Average Medical School Debt

The medical field is among the most rewarding—and most lucrative—industries. To make the most of your doctor’s salary, be proactive and learn how to tackle your student loans now.

Keep reading for the latest medical school debt data, plus key strategies for getting ahead of your student loans.

Average medical school debt

The Association of American Medical Colleges (AAMC) reports that the average medical school debt balance for students graduating in 2023 was $206,924.

Add that burden to the median undergraduate balance of $27,000, and the total average student loan debt for doctors is $233,924.

Average undergraduate debt

You start your medical education in your undergraduate years. You likely start borrowing student loans then, too. To get a feel for typical undergraduate borrowing amounts, check out these highlights from the College Board’s Trends in College Pricing and Student Aid 2023:

• $27,400: Average total debt for public university students graduating during the 2021 – 2022 school year
• $33,600: Average total debt for private university students graduating during the 2021 – 2022 school year
• $28,840: Average annual cost of attendance for in-state students at four-year, public universities during the 2023 – 2024 school year
• $60,420: Average annual cost of attendance at four-year, private universities during the 2023 – 2024 school year

That means bachelor’s degrees now cost between $115,360 and $241,680, on average. 

These amounts include tuition and fees, room and board, books and supplies, housing and food, and transportation, but it’s still a hefty sum to repay. And if your college charges higher tuition for technical and scientific majors, your loan balance could be even greater.

How long does it take to pay off medical school debt? 

Student loan repayment terms generally vary between 10 and 30 years. Your personal repayment timeline depends on the following:

• How much you owe
• How much you earn
• Your expenses and spending habits
• The amount and frequency of your loan payments
• Your APR
• Your student loan forgiveness eligibility
• Whether you’re on an income-driven repayment plan (IDR)

IDRs can lower your monthly payments, but they can also extend your repayment. Still, if you’re eligible for student loan forgiveness, those elongated terms may be well worth it.

Average time to pay off medical school debt

There aren’t many recent studies that answer this question. However, in 2019, Weatherby Healthcare surveyed 500 physicians who graduated from medical school in 2015 or earlier.

Since then, roughly a third of respondents repaid their student loans. Here’s how long it took:

% of respondents	Repayment timeline
47%	0 – 2 years
27%	3 – 5 years
12%	6 – 8 years
7%	9 – 10 years
6%	10+ years

While these figures may look different for contemporary graduates, it’s telling that most of those who paid off their loans did so soon after finishing medical school. 

Also worth noting? Nearly half of the debt-free respondents attributed their success to regularly making extra payments.

This strategy can significantly reduce your principal loan balance, limiting the impact of compound interest. In turn, you’re more likely to pay less for their loans over time and to get out of debt faster.

How medical students can take on less debt 

Medical school graduates have access to several programs that reduce their indebtedness. 

Repayment assistance programs

The National Health Service Corps Loan Repayment Program offers loan repayment for health professionals who serve in an approved Health Professional Shortage Area (HPSA). Here’s a look at the NHSC’s award amounts:

Practice area	Primary care	Behavioral/mental health/dental care
Service commitment	Two years	Two years
Max. full-time award	$75,000	$50,000
Max. half-time award	$37,500	$25,000
Bonus for Spanish speakers	$5,000	$5,000

To qualify for the Spanish-language proficiency enhancement, you must pass a linguistic competency test.

Read More

How to Pay Off Medical School Debt

If you’re in your last year of medical, nursing, or dental school, you may qualify for another NHSC program. 

The Students to Service Loan Repayment Program (S2S LRP) provides up to $120,000 in loan repayment assistance. In exchange, you must serve 40 hours per week for three years at an approved HPSA.

Other federal programs to reduce medical school debt include:

• Federal Public Service Loan Forgiveness (PSLF)
• ​Indian Health Service Loan Repayment Program
• ​Army Health Professions Loan Repayment Program (HPLRP)
• Air Force HPLRP
• Navy HPLRP

In addition, many states have loan forgiveness programs. For example, physicians participating in the Oregon Partnership State Loan Repayment Program can discharge up to $100,000 of their qualified loan debt for serving between two and four years in an approved HPSA.

Refinancing medical school debt

Medical school graduates who are in residency or are already doctors have the option to refinance medical school debt to save on interest costs. 

A few lenders offer refinancing programs for medical school graduates. These lenders typically offer better rates and higher loan amounts and don’t require full payments during residencies or fellowships.

Ask the expert

Erin Kinkade

CFP®

I recommend researching any programs/grants available in your state. Depending on the state, you could receive grants and/or scholarships that are needs-based or merit-based and may not need to be repaid. Try to line up the financial cost with the expected income at graduation.

Average cost of medical school

According to the AAMC, the average cost in 2024 for a single year of attendance at public medical schools is $52,483. Tuition and fees at private medical schools average $65,453 a year, whether you’re an out-of-state or in-state student. 

Of course, you must also add in books, room and board, and other costs of living to get an idea of the all-in price of a medical education. Many turn to private student loans to cover these expenses.

Read More

Best Medical School Loans

Average physician salaries

AMN Healthcare’s 2024 trend report lists average starting salaries across several specialties. Here are the findings:

Orthopedic Surgery	$633,000
Urology	$540,000
Gastroenterology	$506,000
Radiology	$472,000
Anesthesiology	$450,000
Hematology/Oncology	$440,000
Cardiology	$433,000
Dermatology	$427,000
Pulmonology	$418,000
Obstetrics/Gynecology	$367,000