The Average Cost of Attending a US Medical School

It’s no secret that medical school in the U.S. can be expensive. For the 2022–2023 school year, the average cost of medical school is $57,574 per year. Unfortunately, prices are only going up; Between 2013 and 2023, rates have increased by an average of 2.6% per year for privately-owned medical schools and 2.3% per year for public medical schools. To help prepare prospective students for the significant potential financial of pursuing this type of education, MoneyGeek utilized statistics from the American Association of Medical Colleges’ (AAMC) most recent report to explore the cost of attending medical school.

Pursuing a medical profession, whether as a physician, surgeon or any other type of practitioner, can be costly. Before enrolling, it’s important that you understand the various expenses involved.

The cost of medical school may vary widely depending on certain factors, including the type of school and the student’s resident status. Private medical schools tend to charge more than public medical schools. Additionally, students who are state residents can expect lower costs than out-of-state students.

According to the AAMC, the average annual cost of medical school for an in-state student enrolled in a private school in the 2022–2023 academic year is $62,570. Meanwhile, out-of-state students pay an average of $64,103 per year.

The cost of a medical degree in private schools has been rising throughout the decade, with the exception of the 2020–2021 average for out-of-state students, which showed a slight decrease from the prior school year. Over time, the average cost has shown a 2.6% increase per year since 2013.

The 2022–2023 school year recorded the highest average costs for both resident and nonresident students at $62,570 and $64,103 per year, respectively. In comparison, in-state students tend to pay $1,533 less than out-of-state students.

The maximum reported cost of medical school is $76,609 for both resident and nonresident private school students for the 2022–2023 school year.

Source: AAMC Tuition and Student Fees Reports

Generally, attending a public medical school is cheaper than attending a privately-owned institution. In-state students also tend to pay less than out-of-state students. For the 2022–2023 school year, the average annual cost of medical school is $39,905 per year for residents and $63,718 per year for nonresidents.

Average costs for both in-state and out-of-state students in public medical schools have been on the rise since 2013, with the exception of the 2020–2021 school year, when the average for out-of-state students dropped slightly. Between 2013 and 2023, the average cost increased by 2.3% per year.

Current average rates for residents and nonresidents are the highest they’ve been in the past 10 academic years. On average, out-of-state students pay $63,718 per year — that’s 59.7% more than the average of $39,905 per year for in-state students.

It’s important to keep in mind that the actual of attending a public medical school will vary depending on your chosen institution. The maximum annual cost recorded for the 2022–2023 school year is $61,054 for residents and $94,364 for nonresidents.

Source: AAMC Tuition and Student Fees Reports

The average cost of medical school has increased every school year since 2013, with the exception of the 2020–2021 school year; that year, costs decreased by 2.5% for public universities. Between 2013 and 2023, the average cost of medical school increased by 2.6% per year for privately-owned institutions and 2.3% per year for public schools.

Source: AAMC Tuition and Student Fees Reports

Similar to getting a college education, there are various fees involved in medical school. But the highest expense for a medical student is tuition, which is the amount schools charge for classes. Tuition varies from college to college. Whether you attend a public or private school and whether you’re a resident or nonresident can dramatically impact your tuition costs.

The average tuition for private medical schools for 2022–2023 is $56,680 per year for in-state students and $58,166 per year for out-of-state students. That means nonresidents pay an average of $1,486 more per year.

The average annual cost of tuition for private medical school students in the 2022–2023 school year is $56,680 for residents and $58,166 for nonresidents. These are the highest average rates for each type of student over the past 10 years. Since the school year 2013–2014, tuition in private institutions has been rising.

Source: AAMC Tuition and Student Fees Reports

The minimum cost of tuition is $0, which is usually the case for students with scholarships and grants. Meanwhile, the maximum cost for the school year 2022–2023 is $69,160 per year for in-state and out-of-state students.

Resident students in public medical school are projected to pay an average of $23,268 less in tuition than nonresidents during the 2022–2023 school year. The average tuition in public medical schools is $34,297 if you’re an in-state student and $57,565 if you’re an out-of-state student.

Public medical schools typically charge less than private schools. On average, in-state students at public medical schools pay $34,297 per year for the school year 2022–2023, and out-of-state students pay an average of $57,565. AAMC data shows that the average rate for in-state students has been consistently growing each year, with the 2022–2023 school year’s rates being the highest yet. The same can be said for out-of-state students, with the exception of the 2020–2021 school year.

Source: AAMC Tuition and Student Fees Reports

Based on the latest report, the maximum cost of tuition for resident students at public universities is $57,936 per year. Out-of-state students can expect to pay up to $92,928 per year for tuition in a public medical school.

Aside from tuition, medical students also need to pay a broad range of other school-related expenses and fees. Depending on the school, student fees may vary. Some of the most common fees include:

• Orientation fees
• Student union fees
• Student council fees
• Library fees
• Parking facility fees
• Recreational facility fees
• Administrative fees
• Laboratory fees
• Health and wellness fees

When choosing a school, it’s also important to make sure you’re aware of their unique fees and how much those could contribute to your overall medical school costs.

Based on student fees for the 2022–2023 school year, resident students pay about $2,209 per year on student fees. Meanwhile, nonresidents pay an average of $2,241 per year. That’s a difference of $32. Year-over-year, rates have increased by 10.6% for students attending in-state schools and 10.7% for those at out-of-state schools.

Source: AAMC Tuition and Student Fees Reports

Both in-state and out-of-state students in private medical schools can expect student fees as low as $0 and as high as $10,863.

Over the last decade, students in public institutions tended to be charged more student fees than those enrolled in private medical schools. For the 2022–2023 academic year, medical students in public schools pay an average of $2,783 per year in an in-state school and $3,262 per year in an out-of-state school.

However, students attending in-state public medical schools tend to pay less than those enrolled in out-of-state schools. For the school year 2022–2023, the average cost of student fees for resident students is $389 cheaper than the average for nonresidents.

Rates vary per year. In comparison, the latest average cost of student fees for in-state students is 0.6% more expensive than the prior school year. On the other hand, the current average for out-of-state students is 7.9% cheaper than the previous academic year.

Source: AAMC Tuition and Student Fees Reports

Depending on the chosen school, public school medical students can expect student fees ranging from $0 to $27,276 per year for residents and $0 to $31,064 for nonresidents.

Another medical school expense to take note of is health insurance. The AAMC requires medical students to have an active health insurance policy. Specifically, a medical student must have coverage for the whole year.

Most medical schools, especially state schools, offer policies to their students. Per the AAMC, these school-sponsored health insurance policies are required to provide coverage for pre-existing conditions, offer prescription drug coverage and include lifetime coverage limits based on the cost of a major or catastrophic disease. They should also allow students to purchase additional coverage for their dependents, spouses and domestic partners at a market-value cost.

Additionally, the AAMC also requires medical schools to offer sufficient liability and disability insurance coverage.

The average health insurance cost for the 2022–2023 school year in public medical schools is $3,060. The average cost in private schools is $3,750. That’s a difference of $690 per year.

Students attending in-state public schools pay an average of $3,017, 5.6% higher than the prior school year. Those in out-of-state public schools pay $3,102 on average, a 7.4% increase from the previous academic year.

Meanwhile, health insurance in private schools costs an average of $3,741 per year for residents and $3,758 per year for nonresidents. These costs are 1.5% (residents) and 1.4% (nonresidents) higher than the average for the 2021–2022 school year.

Since the school year 2013-2014, the cost of health insurance has been increasing for both public and private schools.

Source: AAMC Tuition and Student Fees Reports

Medical students can expect to pay as high as $6,966 per year in public schools and $7,138 per year in private schools for health insurance.

In addition to fees associated with attending medical school, there are also costs associated with applying to medical school: perhaps the most expensive being taking the Medical College Admission Test (MCAT). Below, MoneyGeek outlines the fees associated with taking this key exam.

The cost of medical school can be high, but knowing what to expect can help you compare your options and prepare for possible expenses. MoneyGeek listed the most commonly asked questions to help you better understand medical school costs.

There are various factors you need to consider if you plan on pursuing a medical profession. Finding helpful resources can help you with your financial decisions.

• Medical School Financial Aid: Financial aid can help you address the cost of medical school. Learn the different options you can choose from.
• Federal Student Loans Guide: To help students fund their education, the federal government offers loans with lower interest rates and more flexible payment terms. Use this guide to learn more about federal student loans, including the different types available and their eligibility requirements.
• Low-Income Student Resources: For students struggling with basic needs insecurity, finding the right support is vital. This guide provides insights into different resources and programs available to students based on their needs.
• Best Medical School Loans: Many students use student loans to pay for the cost of medical school. MoneyGeek compares and ranks the best medical school loans to help you get started with your search.
• Student Loan Forgiveness: Find out the differences between student loan forgiveness, cancellation, discharge and repayment plans. Learn the right steps to take for each option.