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Medical Student Resources: Financial Assistance

Paying for medical school is no small feat. According to the Education Data Initiative, the average total cost of medical school is $218,792. The average yearly cost of medical school is $54,698. Total costs vary by institution type and location, ranging from $202,612 (in-state, public school) to $234,976 (out-of-state, private school).

Certain schools and programs offer a tuition-free education. However, administrative costs and living expenses are still the responsibility of the student. Other schools offer partial tuition waivers based on financial need or academic merit.

At PracticeMatch, we understand this burden, so we do the research and work with our partners to help you find scholarships and loan forgiveness programs that you may be eligible to apply for. We offer educational resources and webinars on student loan forgiveness and repayment planning that starts with making choices as early as medical school about where you will apply for residency. This is especially true if you plan on taking advantage of the Public Service Loan Forgiveness Program.

Public Service Loan Forgiveness Program.

The Public Service Loan Forgiveness (PSLF) program was created in 2007 to encourage student loan borrowers to work in Public Service roles. It offers unlimited, tax-free loan forgiveness to borrowers who meet three (3) core program requirements for ten (10) cumulative years:
  • Must have Direct federal loans, Stafford, Grad PLUS or consolidation loan(s)
  • Must use a qualifying repayment plan: Any Income-Driven Repayment plan or a 10-year Standard Repayment Plan
  • Must work full-time for a qualifying organization: Direct employment by any federal, state or local government or agency, or any 501(c)3 organization

Physicians can uniquely benefit from this program because most residency and fellowship programs are 501(c)3 organizations and these years in training can count toward your 10 years of public service, lessening the amount of time you would be required to work for a federal, state or local government or agency, or any 501(c)3 organization after training. Some of these organizations also offer additional student loan assistance in their employment contracts.

When it is time for you to apply for your first attending physician position, be sure to return to the PracticeMatch job board. Our job board allows you to search for jobs that offer student loan assistance in their contracts, as well as 501(c)3 organizations.

Stipends while you are still in training.

Another way to lessen the burden of student loans is to pursue positions that offer stipends while you are still in training. When you sign early, you can negotiate this in your employment contract. Another way physicians can ease the burden of debt is by taking a side job or moonlighting.

Are you looking for ways to make medical school more affordable? Consider the incentive programs offered by these states and organizations to help make your medical school experience more affordable: Oklahoma West Virginia Wyoming Alabama Arkansas Indiana Maine Maryland Mississippi New Mexico US Army US Navy National Health Service Corps

  • Join the Physician Ambassador Program to earn additional income during training;
  • Create your free PracticeMatch profile so you can apply for jobs with a click of a button;
  • Download the Career Fair List so you can save the dates.