Report Highlights. The average medical school debt balance in 2025 is $216,659 among new indebted graduates.
- Including undergraduate debt, medical school graduates owe approximately $246,659.
- 74% of practicing physicians borrowed to attend medical school; 32% of them still owe more than $250,000.
- 70.0% of 2025 medical school graduates have education loan debt; 28.3% have premedical educational debt.
- The average indebted medical school graduate owes 2.26 times as much in federal loans as the average postgraduate borrower.
- 57.6% of 2025 medical graduates intend to pursue federal student loan forgiveness.
Medical schools in this report are within the United States except where otherwise noted.
Related reports include Student Loan Debt Statistics | Average Cost of College | Average Law School Debt | Average Time to Repay Student Loans | Student Loan Default Rate | Student Loan Refinancing
Medical School Debt Statistics
Between medical school and undergraduate study, physicians must pay for eight (8) years of postsecondary education before they can work as doctors.
- Among those with medical school debt, the Class of 2024 owed an average of $212,341.
- 84% of indebted medical school graduates of the Class of 2024 had education debt of at least $100,000 (including undergraduate loans).
- Among the indebted of Class of 2024, 23% owed $300,000 or more in total education debt.
- 33% of the medical school Class of 2024 owed between $200,000 and $300,000 in educational debt on graduation.
- Excluding undergraduate debt, 67% of 2024 medical school graduates had outstanding education loans.
| Current Medical School Debt | 2019 | 2024 |
|---|---|---|
| $25K or less | 5% | 4% |
| $25,001-$50K | 7% | 5% |
| $50,001-$100K | 9% | 1% |
| $100,001-$150K | 12% | 15% |
| $150,001-$200K | 14% | 2% |
| $200,001-$250K | 11% | 17% |
| Over $250K | 43% | 32% |
Historical Medical School Debt
The average medical graduate’s debt rate outpaces the inflation of academic costs, which in turn outpaces economic inflation.
- The average medical school debt increased 1,505% between 1978 and 2025, outpacing currency inflation by 285.2%.
- In 1978, the average medical school debt in the U.S. was $13,500, which is equivalent to $66,246 in June 2025.
- The share of medical school graduates with education debt declined 16.1% between 2008 and 2019 (from 87% to 73%).
- Between 1978 and 2008, the share of medical school graduates with education debt increased 20.8% (from 72% to 87%).
Public vs. Private Medical School Debt
The cost of attendance for a private medical school is higher than public medical school. The rate of the debt increase, however, is not equal to the increased cost of attendance.
- Among the Class of 2024, 17% of public and 31% of private medical school graduates owed over $300,000 in total education debt (including undergraduate debt).
- 73% of public medical school graduates of 2024 left school with student loan debt.
- $203,606 was the average debt among 2024 public medical school graduates who borrowed for college.
- Among private medical school graduates of 2024, 67% had student debt.
- $227,839 was the average debt among 2024 private medical school graduates who borrowed.
Medical School Debt Repayment
The federal government recommends repaying student loans on a 10-year timeline; most borrowers cannot manage this.
- 31% of practicing physicians have repaid their medical school debt.
- 41% of physicians expect to pay off their existing medical school debt in the next five (5) years.
- 30% of physicians expect to take over 10 years to pay off their medical school debt.
- Federal grad PLUS loans have an 8.94% interest rate for AY 2025-26.
- With an 8.94% interest rate, a federal student loan borrower could pay off $200,000 in 10 years with monthly payments of $2,526.20.
- With 10 years of payments at 8.94%, a student borrower with $200,000 in debt ultimately pays $303,242.77; interest payments represent 34.0% of this total.
- Among the 65.1% of 2025 medical graduates intending to pursue student loan forgiveness, most (88.5%) will apply for federal Public Service Loan Forgiveness (PSLF).
| Graduation Year | Share with Educational Debt | Share Intending to Pursue Loan Forgiveness |
|---|---|---|
| 2025 | 70.0% | 65.1% |
| 2024 | 70.8% | 62.7% |
| 2023 | 70.6% | 56.0% |
| 2022 | 71.1% | 49.0% |
| 2021 | 72.8% | 46.7% |
Effects of Medical School Debt
The number of low-income students attending medical school is in decline; this trend is expected to continue with new federal borrowing restrictions and contribute to the growing doctor shortage.
- 25.4% of 2025 medical school graduates reported that their education debt had a strong-to-moderate influence on their choice in specialty.
- 50.8% of 2025 medical graduates did not consider their level of debt when choosing a specialty.
- Among students entering medical school in 2024, 77.3% said their ability to pay off debt is a major concern.
- 9.2% of students entering medical school in 2024 were unconcerned about their ability to repay education loans.
- Among second-year medical students in 2024, 71.5% said their ability to pay off debt is a major concern.
- 14.5% of 2024 second-year medical students were unconcerned about their ability to repay loans.
Medical School Debt Demographics
Few surveys of medical student borrower demographics exist.
- Among practicing physicians, 46% of males and 38% of females owe more than $250,000 in medical school debt.
- Pediatric specialists and pediatricians are the most likely to have or have had student loan debt (86% and 84%, respectively).
- 84% of physicians in emergency medicine have or once had student loan debt.
- Black or African American students entering medical school in 2018 were the most likely among surveyed ethnoracial categories to have premedical debt (59.2%.)
- Asian students were the least likely ethnoracial group to enter medical school in 2018 with premedical debt (23.0%).
- 13.9% of non-citizen and non-permanent resident students entered medical school in 2018 with zero education debt.
Medical Graduates & Other Debt
A minority share of medical school graduates have debt beyond education loans. Residency and relocation loans are considered consumer debt.
- 18.8% of 2025 medical school graduates had consumer debt, such as car loans, mortgages, or credit card debt.
- Among those indebted medical school graduates, the median debt balance was $14,000.
- 11.6% of 2025 medical graduates had less than $25,000 in consumer debt.
- Among 2025 medical school graduates with credit card debt, the median balance was $6,000.
- 2025 medical school graduates with mortgage debt owed a median balance of $200,000.
| Medical School | % Receiving Aid | Average Graduate Indebtedness |
|---|---|---|
| Frederick P. Whiddon College of Medicine at the University of South Alabama | 88% | $167,107 |
| University of Alabama at Birmingham Marnix E. Heersink School of Medicine | 83% | $187,747 |
| Alice L. Walton School of Medicine | 0% | $0 |
| University of Arkansas for Medical Sciences College of Medicine | 86% | $209,623 |
| University of Arizona College of Medicine | 87% | $175,351 |
| University of Arizona College of Medicine – Phoenix | 92% | $195,615 |
| California Northstate University College of Medicine | 61% | $249,773 |
| California University of Science and Medicine-School of Medicine | 80% | $61,662 |
| Charles R. Drew University of Medicine and Science College of Medicine | 98% | $0 |
| Kaiser Permanente Bernard J. Tyson School of Medicine | 100% | $0 |
| Keck School of Medicine of the University of Southern California | 79% | $25,044 |
| Loma Linda University School of Medicine | 87% | $223,559 |
| Stanford University School of Medicine | 77% | $156,377 |
| University of California Davis School of Medicine | 97% | $160,076 |
| University of California Irvine School of Medicine | 85% | $177,540 |
| University of California Los Angeles David Geffen School of Medicine | 93% | $158,804 |
| University of California Riverside School of Medicine | 95% | $197,300 |
| University of California San Diego School of Medicine | 85% | $157,479 |
| University of California San Francisco School of Medicine | 92% | $118,963 |
| University of Colorado School of Medicine | 82% | $242,044 |
| Frank H. Netter MD School of Medicine at Quinnipiac University | 86% | $218,673 |
| University of Connecticut School of Medicine | 80% | $165,203 |
| Yale School of Medicine | 83% | $91,965 |
| George Washington University School of Medicine & Health Sciences | 65% | $222,333 |
| Georgetown University School of Medicine | 68% | $271,816 |
| Howard University College of Medicine | 95% | $198,633 |
| Charles E. Schmidt College of Medicine at Florida Atlantic University | 81% | $187,865 |
| Florida International University Herbert Wertheim College of Medicine | 89% | $200,982 |
| Florida State University College of Medicine | 84% | $188,798 |
| Nova Southeastern University Dr. Kiran C. Patel College of Allopathic Medicine | 94% | $275,961 |
| University of Central Florida College of Medicine | 100% | $180,958 |
| University of Florida College of Medicine | 87% | $186,390 |
| University of Miami Leonard M. Miller School of Medicine | 78% | $238,413 |
| USF Health Morsani College of Medicine | 88% | $193,357 |
| Emory University School of Medicine | 72% | $182,564 |
| Medical College of Georgia at Augusta University | 68% | $163,232 |
| Mercer University School of Medicine | 84% | $198,327 |
| Morehouse School of Medicine | 88% | $195,540 |
| University of Hawaii John A. Burns School of Medicine | 93% | $152,127 |
| University of Iowa Roy J. and Lucille A. Carver College of Medicine | 90% | $182,155 |
| Carle Illinois College of Medicine | 90% | $233,427 |
| Chicago Medical School at Rosalind Franklin University of Medicine & Science | 81% | $301,168 |
| Loyola University Chicago Stritch School of Medicine | 85% | $218,183 |
| Northwestern University The Feinberg School of Medicine | 81% | $191,658 |
| Rush Medical College of Rush University Medical Center | 83% | $254,980 |
| Southern Illinois University School of Medicine | 86% | $229,946 |
| University of Chicago Division of the Biological Sciences The Pritzker School of Medicine | 95% | $127,671 |
| University of Illinois College of Medicine | 82% | $232,595 |
| Indiana University School of Medicine | 98% | $207,151 |
| University of Kansas School of Medicine | 95% | $194,592 |
| University of Kentucky College of Medicine | 93% | $216,377 |
| University of Louisville School of Medicine | 88% | $230,693 |
| Louisiana State University School of Medicine in New Orleans | 79% | $188,235 |
| Louisiana State University School of Medicine in Shreveport | 69% | $176,633 |
| Tulane University School of Medicine | 73% | $317,890 |
| Boston University Aram V. Chobanian & Edward Avedisian School of Medicine | 83% | $223,652 |
| Harvard Medical School | 76% | $118,957 |
| Tufts University School of Medicine | 70% | $258,933 |
| University of Massachusetts T.H. Chan School of Medicine | 75% | $226,114 |
| Johns Hopkins University School of Medicine | 81% | $111,516 |
| Uniformed Services University of the Health Sciences F. Edward Hebert School of Medicine | 0% | $0 |
| University of Maryland School of Medicine | 75% | $183,465 |
| Central Michigan University College of Medicine | 79% | $237,294 |
| Michigan State University College of Human Medicine | 90% | $262,464 |
| Oakland University William Beaumont School of Medicine | 88% | $202,595 |
| University of Michigan Medical School | 82% | $149,735 |
| Wayne State University School of Medicine | 85% | $189,693 |
| Western Michigan University Homer Stryker M.D. School of Medicine | 99% | $276,209 |
| Mayo Clinic Alix School of Medicine | 95% | $144,152 |
| University of Minnesota Medical School | 91% | $187,630 |
| Saint Louis University School of Medicine | 84% | $236,400 |
| University of Missouri-Columbia School of Medicine | 87% | $183,829 |
| University of Missouri-Kansas City School of Medicine | 81% | $200,374 |
| Washington University in St. Louis School of Medicine | 88% | $90,880 |
| University of Mississippi School of Medicine | 94% | $132,449 |
| Brody School of Medicine at East Carolina University | 89% | $108,179 |
| Duke University School of Medicine | 69% | $150,488 |
| University of North Carolina at Chapel Hill School of Medicine | 89% | $153,379 |
| Wake Forest University School of Medicine | 75% | $248,926 |
| University of North Dakota School of Medicine and Health Sciences | 96% | $163,863 |
| Creighton University School of Medicine | 82% | $259,329 |
| University of Nebraska College of Medicine | 93% | $187,122 |
| Geisel School of Medicine at Dartmouth | 78% | $228,585 |
| Cooper Medical School of Rowan University | 79% | $228,958 |
| Hackensack Meridian School of Medicine | 83% | $240,150 |
| Rutgers New Jersey Medical School | 64% | $199,565 |
| Rutgers, Robert Wood Johnson Medical School | 64% | $195,782 |
| University of New Mexico School of Medicine | 91% | $118,765 |
| Kirk Kerkorian School of Medicine at UNLV | 90% | $178,876 |
| Roseman University College of Medicine | 0% | $0 |
| University of Nevada, Reno School of Medicine | 99% | $173,375 |
| Albany Medical College | 83% | $225,009 |
| Albert Einstein College of Medicine | 72% | $191,024 |
| Columbia University Vagelos College of Physicians and Surgeons | 86% | $114,362 |
| CUNY School of Medicine | 85% | $194,631 |
| Donald and Barbara Zucker School of Medicine at Hofstra/Northwell | 91% | $152,735 |
| Icahn School of Medicine at Mount Sinai | 61% | $177,369 |
| Jacobs School of Medicine and Biomedical Sciences at the University at Buffalo | 81% | $196,399 |
| New York Medical College | 76% | $267,816 |
| NYU Grossman Long Island School of Medicine | 100% | $51,415 |
| NYU Grossman School of Medicine | 100% | $67,572 |
| Renaissance School of Medicine at Stony Brook University | 67% | $227,525 |
| State University of New York Upstate Medical University Alan and Marlene Norton College of Medicine | 80% | $229,501 |
| SUNY Downstate Health Sciences University College of Medicine | 72% | $235,467 |
| University of Rochester School of Medicine and Dentistry | 81% | $207,554 |
| Weill Cornell Medicine | 76% | $113,941 |
| Case Western Reserve University School of Medicine | 79% | $201,487 |
| Northeast Ohio Medical University | 80% | $255,603 |
| Ohio State University College of Medicine | 88% | $188,172 |
| The University of Toledo College of Medicine and Life Sciences | 82% | $218,735 |
| University of Cincinnati College of Medicine | 79% | $210,224 |
| Wright State University Boonshoft School of Medicine | 85% | $236,317 |
| University of Oklahoma College of Medicine | 82% | $104,172 |
| Oregon Health & Science University School of Medicine | 98% | $232,674 |
| Drexel University College of Medicine | 80% | $275,735 |
| Geisinger Commonwealth School of Medicine | 91% | $222,910 |
| Lewis Katz School of Medicine at Temple University | 87% | $220,692 |
| Pennsylvania State University College of Medicine | 91% | $205,427 |
| Perelman School of Medicine at the University of Pennsylvania | 85% | $150,137 |
| Sidney Kimmel Medical College at Thomas Jefferson University | 73% | $222,681 |
| University of Pittsburgh School of Medicine | 73% | $204,240 |
| Ponce Health Sciences University School of Medicine | 89% | $236,666 |
| San Juan Bautista School of Medicine | 84% | $125,338 |
| Universidad Central del Caribe School of Medicine | 87% | $222,788 |
| University of Puerto Rico School of Medicine | 77% | $115,466 |
| The Warren Alpert Medical School of Brown University | 71% | $176,508 |
| Medical University of South Carolina College of Medicine | 86% | $198,155 |
| University of South Carolina School of Medicine Columbia | 86% | $213,164 |
| University of South Carolina School of Medicine Greenville | 90% | $210,601 |
| University of South Dakota Sanford School of Medicine | 99% | $181,742 |
| East Tennessee State University James H. Quillen College of Medicine | 87% | $201,878 |
| Meharry Medical College | 91% | $249,499 |
| Thomas F. Frist Jr. College of Medicine at Belmont University | 0% | $0 |
| University of Tennessee Health Science Center College of Medicine | 83% | $191,413 |
| Vanderbilt University School of Medicine | 75% | $209,382 |
| Anne Burnett Marion School of Medicine at TCU | 100% | $170,393 |
| Baylor College of Medicine | 67% | $126,655 |
| McGovern Medical School at the University of Texas Health Science Center at Houston | 65% | $145,485 |
| Texas A&M University School of Medicine | 82% | $152,054 |
| Texas Tech University Health Sciences Center Paul L. Foster School of Medicine | 84% | $145,407 |
| Texas Tech University Health Sciences Center School of Medicine | 86% | $150,031 |
| The University of Texas at Tyler School of Medicine | 100% | $0 |
| The University of Texas Health Science Center at San Antonio Joe R. and Teresa Lozano | 74% | $141,428 |
| University of Houston Tilman J. Fertitta Family College of Medicine | 100% | $33,993 |
| University of Texas at Austin Dell Medical School | 79% | $138,150 |
| University of Texas Medical Branch John Sealy School of Medicine | 81% | $154,194 |
| University of Texas Rio Grande Valley School of Medicine | 96% | $126,666 |
| University of Texas Southwestern Medical School | 65% | $147,223 |
| Spencer Fox Eccles School of Medicine at the University of Utah | 96% | $196,875 |
| Eastern Virginia Medical School | 79% | $230,244 |
| University of Virginia School of Medicine | 88% | $157,498 |
| Virginia Commonwealth University School of Medicine | 78% | $198,061 |
| Virginia Tech Carilion School of Medicine | 100% | $239,832 |
| Robert Larner M.D. College of Medicine at the University of Vermont | 87% | $240,944 |
| University of Washington School of Medicine | 89% | $210,254 |
| Washington State University Elson S. Floyd College of Medicine | 86% | $197,072 |
| Medical College of Wisconsin | 88% | $237,057 |
| University of Wisconsin School of Medicine and Public Health | 94% | $204,664 |
| Marshall University Joan C. Edwards School of Medicine | 96% | $161,652 |
| West Virginia University School of Medicine | 89% | $188,892 |
Medical School Cost of Attendance
Education loans pay for tuition and fees, room and board, books and supplies, and other costs of medical school; these loans do not cover costs associated with residency.
- The class of 2025 paid $228,959 to attend the average U.S. medical school, excluding the cost of room and board.
- Based on average tuition and fees for a Bachelor of Health Sciences, a typical new med school graduate paid $371,278 to obtain their degree.
- Including other costs, such as room and board, the average new medical school graduate pays $476,678 over the course of their education (excluding residency).
Sources
- Association of American Medical Colleges
- National Center for Education Statistics, Digest of Education Statistics
- Federal Reserve Bank of St. Louis, Consumer Price Index for All Urban Consumers
- U.S. Department of Education Office of Federal Aid, Interest Rates and Fees for Federal Student Loans
- Finaid.org, Loan Payment Calculator
- National Bureau of Economic Research, The Costs of and Net Returns to College Major
- CHG Healthcare Services, 2024 Medical School Debt Survey Shows Growing Burden for New Physicians