Becoming a doctor is expensive. Some 73% of medical school grads have educational debt, according to the Education Data Initiative, with an average four-year medical school debt load of $234,597. That figure doesn’t include undergrad or any other educational debt.
“The cost of medical school (has) increased significantly, with students experiencing tuition increases of over $1,000 per year. Even when accounting for inflation, it’s far more expensive to become a physician now than it was 20 years ago,” says Dr. Jen Brull, president of the American Academy of Family Physicians.
For aspiring doctors who don’t want to be burdened by debt, there are several strategies to offset the cost of medical education during and after med school. Here’s a look at a few.
Maximize Scholarships and Grants
Scholarships and grants offered by universities, nonprofits and private companies can help offset the cost of med school.
Students can find scholarships and grants through searchable databases like the one provided by the Association of American Medical Colleges. However, students should contact their medical school adviser or financial aid office to check their school’s offerings as well.
For example, the Indiana University School of Medicine distributed over $10 million in scholarships last year, according to Dr. Bradley L. Allen, senior associate dean for the university’s medical student education.
Allen says many of IUSM’s scholarships start at matriculation, while others are awarded during the course of a student’s training. Scholarship information is available through the school’s medical student portal.
[Read: How to Attend Medical School for Free.]
The David Geffen School of Medicine at the University of California–Los Angeles has more than 100 medical school scholarships available to students. The school’s scholarship website also links to additional opportunities like L.A. Care’s Elevating the Safety Net Scholarship, which offers full scholarships of up to $350,000 each for eight “community-minded” medical students each year.
Minimize Tuition
Several medical schools go beyond partial scholarship opportunities to cover students’ entire tuition.
For example, each student admitted to the M.D. program at New York University’s Grossman School of Medicine will get a scholarship to cover the full cost of tuition. No application is required to receive the full-tuition scholarship, per the school’s website.
Cleveland Clinic Lerner College of Medicine at Case Western Reserve University in Ohio also offers a full-tuition scholarship to all CCLCM students, per the school’s website. And the Albert Einstein College of Medicine in New York recently announced “free tuition in perpetuity for all medical school students.”
Starting in fall 2024, the Johns Hopkins School of Medicine in Maryland will provide full cost-of-attendance financial aid packages for students whose families earn under $175,000. Those earning less than $300,000 can get scholarships covering the cost of tuition, the school says.
“Some medical schools also offer reduced or free tuition for students who take on teaching assistant roles,” says Vincent Buonocore, associate dean of recruitment, student and alumni services at the University of New England College of Osteopathic Medicine in Maine.
Another option is participating in medical research while in medical school, he says, “which can lead to grants or scholarships, especially in areas of high need like rural health, public health or minority health disparities.”
Consider Work in a High-Need Area
Several programs will help pay for medical school or forgive your debt in exchange for a commitment to work in places where health care providers are needed.
For example, the National Health Service Corps Scholarship Program awards scholarships to cover education or training for students who commit to providing primary care health services in designated Health Professional Shortage Areas for at least two years.
The U.S. military also offers med school scholarship programs, such as the Health Professions Scholarship Program offered by the Army, Navy and Air Force.
“These scholarships cover tuition, fees and a stipend in exchange for service after graduation as military physicians,” Buonocore says.
Look Into Loan Forgiveness or Repayment Plans
There are several options for forgiveness or repayment of your med school loans in return for public service or community work. Here are a few to consider.
State Loan Repayment Program
Several states provide student loan repayment assistance for two to three years for health professionals willing to work in a region with provider shortages. You can search the database of SLRPs to find opportunities in your state.
For example, in 2023, the Hawai?i State Legislature provided $30 million over two years in educational loan debt repayment “to health professionals licensed or otherwise certified to practice in and provide care to patients in Hawai’i.”
“With help from our governor, Josh Green, M.D., this is one of, if not the most, competitive loan repayment programs in the nation, offering up to $50,000 per year in loan repayment for medical professionals looking to serve our state,” says Dr. Sam Shomaker, dean of the University of Hawai?i John A. Burns School of Medicine.
Public Service Loan Forgiveness, Including Peace Corps Service
The Public Service Loan Forgiveness program is a federal student loan repayment plan for professionals working full-time at qualifying nonprofits or government agencies, including internships or residencies at nonprofit or public hospitals. PSLF requires at least 10 years of public service employment, which can include volunteer service in programs like the Peace Corps.
PSLF will forgive the remaining balance on certain federal loans after 120 qualifying monthly payments, which could be as low as $0 per month while volunteering. Starting early can maximize your qualifying payments.
Brull says loan forgiveness programs like PSLF “have become a potential lifeline for individuals struggling with student debt.”
Contact the Department of Education and your student loan servicer to find out if you are eligible for this option.
Get a Signing Bonus
Physicians are in high demand and hospitals and clinics often offer significant signing bonuses to attract and sign new doctors. The average signing bonus for physicians is $31,473, according to a 2024 report from AMN Healthcare.
Allocating part or all of your bonus to help pay student loans can make a substantial dent in your med school debt.
Experts say students should take advantage of any opportunity to cut their debt, particularly after they graduate from medical school.
“Given that the average resident salary is around $60,000, repaying this debt can be challenging,” Buonocore says.
[See: 10 Costs to Expect When Applying to Medical School.]
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5 Ways to Decrease Medical School Costs originally appeared on usnews.com
