Cheapest medical schools in the U.S. – ranked in 2024

In the United States, doctors are uniquely positioned to enjoy some of the highest paychecks in the country while also facing some of the heaviest student loan debt.

Medical education has never come cheap, and that cost continues to climb: the average student debt for medical school was $207,000 in 2020, and school costs have risen each year by 3-4% over the last decade.

While medical school and affordability are difficult to come by, some medical schools result in higher student debt than others. In this article, we’ve compiled the cheapest medical schools in the country, both public and private, by debt at graduation.

How much does medical school cost in the US?

The cost of medical school in 2024 is nearly $300,000 for all 4 years, irrespective of whether the school is public or private.

In 2024, the average total (4-year) cost of attending medical school is $276,006 at public institutions and $374,476 at private institutions according to the Association of American Medical Colleges (AAMC).

The cost of attendance, rather than tuition alone, is a more accurate indication of what you can expect to pay for your MD degree, as it covers tuition, fees, room and board, books, and supplies.

Beyond completing an MD program, post-graduation residency programs are also a core component of physician training. For that, you’ll need to cover application, travel, and relocation expenses (and, assuming you don’t match right away, costs for applying and traveling for interviews can add up).

Average student debt for medical school

According to a 2023 report from AAMC, graduates have a median medical education debt of $200,000.

While public and private tuition for medical school can vary, particularly for in-state versus out-of-state students, their debt outcomes are similar (albeit with wider disparities at the $300,000 and above bracket):

The report notes that while public medical school indebtedness has gone up by 4% since 2022, private medical school indebtedness has experienced a 2% decrease.

How we made this list

We evaluated 106 medical schools that disclose data to the government to identify the cheapest public and private medical (MD) schools in the U.S.

As the cost of med school extends far beyond bare tuition, we chose average debt at graduation – not tuition – as the affordability metric.

School-level debt data comes entirely from government sources, namely from the Department of Education’s IPEDS and College Scorecard.

We sourced median GPA and MCAT scores from the Association of American Medical Colleges (AAMC), an accrediting body.

(Check out our ranking methodology page to learn more about how we rank schools.) 

The cheapest public medical schools in the US

Many of the nation’s most affordable medical schools are public. Based on average debt at graduation, the University of Connecticut is the cheapest public med school in the country. 

The cheapest private medical schools in the US

Among the private medical schools with the lowest indebtedness are many of the country’s most elite institutions. Columbia University tops this list with an average debt of $63,865 at graduation.  

The most expensive med schools in the US

Meanwhile, these are the 20 most expensive medical schools by average debt at graduation. Touro University tops our list of most expensive med schools with an average debt of $330,479.  

Is medical school worth the cost?

As we’ve seen, the AAMC-reported median debt for public and private medical school graduates comes out to be $276,006 and $374,476, respectively. How well, then, does the average MD salary cover med school’s steep upfront cost?

According to the Bureau of Labor and Statistics, the (2023) median salary for physicians and surgeons is $239,200 – a decent salary given the cost of an MD degree.

Medical school, while pricy, is generally worth the cost – if you finish the program, that is.

For different reasons (stress and burnout high among them), many students don’t ever make it to the finish line, finding themselves without a degree and saddled with debt. To avoid this, consider your study habits, temperament, and whether your motivations for pursuing an MD degree are sustainable (i.e., go beyond bare “prestige”).

Figuring out what you really want (and what you can realistically handle) will help you decide if you can commit to the intensity of med school.

Ways to lower the cost of medical school

Medical school rarely comes at a low cost. That said, these are a few ways to minimize the financial burden of an MD program.

Consider the school type. Public and private medical schools offer distinct benefits; if you’re able to, take advantage of public schools’ lower in-state tuition rates or private schools’ merit-based scholarships.

Apply for financial aid. AAMC keeps an extensive list of financial aid resources on their website.

(If medical school costs still fall short of what feels affordable to you, remember that pursuing a well-paid subdiscipline in medicine could at the very least help offset that high upfront cost later.)

Final thoughts

With a rigorous curriculum and often intensely competitive atmosphere, medical school isn’t for the faint of heart, and its high cost only reinforces the pressure to succeed. But if you’re more drawn to the role than the paycheck, pursuing a medical education may prove well worth the effort.

If you aren’t ready to commit to medical school just yet, consider that there are other, similarly well-paid career paths in health that don’t require an MD.

Explore alternative degree options in our mini quiz below: