How to Pay for Medical School: What I Wish I Knew About Med School Financial Aid

According to the Association of American Medical Colleges (AAMC), 70% of medical students leave medical school with education debt. The median medical education debt for medical school graduates is $200,000.

However, attending medical school does not have to be financially intimidating. There are a number of financial aid programs available, and most medical students can keep debt in check with some smart financial planning. Here’s what medical school applicants should know about financial aid.

How Much Does 4 Years of Medical School Cost In The USA?

Four years of medical school in the USA at a public medical school costs anywhere from $150,000 to $250,000. Private medical schools are more expensive, with an average four-year cost of up to $350,000.

Financial Aid Options: Overview

How Am I Supposed To Pay for Medical School?

While it may feel like paying for medical school is out of the question for you, there are various forms of financial assistance available to help students fund their education. Some of the options commonly used to help pay for educational expenses in medical school include:

Loans or scholarships from the school’s financial aid office.
Federal loans.
Private loans.
Scholarships.
Grants.
Loan repayment programs.
MD/PhD (doctor of medicine/doctor of philosophy) programs.

How Financial Aid is Awarded

Financial aid is granted to medical students based on various criteria, such as:

Financial need—There are financial aids to help students afford medical school.
Academic achievement— Merit-based aids are awarded based on academic achievements.
Extracurricular involvement—These scholarships and awards recognize students’ involvement in leadership roles and community service.
Specific population or ethnicity—These scholarships and awards are for students from underrepresented minority groups.

Notably, most federal student loans do not require a credit check, except for the following:

Parent PLUS loans—These loans are intended for parents or guardians to help their children pay for college and require a credit check.
Private student loans—These loans are non-federal and provided by lenders such as banks, credit unions, state agencies, or schools. They often require a credit check and typically have a higher interest rate than federal student loans.

Common Myths About Medical School Financial Aid

Myth: You can use federal student aid to pay for medical school applications.

Fact: Federal student loans can only be used to pay for medical school costs after you enroll. The funds cannot be used to pay for medical school application costs such as the MCAT exam or applications through AMCAS. You may, however, be eligible for the AAMC Fee Assistance Program to help pay for medical school applications.

Myth: Most people can’t afford to go to medical school.

Fact: While medical school is expensive, most people qualify for graduate or professional student loans. You can also complete the Free Application for Federal Student Aid (FAFSA). Nearly all medical students qualify for federal direct loans (a direct unsubsidized loan or a direct plus loan), which can cover your tuition, fees, room and board, and miscellaneous expenses.

Myth: I won’t be able to repay student loans.

Fact: After you graduate from medical school, you’ll train as a resident in your chosen specialty and earn a stipend (around $60,000 per year). This should cover your living expenses and student loan repayments.

Finding Scholarships for Medical School

Scholarships are free medical school financial aid and do not need to be repaid, unlike loans. They are awarded based on specific criteria such as academic achievement, financial need, extracurricular activities, or a commitment to work with the organization after graduation. There are hundreds of scholarships available for medical students.

You can look for medical school scholarships for specific populations, such as the Dr. Marie E. Zakrzewski Medical Scholarship, a non-renewable $3,500 scholarship awarded on a competitive basis to a young woman of Polish ancestry for the first, second, or third year of studies towards an M.D. degree at an accredited medical school in the United States.

Local club scholarships and global grants from the Rotary Club (eligibility requirements and qualifications vary).

Tylenol Future Care Scholarships: ten $10,000 and twenty-five $5,000 awards for students with at least one year of medical school remaining.

The Department of Defence SMART Scholarship for Service Program, is a combined educational and workforce development opportunity for STEM students.

The American Medical Women’s Association (AMWA) offers several scholarships and grants to support medical students.

The Indian Health Service (IHS) scholarship program offers American Indian and Alaska Native health professions students financial support in exchange for a minimum two-year service commitment within an Indian health program in a chosen health professional discipline.

Full-Tuition Scholarships and How to Qualify

Health Professionals Scholarship Program (HPSP)

The Health Professionals Scholarship Program (HPSP) is a full tuition scholarship that covers all the educational expenses of medical school students in exchange for a specified period of service in the U.S. Armed Forces after graduating. Some of the key eligibility criteria include:

Applicants must be accepted at or enrolled in a medical school accredited by either the Association of American Medical Colleges (MD schools) or American Osteopathic Association (DO schools) located within the continental U.S., Hawaii, Alaska, or Puerto Rico.
Applicants must be U.S. citizens.
Applicants must be physically qualified for commissioning as a Navy officer, Air Force officer, or Army officer.
Applicants must not have reached the age of 42 at the time of entering active duty following completion of medical education.

National Health Service Corps

The National Health Service Corps (NHSC) Scholarship Program offers scholarships to students pursuing programs in primary healthcare disciplines such as:

Primary care physician (MD or DO)
Primary care physician assistant (PA)
Dentist (DDS or DMD)
Nurse practitioner (NP)
Certified nurse midwife (CNM)

They pay for full-time enrollment and financial support for up to four years, including paying your tuition, fees, other reasonable costs, and monthly stipends to support living expenses while you are in medical school. In exchange, you must commit to a minimum of two years (and up to four years) of full-time service at an NHSC-approved site.

BuzzRx Bee Healthy Scholarship Program

BuzzRx is offering an annual BuzzRx Bee Healthy Scholarship Fund with four scholarships of $5,000 each to help medical students continue their higher education journey.

Students starting their medical education and those currently enrolled in health-related study programs are eligible for these scholarships.

Eligibility Criteria

Undergraduate or graduate students enrolled in health study programs with demonstrated leadership at school and in the community and a commitment to improving the health and wellness of their local community.

The following qualify for the BuzzRx Bee Healthy Scholarship Fund:

Undergraduate students enrolled in pre-medical coursework or postbaccalaureate programs.
Undergraduate or graduate business school students (with an interest in healthcare).
Nursing school students.
Medical school students.
Pharmacy school students.
STEM program students (with an interest in healthcare).

Additional Requirements

GPA 3.0 or higher (transcript will be requested before the scholarship is awarded).
Essay (500 words maximum) in response to this prompt: How have you impacted your community by improving the health and well-being of others? It could be a notable moment or ongoing action that has helped make progress towards positive change.
Accompanying video (2 minutes maximum) shared on social media tagging BuzzRx.

Key Deadlines and Application Tips

Deadline: If you meet the eligibility criteria for our scholarship, the application, essay, video, and social media submission deadline is June 27, 2025, for the Fall 2025 semester.

Tips: Your video should align with the theme of your essay but does not need to be read verbatim. Feel free to get creative—use storytelling, visuals, or any approach that showcases your passion for health and wellness. Share your video on at least one and preferably all your socials.

Apply Now!

Federal and State Aid Programs

Federal student loans are of four types with different eligibility criteria:

Direct subsidized loans are given to undergraduate students who can show that they need financial aid. Subsidized loans do not accrue interest while the student is still in school.
Direct unsubsidized loans are given to undergraduate, graduate, or professional students and are not based on financial need. Unsubsidized loans start accruing interest at the time they are issued.
Direct plus loans are given to graduate or professional students or parents of dependent undergraduate students. These loans pay for expenses that aren’t covered by other financial aid. They are not based on financial need but require a credit check.
Direct consolidation loans allow you to combine all your federal student loan debt into a single loan with one servicer.

FAFSA

You need to complete a FAFSA form to apply for medical school financial aid from the federal government. The results of your FAFSA evaluation will be sent to the medical schools you are applying to. Be sure to list the federal school codes of the schools you are interested in on your FAFSA.

As an applicant to a medical school, you are considered an independent person for federal student aid. Parental information is not required for FAFSA but may be needed if you are applying for institutional financial aid from the medical school.

Once the school’s financial aid office staff receives and processes your FAFSA results, you will receive an aid offer. The Student Aid Index (SAI) is an eligibility index number that the medical school’s financial aid office will use to determine how much federal student aid you would receive if you attended the school. The higher the SAI, the more the expected family contribution towards your medical school expenses. Your SAI will be subtracted from the cost of attendance to determine your financial aid needs at that school.

You can accept or deny the financial aid offer. If you accept and the aid includes student loans, read the information carefully about when the loan funds will be available to you and plan your finances accordingly.

State-Specific Grants and Programs

State-specific grants and scholarship programs have their own eligibility requirements. For example, the Western Interstate Commission for Higher Education (WICHE) PSEP program is for students pursuing a degree in healthcare fields across state lines because a healthcare program is not available at in-state public medical schools. The program offers substantial tuition support from the home state with savings of up to $142,800 on tuition fees over the duration of a health degree.

Student Loans and Other Financing Options

Types of Student Loans Available

Benefits like student loan forgiveness, income-driven repayment plans, and fixed interest rates make federal student loans a better option than private student loans for medical school. However, if federal loans are not enough to cover medical school costs, you can get private student loans.

Each private lender has its own loan options, and you need to demonstrate financial credibility (a good credit history). You may need a cosigner, such as a parent, to help you qualify for private loans if you are entering medical school.

Shop around for competitive interest rates and read the terms of the loan agreement carefully. Some private financial institutions that offer loans to medical students include:

Sallie Mae
College Ave
Ascent Graduate School Loans
Earnest
MPower Financing
ELFI Private Student Loan

Some private lenders require you to begin paying back your loans while you are still in school. Also, keep in mind that unlike federal loans which have a fixed rate of interest, private loans can sometimes have variable interest rates, which means the interest rate could increase over time.

Repayment Plans

Work Study Programs

Taking on part-time jobs while attending medical school can seem overwhelming, given the rigors of the program. However, even squeezing in a few hours of paid work a week can help to keep your medical school debt in check.

Look for research assistant and teaching aid opportunities. Some medical schools will deduct thousands of dollars from your tuition fee if you work for 20 hours per week in such jobs, in addition to paying a salary. So, for example, if the quarterly tuition is $20,000 and you get a rebate of $10,000 and a salary of $10,000 per quarter for a teaching aid job (20 hours a week), it can cover your entire tuition for the program.

Another possibility is pursuing an MD/PhD program, especially if you are interested in basic science or laboratory research. Admission to these programs is competitive, but frequently your tuition and fees are fully covered for the entirety of your education, and many MD/PhD students are paid a stipend. Keep in mind that this will prolong your medical school experience from 4 years to at least 7 years.

Alternative Financing Options

Budgeting

Budgeting is key to keeping your medical school debt in check. Reduce your expenses by attending a school close to home and saving on room and board. Avoid unnecessary expenses, such as travel or a lavish lifestyle. Even small budgetary changes can make a big difference in the long run.

Crowdfunding

Crowdfunding is raising money for medical school by asking friends and family. Encourage loved ones to donate to your education fund instead of giving birthday or holiday gifts. You can also start a crowdfunding campaign on GoFundMe, Gift of College, UNest, or Backer.

Loan Forgiveness Programs

Programs such as the Public Service Loan Forgiveness (PSLF) require you to make a certain number of qualifying loan payments, after which you can have your medical school loan waived by agreeing to work for a nonprofit or other approved government institution.

International Medical Education

There are very good medical schools in other countries that accept international students. It may even be easier to gain admission to foreign medical schools and the cost of medical education may be a fraction compared to medical schools in the U.S.

However, be cautious in choosing a foreign medical school. Look up further information on the websites of the American Medical Association (AMA) and the Educational Commission for Foreign Medical Graduates (ECFMG).

Keep in mind that if you attend a medical school abroad, you will have to take the USMLE (United States Medical Licensing Examination) Step exams in order to return to the U.S. and practice medicine. Beware that graduates from foreign medical schools often have a difficult time gaining a residency in more competitive or specialized disciplines, such as surgical specialties (orthopedic, plastic surgery, neurosurgery), dermatology, and interventional radiology.

Applying For Aid: A Step-by-Step Guide

Step 1

Once you have met the medical school admission requirements, check the requirements for filing FAFSA and send in your FAFSA form.

Step 2

Investigate additional sources for financial aid by contacting the medical school’s financial aid committee. Institutional aid for academically bright students may be on offer in the form of scholarships, grants, or a fee assistance program. Be proactive in contacting the financial aid counselor. Early applicants are often at an advantage.

Step 3

Look for scholarships and grants, such as the BuzzRx Bee Healthy Scholarship Fund for health professions students. Scholarships are granted based on:

Academic achievement and grade point average (GPA).
Financial need.
Extracurricular involvement.

There are also commitment-based scholarships. For example, the Health Professions Scholarship Program (HPSP) offers medical trainees a full-ride scholarship and monthly stipend in return for serving in a branch of the U.S. Armed Forces for a specified period after graduation.

Some medical schools offer scholarships in return for a commitment to work in an underserviced, impoverished, or rural area for a specific time period after you graduate.

Here is a comprehensive list of scholarships, financial support opportunities, and financial aid awards for medical students.

Grants are offered by sports clubs, religious organizations, medical associations, etc., and do not need to be repaid.

Step 4

If you still need loans to cover the cost of your medical degree, consider taking out federal direct graduate loans, which offer some of the best terms and conditions.

Federal medical school loans, such as a federal direct unsubsidized loan or federal direct plus loan, are direct loans for graduate or professional students. You do not need to show financial need for this type of federal financial aid package. But you are responsible for the interest that accrues on the loan from the federal government.

To obtain loans from federal programs, you will need to complete a Master Promissory Note (MPN) that is separate from FAFSA.

Step 5

If you do not qualify for a federal loan program, consider private loans. Private loans are granted based on a good credit rating. These are personal loans with no forgiveness option and the rates are typically higher than federal loans.

Step 6

Explore additional options for financial resources, such as parental contribution, expected family contribution, or crowd-sourcing.

Frequently Asked Questions

How Do People Afford To Go To Med School?

People afford medical school through a federal financial aid application, student loans, scholarships, grants, work-study programs, part-time jobs, parental contribution, and choosing a more affordable medical school or attending a school close to home to save on room and board. Nonetheless, many medical students accumulate significant debt to cover the high cost of medical education.

How Do You Get A Scholarship for Medical School?

Scholarships for medical school are offered on the basis of various factors, such as excellent academic performance, financial need, ethnicity, and cocurricular activities.

What MCAT Score Is Needed for Scholarships?

Most medical school scholarships require an MCAT score of 500 or above; however, the exact score required varies depending on the specific scholarship, the medical school, and your overall academic record (grade point average).