Medical School Tuition in the US and Canada

Most aspiring medical school applicants wonder how much medical school costs. According to data reported by the AAMC, average tuition, fees, and health insurance in the US average between $39,237 and $63,630. Over 4 years of medical school, this amounts to $255,000 to $337,000.

According to the Canadian Medical Education Statistics (AFMC), the average tuition fee for Canadian Citizens/Permanent Residents for Canadian medical schools is $16,798 per year, with Ontario having the highest provincial average at $27,304.

When premed students realize how high tuition fees are and how much debt they would carry after graduation, they start wondering if the financial burden of going through medical school is worthwhile.

If you are wondering this, you must ask yourself why you want to be a doctor? If the answer lies solely in the financial rewards, it may not be worth it, as there are other career choices that pay better. But if you want to be a doctor because of a sense of significance, a desire to learn and help people, then medical school will certainly be worth it.

Paying off medical school debt takes a long time even for the highest paid doctors. The average student loan is paid off within ten years after graduation, but for doctors going through residency, it may take longer. Repayment terms depend on the type of loan (federal or private) and the actual repayment plan you signed up for.

Tuition costs for Ivy league medical schools is between $65,000 and $75,000. For example, tuition costs for Harvard Medical School are $71,305(in-state and out-of-state). 

Tuition is the cost of the courses you will be taking during medical school and it’s usually estimated by the number of credits you must take (each credit has a cost). Fees are usually administrative costs from the school you must pay to enroll.

Other costs you must consider when attending medical school are living expenses (rent, utilities), health insurance, transportation costs, books and supplies and food.

There are many ways to pay for medical school. The first rule is to pay as much as you can with your own funds and savings. Then, you must apply for scholarships and grants, which is money you won’t have to pay back. Only then, consider student loans to pay for medical school. And even then, try federal loans before private loans, because federal loans have lower interest rates and better repayment terms.

The cost of your medical school tuition and fees will depend on your residency status and where you want to attend medical school, as the cheapest option is usually a public medical school in your state of residency, so you can pay for in-state tuition.

If your state doesn’t have a medical school or attending there is not an option, consider applying to one of the many out of state friendly medical schools in the US.

There are many ways to interpret this question. What does better really mean? Better quality of education? Better residency prospects? Better salaries after graduation?

That’s why it is hard to answer this question. However, the highest ranked medical schools are usually private schools. There are other factors such as class size, resources, facilities, and faculty that may affect your education’s quality and your decision.