both Step 1 and Step 2 CK.
• Students may be asked to provide their own medical equipment and uniform such as an ophthalmoscope which costs anywhere from $400 to over $600.

Sources

1. Association of American Medical Colleges: Tuition and Student Fees Reports
2. U.S. Bureau of Labor Statistics, From premed to physician: Pursuing a medical career
3. The Color of Debt: Racial Disparities in Anticipated Medical Student Debt in the United States
4. Doctorly.org: Cost vs Reward Of A Physician
5. American Journal of Pharmaceutical Education: It’s Time to Broaden the Conversation About the Student Debt Crisis Beyond Rising Tuition Costs
6. National Public Radio (NPR): NYU Medical School Plans Free Tuition For Those Studying To Be Doctors
7. US News: 10 Costs to Expect When Applying to Medical School
8. AAMC Medical School Diversity Facts and Figures 2016
9. Med School Insiders: How Many Medical Schools are in the United States?
10. Coverdell Education Savings Accounts: FAQs | Investment Company Institute