Average Student Loan Debt for Medical School

Attending medical school can be extremely expensive. In 2024, 71% of medical school students graduated with an average of $212,341 in debt, according to the Association of American Medical Colleges (AAMC).

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 what you need to know about the average medical school debt, as well as the length of time it takes to pay off medical school debt and the average salary you can expect by specialty.

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Average medical school debt

Here's a look at the average and median medical school debt and earnings for medical school graduates nationwide, based on 2024 data from the AAMC and the Bureau of Labor Statistics:

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 timeline.

Public vs. private medical school debt

Another factor in student loan debt is where you choose to attend medical school. In general, private medical schools come with higher costs than public schools.

According to the AAMC, while only 67% of students at private medical schools graduate with education debt compared with 73% 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: $227,839
• Average public medical school debt: $203,606

Medical schools with the highest average debt per graduate

Graduates from the following medical schools left school with the highest amounts of debt, according to the latest data from the AAMC:

Medical schools with the lowest average debt per graduate

Graduates from the following medical schools left school with the lowest amounts of debt, according to the latest data from the AAMC:

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

For private student loans, you generally have five to 15 or 20 years to repay your student loans, though this varies by lender. Federal student loan repayment timelines depend on your repayment plan.

The Standard Repayment Plan for federal student loans is 10 years. 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-driven repayment plan.

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

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 your medical school loans.

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 doctors eventually earn a salary that's equal to or greater than their total debt - making it easier to manage.

As of May 2024, doctors earned a median wage of $239,200, according to the Bureau of Labor Statistics:

Here are the average earnings by specialty:

Check Out: Student Loan Limits: What Is the Maximum Amount I Can Borrow?

How to pay off 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.

You could also consider signing up for an income-driven repayment (IDR) plan. On an IDR plan, your payments will be based on your income - typically 5% to 20% of your discretionary income - and family size. Any remaining balance will be forgiven after 10 to 25 years, depending on the plan.

2. Be proactive during residency

Residents typically don't earn enough to make full payments on their student loans. If this applies to you and you have federal student loans, consider the following strategies:

• Request a mandatory forbearance: If you're serving in a residency program, you can request this type of forbearance to temporarily pause your payments. Just keep in mind that your loans will continue accruing interest during a forbearance.
• Sign up for an IDR or the Graduated Repayment Plan: Under an IDR plan, your payments will be based on your income, while the Graduated Repayment Plan will start off with low payments that increase every 2 years. Making payments under either of these options could help make your payments more manageable.

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 can 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.

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, choose 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.