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Financing Medical School

Most people will owe something after medical school.

Financial Debt

Few have enough money to pay for medical school. According to the AAMC's "Medical Student Education: Debt, Costs, and Loan Repayment Fact Card," 81% of the 2015 national medical school graduating class had  a mean debt of over $180,000.00. However, the 2014 median starting salary (first year post residency) for Internal Medicine was $180,000.00.

Consider financial aid an investment. While educational debt is a reality for most new doctors, it is a good long-term financial decision. With thoughtful management from a well-informed borrower, medical school debt  need not have major impact on lifestyles or career choices.

Helpful links related to financial aid

Periods of Service

Instead of repaying financial debt some graduates will "owe" periods of service to organizations such as the National Health Service Corps, the Indian Health Service, the Centers for Disease Control, or the military. See the link below.

The AAMC's Forgiveness, Loan Repayment, and Scholarship Options Through Service and the Military

The AAMC's Loan Repayment/Forgiveness and Scholarship Programs database

Budget, Budget, Budget

"Don't live like a doctor while you are a medical student so you don't have to live like a medical student when you are a doctor." 

Additional Financial Tips

  • Applying to medical schools is costly. Read about related costs. HPP has money-saving strategies. Please ask!
  • Before you apply for medical school financial aid, review your credit report.
  • Information on obtaining a free credit report.
  • Watch out for credit card debt.
  • Have a frank conversation with your family about what they can contribute toward your medical school expenses. Anything helps!

Last Updated: 8/30/17