Before going to medical school, students need to complete an undergraduate degree. This means the typical med student lives with 8 years of student loan costs before they graduate – loans that are already accruing interest.
Many students enter medical school with significant student loan debt from their undergraduate degrees.
Medical school student loan statistics
- The average medical school graduate in the USA pays a total of $273,000 to pay off their student loans (including interest)
- Compared to the average college graduate, medical school graduates have 7 times as much student loan debt
- On average, medical school graduates owe $250,990 in student loan debt
- $202,450 of this is from medical school alone
- The remaining $48,540 comes from undergraduate degrees and the interest accrued on these loans
- Before even entering medical school, 43% of students have student loan debt
- Upon graduating, 73% of medical school graduates have student loan debt
- For comparison, the average debt from medical school for Canadian graduates is $15,820 (in USD)
- To apply for medical school in the first place costs an average of $2,800 per application
- Academic counselors recommend applying to 4 or more schools – at a combined cost of more than $10,000 – to have the best chance of being accepted
Average medical school debt over time
- The average medical school student loan debt was 15 times higher in 2018 than it was in 1978
- Since 1978, there has been a 1404% increase in the average student loan debt of medical school students
- Adjusted for inflation it was 4 times higher in 2018 than in 1978
- For each of the last 4 decades, the has seen a smaller percentage increase. However, these increases are still substantial
| Year | Avg. debt | Decade on decade % increase | Avg. debt adjusted for inflation |
| 1978 | $13,500 | – | $64,400 |
| 1988 | $38,500 | 185% | $99,200 |
| 1998 | $85,200 | 121% | $157,100 |
| 2008 | $154,600 | 81% | $218,300 |
| 2018 | $203,000 | 31% | $239,700 |
Percentage of advanced degree holders who believe their degree was worth the cost
- Despite the high cost of medical school, 58% of medical graduates believe their degree is worth the cost
- This is the second-highest approval rating of any degree behind only a PHD
- And compares very favorably to law school graduates where less than a quarter of graduates believe their degree was worth the cost
| Degree type | % satisfied |
| P.Hd. | 64% |
| Medical degree | 58% |
| Master of science | 49% |
| Master of art | 45% |
| Master of business | 42% |
| Law degree | 23% |
Re-paying medical school debt
- The average medical doctor ends up paying between $135,000 and $440,000 to completely pay of their student loan
- Between $135,000 and $254,000 of this is estimated to be interest repayments on the original amount borrowed
- With a 6.5% interested rate, the balance of a student loan can grow quickly despite borrowers making regular payments
- To pay off their student loan within 10 years, the average medical school graduate must pay $27,360 per year – monthly payments of $2,280
- The average medical school graduate in the USA pays a total of $273,000 to pay off their student loans (including interest)