Average Student Loan Debt for Medical School for 2023 | Credible (2024)

Attending medical school can be extremely expensive: As of 2021, 76% to 89% of medical school graduates leave school with an average of $203,062 in total education debt, according to the Association of American Medical Colleges.

Keep in mind that this cost doesn’t include any student loan debt students might have taken on for studies prior to attending medical school.

Although medical school graduates can generally expect to earn a six-figure salary, facing this massive amount of student loan debt can still be overwhelming.

Here’s the average medical school debt in several categories:

  • Average medical school debt
  • Extreme medical school debt
  • Cost to repay medical school debt
  • How long does it take to pay off medical school debt?
  • How interest piles up during residency
  • Average salary with a medical school degree
  • How to get rid of medical school debt
  • How to refinance medical school debt

Average medical school debt

Here’s a look at the average medical school debt and earnings for graduates nationwide, based on information from the AAMC and the Bureau of Labor Statistics:

  • Average medical school debt: $200,000
  • Average education debt after medical school: $203,062
  • Median salary with a medical school degree: $208,000
  • Average salary with a medical school degree: $262,916
  • Average time to repay medical school debt: 13 years

Before you attend medical school, it’s important to understand the full cost involved. This way, you can make the right decisions with your finances.

While medical school graduates generally make six-figure incomes, accruing interest on high student loan balances could lead to a longer repayment time.

Median medical school debt by year

Graduation year

Median medical school debt

Cumulative debt at graduation

2015-2016

$180,000

$190,000

2016-2017

$180,000

$195,000

2017-2018

$195,000

$200,000

2018-2019

$200,000

$200,000

2019-2020

$200,000

$200,000

2020-2021

$200,000

$200,000

The chart above shows median total education debt for medical school graduates is:

  • For the class of 2015-2016: $190,000
  • For the class of 2020-2021: $200,000

That’s an increase of 5%, without adjusting for inflation.

Total education debt includes both medical school and pre-med debt taken on to earn a bachelor’s degree.

Excluding pre-med debt and looking only at loans taken out for medical school, the median medical school debt at graduation is:

  • For the class of 2015-2016: $180,000
  • For the class of 2020-2021: $200,000

That’s an increase of 11%, without adjusting for inflation.

Learn More: U.S. Student Loan Debt Statistics

Public vs. private medical school debt

Another factor in future student loan debt is where someone chooses to attend medical school. In general, private medical schools come with higher costs compared to public schools.

According to the AAMC, while only 71% of students at private medical schools graduate with education debt compared to 74% of students at public medical schools, the average private medical school debt is higher than the average public medical school debt:

  • Average private medical school debt: $215,000
  • Average public medical school debt: $200,000

As of 2022, graduates from the following 15 medical schools left school with the highest amounts of debt compared to other schools:

School

Location

Average debt

Nova Southeastern University Patel College of Osteopathic Medicine (Patel)

Fort Lauderdale, FL

$309,206

Western University of Health Sciences

Pomona, CA

$276,840

West Virginia School of Osteopathic Medicine

Lewisburg, WV

$268,416

New York Medical College

Valhalla, NY

$266,849

Michigan State University College of Osteopathic Medicine

East Lansing, MI

$261,527

Marian University College of Osteopathic Medicine

Indianapolis, IN

$257,744

University of Southern California (Keck)

Los Angeles, CA

$256,580

Ohio University

Athens, OH

$243,230

Edward Via College of Osteopathic Medicine

Blacksburg, VA

$242,329

University of Illinois

Chicago, IL

$242,186

William Carey University College of Osteopathic Medicine

Hattiesburg, MS

$239,781

Drexel University

Philadelphia, PA

$238,549

Tufts University

Boston, MA

$235,737

University of Vermont (Larner)

Burlington, VT

$235,369

Saint Louis University

St. Louis, MO

$233,660

Check Out: How to Pay Off $100,000+ in Student Loans

Extreme medical school debt

Not only has average medical school debt grown significantly, but it’s not unusual for med students to borrow more than average.

Here’s how the debt levels broke down for recent medical school graduates according to the AAMC 2021 Medical School Graduation Questionnaire:

Total education debt

Percentage of graduates

$0

27.2%

$1 to $49,999

6.0%

$50,000 to $99,999

6.2%

$100,000 to $149,999

8.9%

$150,000 to $199,999

13.1%

$200,000 to $299,999

24.3%

$300,000 to $399,999

10.6%

$400,000 to $499,999

2.7%

$500,000 or more

1.0%

Most medical students borrow less than $300,000 — but about one out of every seven medical students borrow more than that, according to the Association of American Medical Colleges (AAMC).

Looking only at members of the class of 2021 who borrowed to get their degree, AAMC found:

  • Borrowed less than $150,000: 21.1%
  • Borrowed $150,000 to $299,999: 37.4%
  • Borrowed $300,000 or more: 14.3%

Looking at all members of the class of 2021:

  • Graduated without debt: 29.5%
  • Graduates with debt who plan to apply for loan forgiveness: 46.7%

Learn More: 5 Steps to Pay Off $400k in Student Loans

Cost to repay medical school debt

The cost to repay medical school debt depends primarily on three factors:

  1. The interest rates on your loans
  2. What you do with your loans in residency
  3. How long it takes you to pay your loans back

If you’re wondering how long it’ll take to pay off your student loans and how much it will cost, enter your current loan information into the calculator below to find out. Use the slider to see how increasing your payments can change the payoff date.

Average interest rates on medical school loans

If you’re using federal student loans to pay for medical school along with your pre-med studies, there are three interest rate tiers to expect — one for undergraduates, one for graduate students, and one for PLUS Loans.

Many doctors will have all three types of loans by the time they graduate from medical school.

Keep in mind: Federal student loans come with fixed rates that will remain the same throughout the life of the loan.

These rates are set by Congress and are adjusted annually to account for the government’s cost of borrowing.

Based on average student loan interest rates in recent years, a typical medical school graduate would have loan balances and interest rates that look like this:

Loan type

Amount borrowed

Average interest rate

Direct Subsidized and Unsubsidized Loans(for undergrad students)

$25,700

4.60%

Direct Unsubsidized Loans(for graduate students)

$82,000

6.16%

Direct PLUS loans(for graduate and professional students)

$133,900

7.20%

[*] Averages based on federal interest rates from 2006-22.
Source: Average Student Loan Interest Rates in 2022

Typical loan balances and interest rates for med school grads

Most graduate and professional students can borrow up to an aggregate limit of $138,500 in federal Direct Subsidized and Unsubsidized Loans (no more than $65,500 in subsidized loans). But if you attend medical school, you might qualify for a higher limit in unsubsidized loans.

Once medical school students have exhausted their subsidized and unsubsidized loan limits, they could turn to federal Direct PLUS Loans or private student loans. These loan types could cover your school’s cost of attendance (minus any other financial aid you’ve received).

Check Out: Average Grad School Debt in the U.S.

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

The standard student loan repayment plan for federal student loans is 10 years of monthly payments. But if you’re struggling to make your payments each month, you can extend your repayment term or reduce how much you pay each month through an alternative or income-based repayment plan.

Here are the repayment options available for federal student loan borrowers:

Repayment plan

Repayment term

Standard Repayment Plan

10 years (10 to 30 years for Consolidation Loans)

Graduated Repayment Plan

10 years (10 to 30 years for Consolidation Loans)

Extended Repayment Plan

25 years

Revised Pay As You Earn Repayment Plan (REPAYE)

20 years (up to 25 years for graduate loans)

Pay As You Earn Repayment Plan (PAYE)

20 years

Income-Based Repayment Plan (IBR)

20 years (for new borrowers after July 2014) or 25 years (for borrowers who took out loans before July 2014)

Income-Contingent Repayment Plan (ICR)

25 years

Keep in mind that refinancing with a private student loan or consolidating multiple federal loans into a single Direct Consolidation Loan can extend the time it takes to repay medical school loans.

How interest piles up during residency

In addition to the interest rates on your loans, your repayment costs will depend on how long it takes you to pay back your loans. Residency can add three to seven years to your repayment timeline.

During residency, many medical school grads make only partial monthly payments on their loans or no payments at all. Here are a few things to remember when it comes to interest:

  • Most loans will accrue interest during residency. With the exception of need-based subsidized loans taken out as an undergraduate, federal and private student loans continue to accrue interest during residency.
  • Payments might not cover total interest. If your loans are in deferment or forbearance or you enroll in an income-driven repayment plan like Revised Pay As You Earn (REPAYE), your monthly payments may not cover the interest you owe.
  • Interest could capitalize. Some or all of the unpaid interest you owe could capitalize when you finish your residency — meaning it will be added to your loan balance.

Below, you can see how interest could pile up during the six-month grace period that comes with most federal student loans after graduation as well as during your three years of residency.

This table assumes that you’ll request mandatory forbearance after your grace period and make no payments on your loans during residency.

Months in forbearance

Monthly interest charges

Total interest charges

Loan balance after residency

42

$1,142

$47,946

$289,546

Interest charges on $241,600 in education debt at a weighted average interest rate of 5.67% during 6-month grace period and 36-month residency.

Tip: If you’re able, it’s a good idea to pay even part of the interest that you owe on your loans while you’re completing your residency.

This can help keep your loan balance from growing so dramatically.

Learn More: How to Pay Off $200,000 in Student Loans

Average salary with a medical school degree

Starting your medical career with more than $200,000 in student loan debt might sound frightening. But the good news is that most new doctors earn a salary that’s equal to or greater than their total debt — making it easier to manage.

As of May 2021, doctors earned the following according to the Bureau of Labor Statistics:

  • Median: $208,000
  • Average: $262,916

Here’s how these earnings break down by specialty:

Specialty

Average salary

Pediatricians

$198,420

Family and general practitioners

$235,930

Internists

$242,190

Psychiatrists

$249,760

Physicians and surgeons, all other

$255,110

Surgeons

$294,520

Obstetricians and gynecologists

$296,210

Anesthesiologists

$331,190

Check Out: Student Loan Requirements: How to Qualify for a Student Loan

How to get rid of medical school debt

While most doctors will eventually earn a high salary, they also end up with more student loan debt compared to other graduate and professional students for their degrees. Additionally, they bring in a relatively low income during their three to seven years of residency.

Thankfully, there are a few options available that could help you more easily pay off your medical school debt.

1. Explore loan forgiveness

If you’re a medical professional who works for a nonprofit or government agency, you might be eligible for Public Service Loan Forgiveness after making qualifying payments for 10 years.

Or you could consider signing up for an income-driven repayment (IDR) plan. On an IDR plan, your payments will be based on your income — typically 10% to 20% of your discretionary income. Any remaining balance could be forgiven after 20 to 25 years, depending on the plan.

Tip: There are also several other medical school loan forgiveness and assistance programs available that could help you get some or all of your loans forgiven.

2. Be proactive during residency

Residents typically don’t earn enough to make full payments on their student loans. If this applies to you, consider:

  • Requesting a mandatory forbearance: This will let you temporarily pause your payments during residency. Just keep in mind that your loans will continue accruing interest during forbearance.
  • Signing up for an IDR or graduated repayment plan: Under an IDR plan, your payments will be based on your income, while a graduated repayment plan will start off with low payments that increase every two years. Making payments under either of these options could help keep your interest from wildly accruing.

3. Consider a more aggressive repayment schedule post-residency

Once you complete your residency and begin making a higher salary, you might be able to manage a more aggressive repayment plan.

In general, paying your loans off faster will save you money on interest and reduce your overall loan cost.

4. Look into refinancing

Refinancing your student loans might be a good idea in some cases. Depending on your credit, you might qualify for a lower interest rate through refinancing — which could reduce your interest charges and possibly help you pay off your student loans faster.

Or you could opt to extend your repayment term to get a lower monthly payment. Just remember that if you choose a longer term, you’ll pay more in interest over time.

Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as IDR plans and student loan forgiveness programs.

If you’re wondering how competitive your loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.

How to refinance medical school debt

If you decide to refinance your medical school loans, follow these four steps:

  1. Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for your situation. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
  2. Pick a loan option. After comparing lenders, pick the loan option that best suits your needs.
  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out the full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information regarding each of the loans you want to refinance.
  4. Manage your payments. If you’re approved, continue making payments on your old loans while the refinance is processed. Afterward, you might consider signing up for autopay so you won’t miss any payments in the future — many lenders offer a rate discount to borrowers who opt for automatic payments.

If you’re ready to compare lenders, Credible can help: You can see your prequalified rates from our partner lenders in the table below in two minutes — without affecting your credit.

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Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.

Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.

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EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.

EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.

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INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.

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Iowa Student Loan Liquidity Corporation (ISL) is a nonprofit organization that can refinance student debt for undergraduates and their parents, graduate students, and medical and dental professionals. No degree is required to refinance, and even students who are still in school may qualify — a rarity in the marketplace.

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Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.

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Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.

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Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger's, Huffington Post, MSN Money, and The Washington Post online.

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FAQs

Average Student Loan Debt for Medical School for 2023 | Credible? ›

In 2023, borrowers have an average of $37,338 in federal student loan debt and $54,921 in private student loan debt, according to the Education Data Initiative. For 2023 high school graduates, these averages could increase if tuition costs continue to rise at both public and private colleges.

What is the average amount of debt for a US college student graduating in May 2023? ›

In 2023, borrowers have an average of $37,338 in federal student loan debt and $54,921 in private student loan debt, according to the Education Data Initiative. For 2023 high school graduates, these averages could increase if tuition costs continue to rise at both public and private colleges.

What is the average medical student debt for AAMC? ›

The median education debt of indebted graduates has increased, but at a rate only slightly higher than inflation, and has been stable at $200,000 for the past two years.

What is the maximum student loan limit for medical school? ›

For students in medical, dental school, and other health professions, the borrowing limit for Stafford loans is higher. For example, for medical and dental school, the per year maximum for Stafford loans is $40,500 and the aggregate max is $224,000.

What is the average student loan debt for a 4 year degree? ›

The average student loan debt borrowed for a four-year bachelor's degree was $30,500 in 2019-2020, according to the National Center for Education Statistics (NCES). The average federal student loan debt has more than doubled since 2007, from $18,233 in 2007 to $37,850 in 2024.

What is the average student loan debt for doctors? ›

The average medical school debt is over $200,000 — a hefty amount of debt to carry at the start of your career. The expected payoff schedule can exceed the 10-year mark. During that time, you'll be paying the equivalent of an extra mortgage payment to make progress on the loan.

What is the average age people pay off student loans? ›

A 2019 study from New York Life found that the average age when people finally pay off their student loans for good is 45.

What is the average debt for John Hopkins medical school students? ›

Note: Students who receive no scholarship funding and borrow loans for their 4 years of medical school, graduate with an average loan debt of $180,000 - $200,000.

How hard is it to pay off med school debt? ›

Depending on various factors, paying off medical school loans might take 10 to 30 years. According to a study from Weatherby Healthcare, 25% of doctors expect to take six to 10 years to pay off their student loan debt, while 34% expect to take at least 10 years to pay off their student loans.

Why is medical school debt so high? ›

While there are a multitude of causes for the growing debt burden, the most significant remains the massive increase in tuition costs across the country's medical institutions: Over the past twenty years, median medical school tuition and fees have increased by 165% in private schools and by 312% in public schools.

How to pay for living expenses while in medical school? ›

Ways to pay for living expenses as a medical students
  1. Physician loans. Physician loans, also sometimes called doctor loans, are specialized loans that can help cover tuition and loans for living expenses. ...
  2. Work. Some students have side jobs while in school. ...
  3. Family members. ...
  4. Private loans.
Oct 7, 2022

What is considered a high amount of student loans? ›

What is considered a lot of student loan debt? A lot of student loan debt is more than you can afford to repay after graduation. For many this means having more than $70,000 – $100,000 of total student debt.

Do medical students get student loan forgiveness? ›

Even if you take out a high number of loans to pay for medical school, your overall debt burden might be low if you participate in a service program once you graduate. Due to the exceptional need for primary care physicians, loan forgiveness programs in these fields are more widely available than for other specialties.

What is the average student loan debt for a doctorate degree? ›

Average student loan debt from common doctorate and professional degree programs: Doctorate of Philosophy (PhD): $128,845. Doctorate in Education: $128,845. Doctorate in Health Sciences Professions: $241,034.

How much student debt is reasonable? ›

Personal finance specialists often advise students to take on less student loan debt than the average starting salary of their desired career. If you stick to this guideline, specialists say, you should be able to repay your loans within ten years.

How much does the average American have in student loan debt? ›

Average student loan debt in America

51% of 2021-22 bachelor's degree recipients graduated with an average of $29,400 in student loan debt. Among all borrowers, the average student loan debt in 2023 was $38,787. 53% of federal student loan borrowers owe $20,000 or less.

How much debt does the average American student graduate with? ›

STATE
StateAverage Debt of Graduates (2019-20)Average Private Debt of Graduates (2019-20)
California$21,125$26,693
Colorado$26,424$33,257
Connecticut$35,853$47,021
Delaware$39,705$50,485
47 more rows

What is the average student loan debt for today's college graduate? ›

Average student loan debt in the U.S. stands at $1.73 trillion, and the average balance upon graduation is $29,400.

How much student debt in america 2023? ›

Student loan debt in the United States totals $1.727 trillion; 2023 saw the first-ever annual decline in student loan debt. The outstanding federal loan balance is $1.602 trillion and accounts for 92.8% of all student loan debt. 43.2 million borrowers have federal student loan debt.

How many people are in debt after graduating college? ›

Many students borrow to fund a portion of their college expenses. Each year, 30 to 40 percent of all undergraduate students take federal student loans; 70 percent of students who receive a bachelor's degree have education debt by the time they graduate.

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