How Much Does Medical School Cost In 2024 (Average Cost)

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Embarking on a journey toward a career in medicine is an ambitious and noble pursuit.

However, one crucial aspect that aspiring medical professionals must navigate is the financial commitment involved in attending medical school.

From tuition fees and living expenses to textbooks and clinical training, the cost of medical education is a significant consideration for anyone considering this path.

So here in this article, I have mentioned various factors that contribute to the cost of medical school and shed light on the financial landscape aspiring medical students must navigate.

You will explore not only the direct expenses, such as tuition fees but also the indirect costs associated with pursuing a medical degree.

So without wasting the time, let’s quickly get into it.

How Much Does Medical School Cost: General Statistics

Medical school costs vary, but on average, tuition and fees range from $32,000 to $82,000 per year in the United States.

How Much Does Medical School Cost - Overview

The average cost of medical school ranges from $67,875 to $74,035, as per the U.S. News data.
The cost of medical school has risen around 20% over the past decade.
The overall cost of a four-year medical school, including tuition, fees, and health insurance, can cost students around $155,000 to $250,000.
The U.S. News data states that, on average, the medical school tuition cost for in-state residents at public colleges costs about $33,400.
Private medical school tuition costs roughly $55,400.
Applying to a medical college may cost a few thousand dollars to the applicant.
For out-of-state residents at public colleges, medical college costs around $56,100.
As per the research, around two-thirds of medical students receive scholarships or grants for school.

How Much Does Medical School Cost: Average Cost of Medical Cost

On average, the total cost of medical school ranges from around $33,500 to $56,000.
In-state residents at public colleges tend to have the lowest average medical cost.
Private colleges have the highest average medical cost.
For the year, the annual average tuition for public state residents is $33,384.

Following is the detailed data on the average medical school tuition for the year 2021-2022.

(Source: Association of American Medical Colleges)

Institution Type	Average Annual Tuition
Public, State Residents	$33,384
Public, Nonresidents	$56,136
Private	$55,399

Other than the average tuition, medical students also need to pay other fees like student fees and health insurance.

For instance, students may have to pay the cost of laboratories and study centers, etc.

Health insurance and other fees amount to over $5,000 to $7,000 annually on average.
For four years, students at out-of-state public schools and private schools pay around $100,000 for over four years.

Below I have mentioned the average cost that medical students pay, including health insurance and other fees.

(Source: AAMC)

Institution Type	Average Total Cost Per Year	Average Total Cost For Four Years
Public, State Residents	$38,940	$155,790
Public, Nonresidents	$62,500	$250,020
Private, State Residents	$61,023	$244,093
Private, Nonresidents	$62,540	$250,160

How Much Does Medical School Cost: Most Expensive Medical Schools

The most expensive public school for nonresident students is the University of South Carolina School of Medicine Greenville, with an average cost of $91,599 per year.

Below is the list of the top 10 most expensive public schools for nonresident students.

School Name	Avverage Cost Per Year
University of South Carolina School of Medicine Greenville	$91,600
University of South Carolina School of Medicine Columbia	$91,465
Michigan State University College of Human Medicine	$89,114
Northeast Ohio Medical University	$87,606
University of Illinois College of Medicine	$86,437
University of Utah School of Medicine	$83,332
University of Missouri School of Medicine	$83,154
University of South Dakota Sanford School of Medicine	$81,384
University of Connecticut School of Medicine	$79,973
Oregon Health & Science University School of Medicine	$78,160

The most expensive private medical school is the Geisel School of Medicine at Dartmouth, with an average cost of $73,940.

Let’s have a look at the detailed data on the most expensive private medical schools.

School Name	Average Cost Per Year
Geisel School of Medicine at Dartmouth	$73,935
Hackensack Meridian School of Medicine	$73,580
Columbia University Vagelos College of Physicians and Surgeons	$73,275
Renaissance School of Medicine at Stony Brook University	$73,250 (total cost for nonresidents only)
Tufts University School of Medicine	$73,227
Florida International University Herbert Wertheim College of Medicine	$72,982 (total cost for nonresidents only)
Weill Cornell Medicine	$72,773
Tulane University School of Medicine	$72,672
Rutgers Robert Wood Johnson Medical School	$72,534 (total cost for nonresidents only)
Harvard Medical School	$72,163

How Much Does Medical School Cost: Least Expensive Medical Schools

When talking about the least expensive medical schools, they do not usually charge fees, tuition or health insurance costs.

The least expensive medical school is Tyson School of Medicine, where you need no tuition or any other costs.
The Tyson School of Medicine has waived all four years’ worth of tuition for freshmen from 2020 to 2024.
The medical school at New York University started providing scholarships in 2021–2022, covering the full cost of tuition for medical students.

Here I have mentioned some of the least expensive colleges and the average tuition cost.

Least Expensive Medical Schools	Average Cost
Kaiser Permanente Bernard J. Tyson School of Medicine	$0
Uniformed Services University of the Health Sciences F. Edward Hébert School of Medicine	$0
New York University Long Island School of Medicine	$10,410
New York University Grossman School of Medicine	$10,910
University of Puerto Rico School of Medicine	$19,586
Texas Tech University Health Sciences Center El Paso Paul L. Foster School of Medicine	$21,484
Texas A&M Health Science Center College of Medicine	$21,760
University of Texas Rio Grande Valley School of Medicine	$22,829
University of New Mexico School of Medicine	$22,907
Texas Tech University Health Sciences Center School of Medicine	$24,249

How Much Does Medical School Cost: Cost by Race and Gender

More than 62% of surveyed medical students expected to have a debt of more than $150,000, according to a 2013 study on medical school debt by race.

Compared to the other three races in the poll, black students were the most likely to have this amount of debt. Asians have the lowest likelihood of accruing this debt. The reaction of men and women to predicting high debt levels was nearly equal.

50.2% of Asians said they expected to owe more than $150,000.
Of Hispanics, 57.2% anticipated debt of at least $150,000.
65.1% of White people are expected to owe more than $150,000.
Of Blacks, 77.3% anticipated debt of at least $150,000.
In the Other category, 63.2% of students anticipated debt of more than $150,000.
61.6% of men thought they would owe more than $150,000.
62.5% of females thought they would owe more than $150,000.

How Much Does It Cost To Apply To Medical School?

When you apply to medical colleges, there are application fees that need to be paid by the students. These fees vary for different colleges.

One medical school application costs around $170.
Moreover, other expenses like interviews, testing, and supplemental applications can amount to around $2,000-$10,000.

Here are some of the costs that are essential while applying to medical college.

Medical schools usually require you to take the MCAT to apply for college.

The average cost for registration for the MCAT is around $325.
Various MCAT preparation courses range from $0 to $7,000.

Also, medical students use the American Medical College Application Service to create and submit applications. This service charges a fee of $170 to send your application to your first school and $43 for each additional school.

According to the recent data of 2021, first-year medical students completed, on average, 18 supplemental applications.
The average amount spent by medical students is $1,300 on supplemental applications.
Moreover, three-quarters of first-year medical students stated that they had zero cost for the interview part.
Around 19% of first-year medical students spent $1-$500 on interview costs.
Less than 8% of students said they paid nothing for their interviews in 2019.
About 47% of first-year students spent between $1 and $1,000 for interviews.
The majority of students—nearly half (45%)—spent more than $1,000 for interviews.

Medical School Grants And Scholarships

Medical school grants and scholarships are essential factors as the overall cost of medical colleges is usually high. Here are some insights into medical school grants and scholarships.

According to the data from 2019, 62% of medical students got grants and scholarships for their education.
Students in private schools generally receive more funding than those in public schools.
The median four-year scholarship amount awarded by public medical schools is $16,000.
The average private four-year scholarship amount awarded by the private school is $40,000.
The percent of medical students from public schools who received a scholarship award over $100,000 is 12%.
The percent of medical students from private schools who received a scholarship award over $100,000 is 27%.

Average Cost Of Medical School Over Time

Over the last ten years, the medical cost of medical schools has risen by around 20%.

Plus, between 2013 to 2021, the cost of medical school has increased drastically.

Following is the overall cost increase between 2013 to 2021 for different schools.

Type Of School	Percent Of Increase
State residents at public schools	23%
Non-residents at public schools	15%
State residents at private schools	21%
Non-residents at private schools	20%

The average tuition for medical school in 2013 was $47,233.
Similarly, in 2021, the average cost of medical school was $56,255.

Following is the average cost of medical school tuition from 2013 to 2021.

Year	The Average Cost Of Medical Schools (All School Types)
2013	$47,233
2014	$48,702
2015	$50,337
2016	$51,523
2017	$53,000
2018	$54,348
2019	$54,921
2020	$55,027
2021	$56,254

Following is a detailed breakdown of the median cost of medical schools in the USA, including tuition, fees and health insurance.

Year	Public Resident	Public Non-Resident	Private Resident	Private Non-Resident
2010-2011	$26,532	$47,738	$44,594	$45,980
2011-2012	$28,608	$50,773	$46,456	$48,046
2012-2013	$30,192	$52,893	$48,292	$49,898
2013-2014	$31,450	$54,654	$50,475	$52,092
2014–2015	$32,554	$56,150	$52,155	$53,691
2015-2016	$33,895	$57,834	$53,968	$55,398
2016-2017	$34,594	$58,740	$55,587	$56,912
2017-2018	$35,704	$60,141	$57,194	$58,709
2018-2019	$36,755	$60,802	$59,076	$60,474
2019-2020	$37,556	$61,858	$60,665	$62,230

How Much Does Medical School Cost: Additional Cost

Other than the direct costs, there are some indirect costs that are included when you consider pursuing a medical degree. These mostly include room and living, books and supplies, and various personal costs.

Here is a case study of Ohio state university that provides an idea of the additional cost.

Category	Estimated Cost
Tuition and fees	$33,502
Room and board/living	$13,066
Books and supplies	$1,082
Miscellaneous/Personal	$3,832
Total	$51,482

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Conclusion: How Much Does Medical School Cost In (2024)

Understanding the costs associated with medical school is a vital step for anyone considering a career in medicine.

By being well-informed and proactive, aspiring medical students can make educated decisions about their education and financial planning.

Pursuing a medical degree is undoubtedly challenging, but with careful consideration, financial support, and effective budgeting, the path to becoming a physician can be navigated successfully.

Remember, your dedication and passion for healthcare can pave the way for a fulfilling and impactful career, regardless of the financial challenges along the way.

I hope this article gave you complete stats and data on the average cost of medical college.

What are your thoughts on this? Let us know in the comment section below.

FAQs

Is medical school expensive?

Medical education is expensive. For in-state students attending a public university, the annual tuition for medical school is approximately $33,400. That is more than 3.5 times as expensive as the typical undergraduate annual tuition at a public four-year institution.
The tuition at private medical schools and public institutions is often more for out-of-state students than it is for students from the same state.
Between $155,000 and $250,000 is typically spent on tuition, fees, and health insurance throughout the course of four years of medical school.

Is the cost of medical school worth it?

Despite the high cost of medical school, doctors can make a lot of money. In the United States, the majority of doctors and surgeons earn more than $200,000.
Grants and scholarships can be used to offset some of the expenses and debt associated with attending medical school.

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Alvin Parker

Hey, I'm Alvin and I grew up in Venice, California. I'm on a mission to help people to choose the right online learning platforms and courses. As of now, I'm exploring new eLearning platforms, courses and sharing my findings on ProsperityforAll.