These programs offer eligible students the opportunity to earn a medical degree, with no out of pocket costs for tuition. According to the AAMC, in the 2018-19 year, the cost of public medical school averaged $36,755 per year ($147,020 per degree) for in-state students and $60,802 per year ($243,208 per degree) for out-of-state students. Out of state public medical school average cost: $62,194. U.S. Bureau of Labor Statistics. These figures apply to students with resident status at their respective schools. Average Cost of Medical School-Your queries answered. In 2019-2020, the average cost of getting into medical school for a year at a public medical school was $37,556 for resident or in-state students and $61,858 for non-resident or out-of-state students.. Average Cost of Tuition, Fees, and Health Insurance Per Year, 201o-2020. That includes the option to enroll in an income-dependent repayment plan, seek public service loan forgiveness or take a deferment or forbearance during times of financial hardship. Military service in exchange for tuition The Health Professions Scholarship Program pays full tuition for up to four years, also covering books, fees, and equipment. The cost of living––expenses on housing, utilities, food, and transportation––can vary greatly depending on the location of your school. Federal Student Aid. Private loans may offer fixed or variable interest rates and rather than being need-based, your ability to qualify hinges largely on factors such as your income and credit score. "Tuition and Student Fees Reports," Download "2013-2020 Tuition and Student Fees Report." "Direct PLUS Loans and Adverse Credit." Aside from that, another key difference to note with private student loans is that they lack many of the protections federal student loans offer. Accessed Sept. 25, 2020. The average cost of medical school can be daunting but it may be a small price to pay if becoming a physician is your passion. Out-of-state tuition & fees: $79,764 The average first-year student attending a private medical school paid even more, at $60,665. At the highest end, the cost reaches $398,488. Rebecca Lake covers financial planning and credit for The Balance. According to the Association of American Medical Colleges (AAMC), the average first-year medical student paid $37,556 for tuition, fees, and health insurance to attend a public medical school during the 2019-20 academic year. Cultura Science / Matt Lincoln/ Getty Images, Becoming a doctor can not only be emotionally rewarding but it can also offer financial rewards in the form of a higher annual salary. MedEdits Medical Admissions is a resource for the latest news, commentary and discussion on topics related to medical education. Why You Should Fill Out the FAFSA Even If Your Parents Make Too Much Money, International Student Loans To Help You Pay for College, How Community College Students Can Qualify for Financial Aid, Everything You Need to Know About Parent PLUS Loans, National Health Service Corps Scholarship Program, Medscape Physician Compensation Report 2019, Medical Student Education: Debt, Costs, and Loan Repayment Fact Card, Direct PLUS loans: Up to the remainder of college costs not covered by other financial aid. Table 1. "Medical Student Education: Debt, Costs, and Loan Repayment Fact Card," Page 1. For example, you might consider:Choosing a medical school that offers free tuition While these schools are the exception, rather than the rule, tuition-free programs are becoming more common. The MSAR has valuable information that details the average medical school cost and debt from every medical school in the country. In an ideal scenario, you and your parents would be able to pay using savings, either from a tax-advantaged 529 college savings plan, Coverdell Education Savings Account, savings bonds, high-yield savings account or CD account.