Who Can Afford to Become a Doctor: The Cost of Applying to Medical School

Becoming a physician has always been demanding, but in recent decades, the financial burden associated with a medical degree has made it an even greater challenge. It is estimated that it will cost the class of 2030 $418,674 to obtain their medical degree, which includes their undergraduate tuition and fees [1]. This dramatic rise in tuition and related educational expenses has created a significant barrier for students from low-income backgrounds. Further, the high cost of medical school and its admission policies contribute to a lack of diversity within medical and healthcare fields. 

Over the past several decades, tuition at both public and private medical schools has steadily increased. The average private medical school charged $67,145 to residents in the AY 2024-2,5 and the average cost of medical school had a compound annual growth rate of 3.70% over 20 years [1]. These figures exclude living expenses, books, medical equipment, training courses, and exam fees such as the MCAT, USMLE, or other memberships, which contribute thousands of dollars to rising costs. As a result, the “median amount of educational debt held by medical school graduates…grew to $200,000 in 2018” [2]. Medical school debt can be negatively associated with mental well-being and academic outcomes and can drive students towards higher paying specialties [3]. Overall, a heavy financial burden can discourage low-income students, who often lack family financial support and must rely entirely on loans.

The finances of medical students represent an important barrier to becoming a physician, especially for students from disadvantaged backgrounds. To take the MCAT, it takes $345, and this does not include the cost of practice exams or preparatory courses in which “21.2% of students enroll, which typically cost between $2,000 and $10,000” [2]. Along with the MCAT, most schools require the use of the American Medical College Application Service, and the 2026 application fee is $175 for the first school, with an added $47 cost for each additional school. There is also a secondary application fee that can vary in cost, and a college service fee. Applicants must also face expenses for travel, overnight accommodations, and appropriate attire when visiting potential medical schools. Lower-income applicants also typically work part-time jobs, leaving less time for activities that can strengthen their medical school applications, such as research, volunteer work, and clinical experience. 

The consequence of this high financial barrier to the medical profession is a potential lack of diversity in the field. The fact is that “many applicants from low-income backgrounds do not have an equal opportunity to become ‘qualified’ because of structural barriers” [4]. They struggle to afford being a competitive applicant due to the cost of tests or lack of time and opportunity for prestigious experiences and shadowing opportunities [4]. Importantly, diversity is critical to the success of the medical field. Studies have shown that “underrepresented groups are more likely than whites to provide health care services in underserved communities” [5]. In 2011, the AAMC reported that “54.6 percent of African Americans, 36 percent of Hispanics, and 33.6 percent of American Indians or Alaska Natives had career plans to work in underserved areas, compared to 19.4 percent of Asians and 21.4 percent of whites” [5]. 

Despite these challenges, efforts are being made to reduce financial barriers and promote equity in medical education. The AAMC Fee Assistance Program gives financial aid and assorted testing resources to select students taking the MCAT. Certain medical schools have implemented tuition-free programs to attract a more adverse applicant pool, like New York University's School of Medicine. However, these efforts are not yet widespread enough to address systemic financial barriers. Ultimately, there must be a concerted national change in the cost of medical education as the need for physicians continues to grow. The future of healthcare should not depend on who can afford to become a physician, but on equitable opportunity. 

Reviewed by: Laila Khan-Farooqi

Designed by: Jennifer Liu

References:

[1] Hanson, M. (2025). Average Cost of Medical School. Education Data Initiative.

https://educationdata.org/average-cost-of-medical-school. 

[2] Lorena, M. (2019). The Cost of Applying to Medical School — A Barrier to Diversifying the Profession. The New England Journal of Medicine, 381: 1505-1508. https://www.nejm.org/doi/full/10.1056/NEJMp1906704.   

[3] Pisaniello, M.S. et al. (2019). Effect of medical student debt on mental health, academic performance and specialty choice: a systematic review. BMJ Open, 9(7). doi: 10.1136/bmjopen-2019-029980. 

[4] Christophers, B., Marr, M. C., & Pendergrast, T. R. (2022). Medical School Admission Policies Disadvantage Low-Income Applicants. The Permanente Journal, 26(2): 172–176. https://doi.org/10.7812/TPP/21.181.

[5] Kahn, M. & Sneed, E. J. (2015). Promoting the Affordability of Medical Education to Groups Underrepresented in the Profession: The Other Side of the Equation. AMA Journal of Ethics, 17(2):172-175. doi: 10.1001/virtualmentor.2015.17.2.oped1-1502.