You have made the decision to attend med school and realize it is a big investment. Now, you need to determine how you will pay for medical school. We asked physicians who have achieved their goal of becoming a doctor to share with us how they succeeded in financing their education, and how they approached paying for medical school while launching their medical careers.
How to pay for medical school: 3 common options
For most students, there are three common sources to finance a medical education. Many students use a combination of the following to pay for tuition and other expenses.
- Scholarships
- Student loans
- Personal savings and assistance from family
Paying for medical school with scholarships
As far as scholarships go, there are a number of options. Dr. Richard Beddingfield, an anesthesiologist and author of Med School Uncensored, says you will find the most options for students with stellar academic performance, strong research interests, or underrepresented cultural backgrounds.
Once you have determined where you are going to apply, you should also consider looking into local and school-specific scholarship opportunities. Some medical schools offer very generous awards.
Look beyond traditional merit-based scholarships too. Dr. Bernard Remakus, an internist and author, outlines a handful of available options:
- Military scholarships trade medical school tuition and expenses for commitments to serve as a military doctor.
- National Health Service Corps scholarships cover tuition and expenses for students who commit to working in a medically underserved area at the beginning of their physician career.
- Public, private, and governmental institutions offer partial and full scholarships and grants.
Make sure to read the fine print and be aware of any commitments these programs require, such as geographic location, specialty, and length of service.
Paying for medical school with student loans
Many US medical students finance their education through federal loans, which are preferable to private loans for a number of reasons. Federal loans come with repayment options, such as income-based repayment or Pay As You Earn, which cap how much you off each month. Forbearance is also an option, which some students take advantage of during residency.
Federal loans also give you the option of debt consolidation, which can lower your interest rate and simplify your loan payments. Consolidating you student debt can have advantages including getting a lower rate to help decrease your overall payments, interest and expenses.
After you’ve graduated, it is helpful to make educational loan payments part of the process you would have for any other routine bill. Dr. Alex Roher, an anesthesiologist, began to focus on paying off his medical school debt as soon as he was out in the working world.
“My first paycheck felt enormous. I had a real sense of accomplishment,” Dr. Roher recalls. He also thinks his choice to devote all his energy to his studies rather than thinking about loans during his four years as a student was the best choice. “Now I’m in a position to pay them off, and I don’t feel overburdened by them.”
Prioritizing your student loans once you’re working is one way to pay them off. However, Dr. Lisa Doggett, a family physician and senior medical director for AxisPoint Health, suggests seeking out loan forgiveness programs after residency.
When and how to pay off medical school loans can have many facets. There are some hospitals that pay for medical school or have programs to assist with repayment.
“There are many different opportunities, especially for primary care,” she says. “My husband was actually glad he did not rush and pay off his low-interest student loans right away because he ended up being eligible for a loan forgiveness program through the hospital where he works.”
Physicians who are employed by a government or nonprofit organization who make all their payments for 10 years and meet a few other criteria are eligible to have the remainder of their debt forgiven through the Public Service Loan Forgiveness (PSFL) Program.
Dr. Remakus also mentions that some university hospitals offer tuition repayment as a benefit to physicians agreeing to work as an academic physician at a university hospital for 10 years. And some private medical groups and hospitals offer full or partial tuition repayment as an employment benefit.
Paying for medical school with personal and family savings
Aside from scholarships and student loans, another resource for funding or supplementing your education is tapping into your personal network. Some medical students are fortunate enough to lean on parents, relatives, or other benefactors.
“You may be surprised to learn as you go through medical school how often this option is used,” Dr. Beddingfield shares.
If you’re one of the lucky ones who can take advantage of support from your family, the benefits for you are clear. Financial support for a medical education doesn’t have to only come in the form of a gift. Some families and sponsors choose to loan the tuition money with the expectation that it gets paid back once the student is a practicing physician.
Lastly, personal savings can’t be overlooked. Tightening up your own expenses and sticking to a modest budget while in medical school will put you in a better position to begin paying back any loans. Some of this lifestyle change will be inevitably come with life as a medical student, according to Dr. Doggett.
“One advantage to being so busy is that there is little time to spend money,” she says. “This is probably a good thing when you’re on such a limited income.”
Invest in your future as a physician
Between scholarships, student loans, and other sources supporting the cost of medical school, you have options when it comes to funding your dream. However, don’t lose sight of what’s most important. Learning how to pay for medical school and the financing available is just one step on the path to a meaningful, challenging, and satisfying career in medicine.
Now that you know the different finance routes available to you, it’s time to start evaluating your program options. Ultimately, your decision should come down to more than cost alone. Learn about what other factors to weigh in our article, “How to Choose a Medical School: 9 Things to Evaluate Before Accepting.”
This article was originally published in March 2018. It’s since been updated to include information relevant to 2024.
How to Pay for Medical School: Doctors Share How They Did It
You have made the decision to attend med school and realize it is a big investment. Now, you need to determine how you will pay for medical school. We asked physicians who have achieved their goal of becoming a doctor to share with us how they succeeded in financing their education, and how they approached paying for medical school while launching their medical careers.
How to pay for medical school: 3 common options
For most students, there are three common sources to finance a medical education. Many students use a combination of the following to pay for tuition and other expenses.
- Scholarships
- Student loans
- Personal savings and assistance from family
Paying for medical school with scholarships
As far as scholarships go, there are a number of options. Dr. Richard Beddingfield, an anesthesiologist and author of Med School Uncensored, says you will find the most options for students with stellar academic performance, strong research interests, or underrepresented cultural backgrounds.
Once you have determined where you are going to apply, you should also consider looking into local and school-specific scholarship opportunities. Some medical schools offer very generous awards.
Look beyond traditional merit-based scholarships too. Dr. Bernard Remakus, an internist and author, outlines a handful of available options:
- Military scholarships trade medical school tuition and expenses for commitments to serve as a military doctor.
- National Health Service Corps scholarships cover tuition and expenses for students who commit to working in a medically underserved area at the beginning of their physician career.
- Public, private, and governmental institutions offer partial and full scholarships and grants.
Make sure to read the fine print and be aware of any commitments these programs require, such as geographic location, specialty, and length of service.
Paying for medical school with student loans
Many US medical students finance their education through federal loans, which are preferable to private loans for a number of reasons. Federal loans come with repayment options, such as income-based repayment or Pay As You Earn, which cap how much you off each month. Forbearance is also an option, which some students take advantage of during residency.
Federal loans also give you the option of debt consolidation, which can lower your interest rate and simplify your loan payments. Consolidating you student debt can have advantages including getting a lower rate to help decrease your overall payments, interest and expenses.
After you’ve graduated, it is helpful to make educational loan payments part of the process you would have for any other routine bill. Dr. Alex Roher, an anesthesiologist, began to focus on paying off his medical school debt as soon as he was out in the working world.
“My first paycheck felt enormous. I had a real sense of accomplishment,” Dr. Roher recalls. He also thinks his choice to devote all his energy to his studies rather than thinking about loans during his four years as a student was the best choice. “Now I’m in a position to pay them off, and I don’t feel overburdened by them.”
Prioritizing your student loans once you’re working is one way to pay them off. However, Dr. Lisa Doggett, a family physician and senior medical director for AxisPoint Health, suggests seeking out loan forgiveness programs after residency.
When and how to pay off medical school loans can have many facets. There are some hospitals that pay for medical school or have programs to assist with repayment.
“There are many different opportunities, especially for primary care,” she says. “My husband was actually glad he did not rush and pay off his low-interest student loans right away because he ended up being eligible for a loan forgiveness program through the hospital where he works.”
Physicians who are employed by a government or nonprofit organization who make all their payments for 10 years and meet a few other criteria are eligible to have the remainder of their debt forgiven through the Public Service Loan Forgiveness (PSFL) Program.
Dr. Remakus also mentions that some university hospitals offer tuition repayment as a benefit to physicians agreeing to work as an academic physician at a university hospital for 10 years. And some private medical groups and hospitals offer full or partial tuition repayment as an employment benefit.
Paying for medical school with personal and family savings
Aside from scholarships and student loans, another resource for funding or supplementing your education is tapping into your personal network. Some medical students are fortunate enough to lean on parents, relatives, or other benefactors.
“You may be surprised to learn as you go through medical school how often this option is used,” Dr. Beddingfield shares.
If you’re one of the lucky ones who can take advantage of support from your family, the benefits for you are clear. Financial support for a medical education doesn’t have to only come in the form of a gift. Some families and sponsors choose to loan the tuition money with the expectation that it gets paid back once the student is a practicing physician.
Lastly, personal savings can’t be overlooked. Tightening up your own expenses and sticking to a modest budget while in medical school will put you in a better position to begin paying back any loans. Some of this lifestyle change will be inevitably come with life as a medical student, according to Dr. Doggett.
“One advantage to being so busy is that there is little time to spend money,” she says. “This is probably a good thing when you’re on such a limited income.”
Invest in your future as a physician
Between scholarships, student loans, and other sources supporting the cost of medical school, you have options when it comes to funding your dream. However, don’t lose sight of what’s most important. Learning how to pay for medical school and the financing available is just one step on the path to a meaningful, challenging, and satisfying career in medicine.
Now that you know the different finance routes available to you, it’s time to start evaluating your program options. Ultimately, your decision should come down to more than cost alone. Learn about what other factors to weigh in our article, “How to Choose a Medical School: 9 Things to Evaluate Before Accepting.”
This article was originally published in March 2018. It’s since been updated to include information relevant to 2024.
