Compare the Sallie Mae® Medical School Loan to the Federal Direct Grad PLUS Loan. It can be a good alternative and, if you’re highly qualified, you may receive a lower interest rate.footnote 2
How much does medical school cost?
When thinking about how you’ll pay for medical school, make sure you have all the associated costs lined up to know how to budget accordingly.
Since prices can vary depending on the institution type and location of the school, the total cost of medical school can range anywhere from $161,972 for an in-state, public school to $264,704 for an out-of-state, private school.footnote 1 The average total cost of medical school is $235,827 (which typically takes 4 years to complete), with an average yearly cost of $58,968.footnote 1
Beyond the sticker price of school programs there are other costs to consider, such as: application fees, deposit fees to hold accepted students spots, test fees, interview and travel costs, books, and medical instruments.footnote 1
If you’re overwhelmed looking at the numbers, there are a lot of tools to help you plan and pay for your higher education without getting you into more debt than you can handle.
Make a plan to pay for medical school
Using a 1-2-3 approach to paying for medical school can help you control costs.
2. Explore federal student aid. The Free Application for Federal Student Aid (FAFSA®) may help you get federal loans and grants for medical school as well as aid from your college and state, if it is available.
3. Consider a private student loan for medical school. If you still need help paying for medical school, you can apply for a private medical school loan to cover those costs.