March 7, 2024
Written By
Michael Minh Le
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You're not even in yet, and medical school debt already feels crushing. You’re grinding through your classes, prepping for the MCAT, chasing down shadowing hours, and still, one question haunts you: Even if I get in, how will I pay for it?
This guide is made for you—the terrified premed. We’ll cover how to pay for medical school, including federal loans you should consider (and the ones to think twice about), scholarships you can apply for before you’re accepted, service-based programs that cover full tuition in exchange for commitment, and more.
And if you’re tired of doing this alone—of second-guessing every step—Premed Catalyst exists for students like you. We offer personal mentorship and full-cycle application advising. In the 2024–2025 cycle, 100% of our students who submitted on time were accepted into medical school.
If you're serious about becoming a doctor, book a free strategy session now.
Let’s not sugarcoat it: medical school is expensive.
Tuition is just the start. Then, there’s housing, board exams, health insurance, applications, travel for interviews, and coffee. Lots of coffee.
In the 2023–2024 year, the median tuition and fees for in‑state students at public medical schools were about $42,668, and for private schools, it was $72,689.
When you combine everything, tuition, fees, health insurance, and living costs, the four‑year cost of attendance (COA) climbs dramatically. For public schools, the median COA is about $286,454, and for private schools it reaches as high as $390,848.
Public in‑state medical schools tend to charge lower tuition (for residents) compared to out-of-state students. Private schools often don’t distinguish by residency.
And then there’s the debt that follows, something around 70% of medical students graduate with.
Among graduates who reported education debt, the median balance for the class of 2024 was about $205,000.
So yes, the cost is heavy. But let’s also not pretend it's impossible. The numbers are high, and that’s to be expected. The key is not avoiding the cost, it’s knowing how to manage it.
Nobody’s expecting you to write a six-figure check to get through med school. But make no mistake—this is a debt game. The good news? There’s a slew of choices for you when it comes to financing your studies.
The federal government hands out loans designed for students exactly like you. They come in two types:
Most med students will use this loan, and for good reason. It’s predictable, federal, and doesn’t require a cosigner. It doesn’t care how much money your parents make or whether you qualify for financial need. You apply, you get it.
But there’s a catch: the interest never sleeps. From the day that money hits your account, the meter starts running, and it doesn’t stop until the whole thing is paid off. That means that just because you can borrow the max doesn’t mean you should.
Your school ultimately decides how much you’re allowed to borrow, up to a federal cap—$22,500 a year. As of 2024, the interest rate sits at 7.05% for grad and professional students. So borrow what gets you through, not what bloats your balance. Save the heavy lifting for med school itself, not your loan repayment plan.
When unsubsidized loans don’t cover the full cost—and they often don’t—Direct PLUS Loans can fill the gap. They’re federal, just like unsubsidized loans, but they come with a few extra hoops and more strings.
If you’re in med school, this version’s called the Grad PLUS Loan. (There’s a Parent PLUS version too, but unless your parents are footing the bill, that’s not your lane.)
Here’s the deal: PLUS Loans require a credit check. It’s not as brutal as private lenders, but if your credit history’s rough, you’ll either need an endorser (basically, a cosigner) or proof that your situation came with serious, documented curveballs—like medical bills or divorce.
The interest rate as of 2024? 8.05%, fixed. That’s higher than unsubsidized loans, and yes, interest starts piling up the moment the loan is disbursed. Repayment kicks in right after graduation unless you defer, but even if you do, the interest doesn’t stop.
Use it if you have to, but know exactly what you’re signing up for. Because while it can get you across the finish line, it’ll follow you long after the white coat ceremony.
There’s a difference between loan repayment and loan forgiveness. One still costs you money. The other can wipe out six figures of debt.
Let’s break down some options.
If public health is your lane, this one’s worth your time. The CDC’s Epidemic Intelligence Service (EIS) and related training fellowships offer loan repayment for physicians in certain roles, especially those in public health, epidemiology, or preventive medicine.
Best for future physician-leaders, researchers, and those who want to shape health at the systems level, not just in a clinic.
Every U.S. state has its own version of loan repayment programs for healthcare professionals who serve in medically underserved areas.
Not every state includes physicians (some focus on dentists, NPs, PAs), so you’ll need to check your state’s eligibility. But if you’re open to going where you’re needed most, SLRP can significantly cut your debt while delivering serious impact.
If your path leads to nonprofit hospitals, academic medicine, or government clinics, this might be your ticket to total federal loan forgiveness. The Public Service Loan Forgiveness (PSLF) program is one of the most well-known and powerful repayment options out there, but it’s not automatic, and it’s not fast.
Here’s what you need to know:
The Catch? PSLF is powerful, but also bureaucratic. One missing form, one employer that doesn’t qualify, one hiccup with your repayment plan, and you could be knocked off track. But if you’re diligent and organized, it’s one of the few ways to get six figures of debt erased tax-free.
Forbearance is basically a pause button on your federal student loan payments. If you’re going through something tough, like medical leave, financial hardship, unemployment, then you can apply for forbearance and stop making payments temporarily.
But here’s the part they don’t emphasize:
Interest doesn’t stop. It keeps stacking.
And when your forbearance ends, all that unpaid interest gets added to your principal. That’s called capitalization. Translation: your loan just got more expensive.
Use it if you absolutely need to, but don’t treat it like a long-term strategy. Forbearance can give you space to breathe, but if you’re not careful, it quietly adds thousands to your debt.
Loan consolidation lets you combine multiple federal student loans into one new loan with a single monthly payment and a fixed interest rate. That can simplify your life, especially if you’re juggling five different loans from undergrad and med school.
But here's what you need to know:
Consolidation is a tool, not a hack. If it moves you toward a repayment or forgiveness strategy, it can be a smart move. But if you’re just doing it for convenience without understanding the long-term cost, you could end up paying more than you need to.
Student loans get a bad rap—and for good reason. They can drag you down if you don’t understand how they work. But they’re not the only tool in the toolbox.
Here’s what else is out there:
Private loans are the “break glass in case of emergency” option. You’ll find them at banks, credit unions, online lenders—they’re everywhere. But they don’t play nice. You’ll need solid credit or a cosigner, and the interest rates? Usually higher than federal.
They also lack the safety nets—no income-driven repayment, no forgiveness programs, and no mercy if life punches you in the gut. Use them only if you’ve maxed out your federal options and still have a funding gap.
This is one of the best-kept secrets in med school funding. HPSL loans are federal, low-interest, and built specifically for health professions. Think of them as subsidized loans with better terms—longer grace periods, friendlier interest rates, and no need to panic-pay as soon as you graduate.
But here’s the kicker: they’re need-based and limited, so you’ve got to qualify and apply early. If you’re eligible, take this seriously. It’s free money hiding in plain sight.
If you come from a background where opportunity was the exception, not the rule—this one’s for you. LDS loans are federal and targeted toward students with significant financial need who also meet specific disadvantaged criteria. That might mean low-income, first-gen, or underserved community roots. If that’s your story, don’t shy away from it. Own it. This program exists to close the gap.
Let’s get something straight: scholarships aren’t just for 4.0 students with research publications and humanitarian mission trips on their CV. If you’ve been telling yourself you’re “not the type,” you’re just talking yourself out of free money.
There are scholarships for:
You don’t need a full ride to make a real dent. A few $1,000 or $5,000 awards stacked together can shave years off your loan timeline. The key is volume and fit: apply widely, track deadlines, and tailor your applications with surgical precision.
Some scholarships come with strings:
These can be incredible, but they're not “free.” You're trading years of service. If the mission aligns with your goals, it's a no-brainer. If it doesn't, tread carefully.
You won't find these by accident. You need to dig:
Bottom line? You won't win what you don't apply for. So stop assuming you're not qualified.
Want med school paid for—every cent of it—plus a monthly stipend to live on? The Health Professions Scholarship Program (HPSP) is one of the most generous paths out there. The trade-off? You serve as a military physician after med school. Just know—this path doesn’t come with a refund.
If you’re called to practice medicine where doctors are needed most, the NHSC can change your life. This program covers tuition and fees in exchange for a commitment to work in an underserved or rural community after residency.
Primary care. Mental health. Substance use treatment. Often in clinics where you’ll be the one stable force in a system that’s barely holding together.
The IHS scholarship offers full tuition and a living stipend in exchange for serving Native American and Alaska Native communities. This program gives you the funding to get through med school and the opportunity to stand in the gap where physicians are desperately needed.
Plenty of scholarships don’t care if you’ve gotten your acceptance letter yet. That said, be smart: most school-specific awards are tied to enrollment. If you get the scholarship but end up not attending that school, the money usually disappears.
Grants and fellowships are like scholarships with a mission. They’re not just about grades—they’re about who you are, what you care about, and where you’re headed.
These awards often come from nonprofits, government programs, or institutions that want to fund future doctors working in specific spaces. Think:
The money varies—some cover full tuition, others help with living expenses, travel, or research—but the impact is real. These programs don’t just fund your education—they align it with a purpose.
Work-study won’t pay your tuition, but it can keep you fed, housed, and functioning. This federal program offers part-time jobs for students with financial need, and the best part is: you earn it. You don’t owe it back.
You’ll work a few hours a week on or off campus—sometimes in healthcare settings, research labs, or community service orgs. It’s flexible, low-commitment, and designed to fit around your coursework.
Not every solution to paying for med school has to come from an institution. Sometimes, the help you need is already in your bank account or sitting across the dinner table.
If you’ve saved money from part-time jobs, summer gigs, or undergrad scholarships, use it strategically. Every dollar you put toward your education now is a dollar you don’t have to borrow with interest attached.
If your family is in a position to help, don’t be afraid to ask. This might look like:
Is it awkward to talk about money with family? Sure. But if you frame it around your long-term plan, and not just a vague “I need help,” the conversation becomes easier.
You’ve seen the options. Now let’s talk about how to actually get the money.
Step one? Fill out the FAFSA—the Free Application for Federal Student Aid. It’s the form that unlocks your entire financial aid package: loans, grants, scholarships, work-study—everything starts here.
Here’s what you’ll need:
After that? Start looking local. Community orgs, clubs, religious groups—they love giving out small scholarships to students who hustle and ask. Stack enough of those and it adds up.
And if there’s still a gap? You can look into private loans. But if you go that route, get real advice—not a TikTok hot take. A good payment plan now will save you years of regret later.
There’s no sugarcoating this—paying for med school is hard. The good news? With a real plan and the right mindset, you can make it out without drowning in debt.
This isn’t the time for vibes-based spending. You need a plan. Know what’s coming in, know what’s going out, and be honest about what you actually need. Every unnecessary dollar you borrow is a dollar that future-you will have to claw back—with interest.
Med school isn’t the finish line—it’s the starting block. After this comes Step exams, residency interviews, relocation, maybe even a fellowship. All of that costs money. Don’t blow your loan cushion now and expect future-you to magically have it covered. Plan for the next phase, not just the next semester.
You’re not supposed to know how to navigate federal aid structures or negotiate a budget on a $0 income. That’s what financial aid advisors and counselors are for. Your school has them. So do outside organizations. Talk to people who’ve done this before. Let them help you build a strategy before you end up deep in debt with no clue how you got there.
Med school debt can look like a death sentence. Six figures staring you down. Headlines screaming about burnout and bankruptcy. But here’s the real story: It’s not the debt that breaks doctors. It’s not knowing how to manage it.
Most doctors graduate never having taken a single course in personal finance. They go from making nothing in undergrad and residency to suddenly earning $20,000+ a month, and no one teaches them what to do with it.
So they overspend. They upgrade everything—cars, homes, vacations—because they finally can. And just like that, the paycheck disappears.
But here’s the kicker: every dollar you don’t throw at your balance becomes more debt. That’s how doctors with six-figure incomes stay buried in six-figure loans for decades.
Want freedom? You need a plan. And it doesn’t have to be complicated. The doctors who win financially do a few things early:
Let’s say you’re buried under $270,000 in loans. It’s scary but manageable. With focused payments, smart budgeting, and a few strategic sacrifices (cheaper rent, used car, skipping the $9 subscription stack), you could be debt-free in eight years, not 23.
And if you keep investing while you pay that off? You could retire with $3–4 million in the bank, even as a primary care doc in a high-cost-of-living city. That’s not fantasy. That’s math.
If you’re the kind of person who should be a doctor, meaning you’re driven, compassionate, and capable, you’ll find a way through the debt. Not by luck. By strategy.
So don’t let fear of loans stop you from pursuing medicine. Just don’t be financially clueless about it. Because no one’s coming to rescue you, but you have everything you need to save yourself.
You’re not just worried about how to pay for med school—you’re still trying to get in. That double weight? It crushes most premeds.
At Premed Catalyst, we help students get accepted into the schools that align with their story, their mission, and their budget. From finding shadowing opportunities to drafting personal statements, our mentors guide you through every part of the process.
And we get results. In the 2024–2025 cycle, 100% of our students who submitted on time got accepted.
You don’t have to do this alone. Book a free strategy session today.
