Financing Medical School
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 as 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 a major impact on lifestyles or career choices.
Helpful links related to financial aid
- AAMC: Financial Aid
- AAMC: Paying for Medical School
- AAMC: Medical Student Education Debt, Costs, and Loan Repayment Fact Card
- AAMC: You Can Afford Medical School
- "Can Medical Students Afford to Choose Primary Care? An Economic Analysis of Physician Debt Repayment," by James A. Youngclause, et al: Academic Medicine: January 2013-Volume 88-Issue 1-p 16-25.
- Geisel Financial Aid Office (See especially the "Outside Sources for Scholarships, Grants, and Loans" document—a potentially helpful resource no matter where you attend medical school).
- Podcast of 1/28/15 Meeting with Dino Koff. Financial Aid Director, Geisel School of Medicine
- Scholarships & Resources for Native American and Alaskan Native Students: Scroll down to the Medical and Health Scholarship section for information about health professions scholarships/grants.
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!