For the 2008-09 school year, according to the "New England Journal of Medicine," the median cost of attending medical school for in-state students was $44,390 at public universities and $62,243 at private universities. That's for one year. For out-of-state students, costs were considerably higher at public schools. At a top school such as Harvard Medical School, the total cost for one year of medical education, including room and board, was roughly $70,000 in 2010-11.
Although financial assistance is available at most schools, in 2006-07, only about 20 percent of it consisted of scholarships and grants that did not need to be repaid. The rest was made up of different types of loans, most of which were not subsidized by federal or state government. Compounding the problem is the increasing size of medical school classes without a corresponding rise in financial aid.
Medical student debt is skyrocketing, and it isn't limited to the cost of graduate education. According to the AAMC, about 37 percent of students entering medical school in 2003 carried over debt from their undergraduate education. Among these students, the average debt carried over from a public college was $16,000, and it was $17,000 for graduates of a private school. Even students who enter medical school unencumbered by past debt find it necessary to carry a large proportion of loans to fund their medical education, and the interest on those loans accrues over time. And more students are entering medical school with families to support in addition to themselves, making it necessary to borrow more money.
The high cost of a medical education tends to discourage low-income students from pursuing a medical degree. The students who persevere tend to gravitate toward higher-paying medical specialties, leaving fields such as family and rural medicine underserved. Many medical students try to "moonlight" in addition to going to school. Trying to hold down a job while attending medical school leads to higher levels of fatigue and burnout, which can have a detrimental effect on mental and physical health and endanger the safety of any patients under their care.
Some top schools such as the Mayo Clinic and Harvard Medical School have made it a point to increase the number and amount of scholarships and grants they offer to medical students. However, few public universities are in a position to do so. Students who join the military can expect free medical school tuition, but they must serve in the armed forces after completing their education. The federal government also offers loan forgiveness in certain circumstances, such as for Peace Corps medical service after graduation.