By Jamie Johnson, WCI ContributorBecoming a physician is a process that takes more than a decade to complete. It involves four years of undergrad, four years of medical school, and a residency that lasts anywhere from 3-7 years.
Medical school also comes with a steep price tag—tuition, fees, and living expenses can climb well into six-figure territory. Understanding the timeline and the costs involved will help you determine whether a medical degree is worth the investment. And effective budgeting allows you to complete your medical education without derailing your financial goals.
How Long Is Medical School?
Before you can attend medical school, you’ll have to receive your undergraduate degree. Roughly 60% of undergrads choose a major focusing on biological sciences to prepare for medical school. During your undergraduate studies, you’ll also take the MCAT and start applying for medical schools.
In the United States, medical school typically lasts four years, and this is the standard for both MD and DO programs. The first two years are usually spent in the classroom, learning core medical sciences. The final two years focus on clinical rotations, where students gain hands-on experience in hospitals and clinics under the supervision of licensed physicians.
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How Long Is Residency?
After graduating from medical school, you’ll enter a residency program in your chosen specialty. Residency is where you apply what you’ve learned in real-world settings, often working long hours while continuing to develop your clinical skills.
The length of your residency varies depending on your specialty—for example, residency usually lasts three years for family medicine and internal medicine practitioners. In comparison, a general surgeon might spend five years in residency, while a neurosurgery residency lasts seven years.
Some doctors also pursue a fellowship after residency to gain further specialization. Fellowships typically last 1-3 years, depending on the subspecialty.
While residents are technically still in training, they do earn an income. According to Medscape’s 2023 Residents Salary & Debt Report, the average annual salary for medical residents is around $63,000, though this can vary based on your location. Some residents in more expensive cities may earn slightly more to account for the higher cost of living.
However, even with a salary, managing money during residency can be challenging since many residents are still repaying student loans. Budgeting carefully and enrolling in income driven repayment plans can help you stay financially afloat during these years.
Average Cost of Medical School
Medical school is considered one of the most expensive graduate programs in the US. The average cost of tuition and fees is $286,484 for an in-state public medical school and $390,848 for a private institution.
But when you factor in other essential expenses—like housing, food, health insurance, transportation, board exam fees, and supplies—the total cost can rise by tens of thousands of dollars. Here’s a breakdown of some additional common expenses med students can expect over four years:
- Housing and utilities: $50,000-$100,000
- Books, equipment, and supplies: $3,000-$7,000
- Board exams and prep materials: $4,000-$10,000
- Application and travel fees for residency: $1,500-$5,000
- Health insurance and other fees: $10,000-$15,000
Most students finance their medical education with student loans. According to AAMC data, the median student loan debt for graduating medical students is $202,000.
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Managing a Budget in Medical School
Living within a budget during medical school can be challenging, but being intentional with your finances will help you minimize your debt and make the transition to residency easier. Here are five ways to manage a budget during medical school.
#1 Create a Realistic Monthly Budget
Start by calculating your total available resources, including any loans, scholarships, savings, and other income. Then, list out your monthly expenses like rent, utilities, groceries, transportation, and personal spending. Be honest about your spending habits and leave room for occasional unexpected costs. A simple spreadsheet or budgeting app can help you stay organized and on track.
#2 Maximize Scholarships, Grants, and Aid
While loans are common, don’t overlook free money from grants or scholarships. Many medical schools offer internal scholarships based on need or merit. National programs like the National Health Service Corps (NHSC) or the Armed Forces Health Professions Scholarship Program (HPSP) can cover tuition in exchange for service after graduation. You can also find smaller scholarships targeted at students underrepresented in medicine or committed to practicing in underserved areas.
#3 Consider Low-Commitment Income Sources
Your schedule will be full, but you may be able to find flexible, low-commitment work like tutoring undergraduate or MCAT students or assisting with research projects. These gigs usually offer part-time pay with minimal disruption to your academic schedule.
#4 Reduce Fixed Costs Where Possible
Housing is often your biggest monthly expense, so to cut costs, you might consider living with roommates or choosing off-campus housing with lower costs. You can also forgo owning a car and rely on public transportation or biking instead. Even saving a few hundred dollars a month adds up significantly over four years.
#5 Explore Financial Aid Counseling
Schedule a meeting with your school’s financial aid office as soon as you receive your acceptance letter instead of waiting until you're already enrolled. Come prepared with questions about your loan options, estimated total debt, and repayment plans after graduation. Ask if the school offers any aid scholarships you may have overlooked.
It’s a good idea to check in with the financial aid office at least once per semester to review your borrowing and to make sure you’re still on track. Building a relationship with your financial aid counselor can help you spot savings opportunities and avoid costly mistakes.
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The Bottom Line
Attending medical school and becoming a doctor takes a significant amount of time and money. From undergraduate school to medical school and residency, the journey can stretch more than a decade and cost well over $300,000 by the time it’s complete.
But knowing what to expect at each stage can help you make smarter decisions along the way. Understanding the timeline and potential costs will minimize your financial stress and allow you to focus on your training.
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