The Cost of Medical School in 2026

Last updated: July 2026.

The cost of medical school continues to climb. According to the most recent data from EducationData.org, tuition and fees increase by roughly $1,500 per year. That means a four-year medical degree in 2026 can cost anywhere from $298,000 to $408,000 in total cost of attendance, depending on whether you attend a public or private institution and where you live.

And that’s before you’re even accepted.

Every year, students ask us: “How much does it cost to apply to medical school?” and “Do medical schools cover interview travel?”

But the true medical school cost involves more than just tuition. It includes application fees, living expenses, exam costs, and years of loan repayment after graduation.

So what is the actual cost of medical school in 2026? What’s the average medical school debt now? And how do the new federal loan caps under the One Big Beautiful Bill Act change your financial planning?

Our admissions consulting team at International Medical Aid analyzed the latest AAMC data, 2026 federal policy changes, and current tuition figures to bring you a complete picture. If you’re still in the early stages of planning your path, you can use the IMA Pathfinder admissions calculator to get a realistic sense of where you stand before factoring in cost.

Medical School Costs in 2026: Tuition and Fees

As of the 2025-2026 academic year, the average annual cost of medical school reached $61,110, up 2.33% from the prior year. Median tuition and fees, according to the AAMC, break down as follows:

• Public (in-state): $42,648 per year (median tuition and fees)
• Public (out-of-state): $63,590 per year
• Private: $74,661 per year (median tuition and fees)

When you look at the full four-year cost of attendance, the AAMC reports these median figures for the Class of 2026:

• Public medical school (4-year COA): $297,745
• Private medical school (4-year COA): $408,150

Annual tuition alone ranges from under $25,000 at some state schools to over $100,000 at the most expensive programs. Northeast Ohio Medical University, for example, charged nonresidents $102,657 in the 2025-2026 academic year. Add in the USMLE exam series, mandatory health insurance, and technology fees, and that price tag grows quickly.

You’ll also need to account for living expenses, which add another $20,000 to $40,000 per year depending on location. For a closer look at how tuition has shifted over time, see our breakdown of medical school tuition trends.

Tuition-Free Medical Schools in 2026

Several schools are now offering tuition-free or substantially reduced-tuition programs:

• NYU Grossman School of Medicine continues to waive tuition for all MD students. For the 2025-2026 year, the full-tuition scholarship is valued at $64,250 per student, with an additional $7,016 in health insurance coverage.
• Albert Einstein College of Medicine became tuition-free in perpetuity beginning August 2024, following a $1 billion gift from Ruth L. Gottesman. Every MD student now has tuition and fees fully covered.
• Kaiser Permanente Bernard J. Tyson School of Medicine is waiving tuition and fees for its first seven cohorts, covering students who enroll through fall 2026. Its status beyond 2026 enrollment has not been confirmed.
• Alice L. Walton School of Medicine (AWSOM) in Bentonville, Arkansas, welcomed its inaugural class of 48 students in July 2025. Tuition is free for the first five graduating cohorts (2029 through 2033).
• Cleveland Clinic Lerner College of Medicine (CCLCM) offers a five-year tuition-free program for students conducting research.
• Johns Hopkins School of Medicine now offers free tuition to medical students from families earning less than $300,000 per year, thanks to a $1 billion gift from Bloomberg Philanthropies. Living expenses are also covered for students with family incomes below $175,000.
• Weill Cornell Medicine, Columbia Vagelos, UCLA DGSOM, and Washington University in St. Louis provide generous need-based aid that can result in tuition-free attendance.

Want to learn how to get in? Check out our guides:

• How to Get Into Columbia Medical School
• How to Get Into Kaiser Permanente School of Medicine
• How to Get Into Case Western Medical School

Are Free Medical Schools Really Free?

Not exactly. While tuition may be covered, you’ll still need to budget for:

• Room and board (~$18,000/year)
• Health insurance ($2,000–$4,000/year)
• Transportation
• Exam and application fees
• Personal expenses

Some students receive full cost-of-attendance scholarships, but most still cover living expenses through work, family support, or loans. For more on scholarship opportunities, see our guide to top medical school scholarships and how to get them.

How to Get Into a Tuition-Free Medical School

These schools are among the most competitive in the country. For example, NYU Grossman’s incoming class had a median MCAT of 523 (range: 516 to 527) and a median undergraduate GPA of 3.98. Out of 8,271 applicants, 208 were accepted, an acceptance rate of roughly 2.5%.

That said, all of them use holistic review, meaning your personal statement, letters of recommendation, and clinical experiences play a huge role. If you’re unsure what score you need for competitive programs, our breakdown of what MCAT score you need to get into medical school is a good starting point.

Our team at IMA has helped many students earn acceptances and scholarships at these top programs. See what’s possible with our Medical School Admissions Consulting.

Average Medical School Debt in 2026

According to the AAMC’s most recent data (Class of 2025), the average medical school debt has risen to:

• $246,659 (combined undergraduate and medical school debt)
• $223,130 (medical school debt alone), up 5% from the prior year

Debt also varies by school type. Class of 2025 graduates who attended a public medical school carried an average of $210,147 in total education debt, a 3% increase. Private school graduates carried $244,964, up 8%.

While debt remains high, 70% of 2025 medical school graduates carry education loan debt, meaning 30% graduated without it, largely due to scholarships, military service, and tuition-free programs.

Debt also influences career decisions. According to EducationData.org, 25.4% of 2025 graduates reported that their education debt had a strong-to-moderate influence on their choice of specialty.

One Big Beautiful Bill Act: New Federal Loan Caps for Medical Students

The most significant financial change facing medical students in 2026 is the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025. This legislation eliminates the federal Grad PLUS loan program and imposes new caps on borrowing. Here is what it means in practical terms.

What Changed on July 1, 2026

Beginning July 1, 2026, federal Direct Unsubsidized Loans for graduate and professional students are capped at $50,000 per year and $200,000 in total for professional programs, including medical school. The aggregate borrowing limit, including any undergraduate loans, is $257,500. The federal Grad PLUS loan program is no longer available to new borrowers.

For context, a private medical school with a four-year cost of attendance of $408,000 leaves a gap of more than $200,000 that federal loans alone cannot cover. Even public school students may face shortfalls, depending on their living costs and existing undergraduate debt.

Who Is Grandfathered In

Students who were already enrolled in medical school and had taken out a federal Direct Loan before July 1, 2026, may continue borrowing through the Grad PLUS program. This exception applies either until graduation or for up to three academic years, whichever comes first, provided certain conditions are met. If you enrolled before the cutoff, check with your financial aid office to confirm your eligibility.

New Repayment Plans Under the OBBBA

Most existing income-driven repayment (IDR) plans, including PAYE and what was formerly REPAYE (the SAVE plan, currently blocked by courts), are being phased out by July 2028. For new borrowers, repayment options will be streamlined to two plans:

• Tiered Standard Plan: Fixed repayment terms between 10 and 25 years, based on the amount borrowed. Loans of $100,000 or more will be repaid over 25 years.
• Repayment Assistance Plan (RAP): This will serve as the only income-driven repayment plan for new borrowers, with up to a 30-year repayment term for medical school debt. RAP will also be the only plan eligible for Public Service Loan Forgiveness (PSLF) for new borrowers.

These changes mean that students entering medical school in fall 2026 and beyond need to plan their finances differently than any prior cohort. The era of borrowing whatever your cost of attendance required through federal programs is over.

What This Means for Private Loans

With federal loan limits now capped well below the cost of most medical programs, many students will turn to private lenders or institutional financing to cover the gap. Private loans typically carry variable or higher fixed interest rates, fewer borrower protections, and no eligibility for PSLF. Compare terms carefully, check your credit score in advance, and consider whether a cosigner can help you secure more favorable rates.

Some medical schools are responding by expanding institutional loan programs, increasing internal scholarship awards (especially for students entering primary care or underserved-area commitments), and offering work-study opportunities. Ask your financial aid office specifically what the school is doing to help students affected by the new federal caps.

Estimate What Your Debt Will Cost to Repay

Given the new repayment landscape, understanding your monthly obligations before you borrow is more important than ever. Use the IMA Student Loan Repayment Calculator to model different scenarios based on your expected debt, interest rate, and repayment timeline. You can compare what a 10-year standard plan looks like versus a 25-year tiered plan, or estimate how PSLF might reduce your total payments if you plan to work in a qualifying public service role.

Running these numbers before you commit to a school can help you make a more informed decision about which offer to accept and how much private borrowing you can realistically manage.

How Long Does It Take to Pay Off Medical School Loans?

Here’s what repayment looks like in 2026:

• Standard 10-Year Repayment: At the current federal graduate loan rate of 8.07% (for loans disbursed in 2026-2027), a borrower with $223,000 in debt would pay roughly $2,700 per month.
• Tiered Standard Plan (new): Fixed payments over 10 to 25 years, depending on total amount borrowed.
• Repayment Assistance Plan (RAP, new): Income-driven payments for up to 30 years; the only IDR plan available to new borrowers and the only one eligible for PSLF.
• Public Service Loan Forgiveness (PSLF): Forgives remaining federal loan balance after 120 qualifying payments while working for an eligible public service employer. Among 2025 graduates, 57.6% intended to pursue federal student loan forgiveness, and of those, 88.5% planned to apply for PSLF.
• Average payoff time: Approximately 13 years (as of 2025 estimates).

One additional detail worth noting: beginning July 1, 2026, federal student loan borrowers enrolled in auto-pay are eligible for a 1% interest rate reduction. Borrowers who enroll in auto-pay by September 30, 2026, or who are already enrolled, will benefit from this reduction through June 30, 2028, according to the U.S. Department of Education.

Current Federal Loan Interest Rates

Federal loan interest rates for graduate students have increased in recent years. Here are the current figures:

• Direct Unsubsidized Loan (Graduate), 2025-2026: 7.94%
• Direct Unsubsidized Loan (Graduate), 2026-2027: 8.07%
• Direct PLUS Loan (for grandfathered borrowers), 2025-2026: 8.94%
• Direct PLUS Loan, 2026-2027: 9.07%

Federal origination fees for the 2026-2027 academic year are 1.057% for Stafford loans and 4.228% for Graduate PLUS loans (applicable only to grandfathered borrowers). These fees are deducted from your disbursement, so the amount you actually receive is slightly less than the amount you owe.

Other Major Medical School Expenses

Outside of tuition, here’s what you’re likely to spend each year:

• Room & Board: $17,000–$24,000
• Books & Supplies: $1,500+ in Year 1, lower after
• Health Insurance: $1,800–$2,800/year
• Transportation: $1,000–$5,000 depending on location
• Personal Expenses: $2,000–$6,000
• USMLE Exam Fees: $695 per exam for Steps 1 and 2 CK (2026 rates); Step 3 is $995
• Immunizations & Background Checks: ~$500–$800

Every school provides a Cost of Attendance breakdown, so be sure to review the full financial picture before enrolling. If you’re still preparing your application, our guide on what to know before getting into medical school covers the broader decision-making process.

Medical School Application Costs

Even before you get in, you’ll spend between $5,000 and $10,000 or more applying, depending on how many schools you target. Aspiring medical students applied to an average of 19.5 schools for the 2025-2026 academic year. Here’s how costs break down:

• MCAT Registration: $345
• MCAT Prep Courses: $400–$6,000
• Primary AMCAS Fee (2027 cycle): $180 + $48 per additional school
• Secondary Application Fees: $75–$150 per school
• Transcript and Recommendation Fees
• Interview Travel and Attire: $500–$3,000 (virtual and hybrid formats may reduce this)

If you qualify, apply for the AAMC Fee Assistance Program, which can cover MCAT registration (reducing the fee to $140) and some AMCAS fees.

Pre-Med Internships Matter (and Can Save You Money)

Compelling pre-med experiences can increase your odds of winning scholarships and gaining early acceptance. In a cycle where medical school cost is a growing concern, a strong application can open doors to merit-based aid that meaningfully reduces your debt.

Programs like IMA’s Pre-Med Internships offer:

• Verified physician shadowing
• Public health education
• Community clinic volunteering
• Global health immersion

These structured clinical hours not only strengthen your application; they also show scholarship committees that you’re serious, responsible, and prepared. For more on what admissions committees actually look for, see our clinical experience matrix.

Residency Interview Costs

The cost of residency interviews ranges from roughly $400 to $7,000, with a median of approximately $3,000, according to data reported to the AAMC by medical schools.

The AAMC has also simplified the ERAS fee structure for the 2026 season. The cost for the first 30 programs per specialty is $11 per application. If you apply to more than 30 programs in a given specialty, additional applications cost $30 each.

The AAMC continues to recommend virtual interviews for both medical schools and residency programs. You can save money by:

• Booking flights early
• Bundling interviews in the same region
• Staying with friends or family
• Using virtual interviews where possible

Financial Aid Offices: What to Ask

When visiting a med school’s financial aid office, ask:

• What’s the average debt at graduation for your most recent class?
• Do you offer institutional loans or need-based scholarships?
• How is your school helping students cover the gap now that Grad PLUS loans are no longer available?
• What is the estimated cost of living for your program?
• Can students work part-time during school?
• Are emergency grants or support services available?

Given the new federal loan limits, these questions are more important than they have ever been. Schools that have already expanded institutional financing or increased scholarship awards will be significantly more affordable for students who cannot rely on family resources.

Financial Strategies for Incoming Medical Students in 2026

The financial landscape for medical students has shifted significantly. Rising tuition combined with hard federal loan caps means prospective and current medical students must be financially strategic from day one. Here are the most important steps to take.

Start with FAFSA and CSS Profile submissions each year. Schools may bundle tuition, health insurance, and living expenses. Carefully review their cost-of-attendance estimates and ask your financial aid office to provide detailed breakdowns. Do not assume the sticker price is what you will pay.

Apply broadly for scholarships. National awards like the AMA’s Dr. Herbert W. Nickens Scholarship and school-specific institutional scholarships can meaningfully reduce your reliance on high-interest private loans. Many schools are highlighting these opportunities more prominently now that federal borrowing is capped.

Be proactive about repayment strategy before residency. With the shift from traditional IDR plans to the new Repayment Assistance Plan, maintaining a modest monthly payment before residency can limit long-term interest growth. Public Service Loan Forgiveness remains intact; 120 qualifying payments while working in an eligible public service role can eliminate federal debt. Track your employment status and make sure your employer is PSLF-eligible from the start.

Compare private lenders carefully if you need to borrow beyond federal limits. Rates can differ based on credit history, cosigner availability, and payment flexibility. Check your credit score well in advance.

Consider the full financial picture when choosing a school. A school that costs $30,000 more in tuition but offers a stronger scholarship package or a lower cost of living may actually result in less total debt. Run the numbers using a loan repayment calculator before making your final decision.

First-year residents earned a median stipend of $66,986 in 2025 (AAMC preliminary data). That means your monthly loan payments during residency will take up a significant share of your take-home pay. The less you borrow now, the more flexibility you will have later.

How the 2026 Loan Changes Affect Specialty Choice

Higher debt levels have always influenced specialty decisions, and the new federal loan caps will likely intensify that pressure. When students must supplement federal loans with private borrowing that does not qualify for PSLF, the financial calculus of choosing a lower-paying specialty becomes more difficult.

That said, several factors can offset this. Students who attend schools with strong institutional aid, who secure merit scholarships, or who commit to service in underserved areas may still find that primary care, pediatrics, or family medicine are financially viable paths. Loan repayment assistance programs (LRAPs) offered by states, the National Health Service Corps, and individual institutions remain valuable tools.

The important thing is to make these calculations early, not during fourth year when Match decisions are already underway. If you’re still in the pre-med phase, understanding the financial realities of medical school cost now will help you plan a path that aligns both your clinical interests and your financial health.

Frequently Asked Questions

What is the average total cost of medical school in 2026?

According to the AAMC, the median four-year cost of attendance for the Class of 2026 is $297,745 at public medical schools and $408,150 at private medical schools. These figures include tuition, fees, health insurance, and estimated living expenses. Actual costs vary by school, location, and individual circumstances.

How much is the average medical school debt for recent graduates?

The AAMC reports that Class of 2025 graduates carried an average of $223,130 in medical school debt alone. Including undergraduate debt, the average rises to approximately $246,659. About 70% of graduates carry education loan debt; 30% graduate without it, typically through scholarships, military service, or tuition-free programs.

Can I still get federal Grad PLUS loans for medical school?

Only if you were already enrolled and had taken out a federal Direct Loan before July 1, 2026. The One Big Beautiful Bill Act eliminated Grad PLUS loans for new borrowers effective that date. New students are limited to $50,000 per year and $200,000 total in federal Direct Unsubsidized Loans for professional programs.

Is Public Service Loan Forgiveness still available for doctors?

Yes. PSLF remains intact. After 120 qualifying monthly payments while working full-time for an eligible public service employer, your remaining federal loan balance is forgiven. Under the new repayment structure, the Repayment Assistance Plan (RAP) is the only plan eligible for PSLF for new borrowers.

Are there medical schools that are completely tuition-free?

Several schools waive tuition entirely, including NYU Grossman, Albert Einstein College of Medicine, Kaiser Permanente Bernard J. Tyson School of Medicine (through 2026 enrollment), Cleveland Clinic Lerner College of Medicine, and Alice L. Walton School of Medicine (first five cohorts). However, students still pay for living expenses, insurance, and exam fees at most of these programs.

Still unsure about your next step? Our expert advisors at International Medical Aid can help you build a strategy, find funding, and earn acceptances that fit your budget.

Let us help you become the physician you were meant to be without drowning in debt.