Congratulations to your child. One is all that is needed.
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Congrats on the acceptance. She is going to be a Doctor . 
Congrats!
A quick update, she received a deferral from another school and has already sent a letter of continued interest. We are still waiting on three additional decisions, which we may not hear back on until March or April.
She has completed the FAFSA and will work with us to complete the CSS Profile within the next two weeks, which brings up some concerns. The cost of medical school is very high (around $400K for the school she got accepted), and with the this One Big Beautiful Bill, she may need to take out private loans, which we understand can carry high interest rates. We want to be proactive and make informed decisions early. If anyone has experience navigating medical school financing, private loans, or strategies to minimize long-term debt, your insights would be greatly appreciated.
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Go and speak to you banks to see what they are offering in terms of of loans. Start there.
Can you help with these costs at all? Factor that into your plan.
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We plan to support her financially, but only partially, and at this point weâre not sure where to begin. She has completed both the FAFSA and the CSS Profile, and weâre hoping she will receive some aid from her current acceptance, though it may not be the school she ultimately attends since sheâs still waiting on additional decisions.
This process is incredibly stressful and overwhelming.
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And costly. But she has that acceptance! 
it all works out.
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what is the current limit on federal loans?
$200,000 total, including undergrad loans. For the Direct Loans for students. Clearly, not enough to fund medical school costs completely by federally funded loans. OhâŠand itâs $50,000 a year max, I believe.
this family is wise to be looking for funding options now.
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Starting July 1, professional students may only borrow a maximum of $50K/year. And a maximum of $200/lifetime (including any undergrad loans).
Grad Plus loans have been eliminated. Repayment options have also been reduced. Basically students only have the IBR program left.
There are 3 scholarship for service programs for med students:
HPSP âmilitary service routeârequires a minimum of 6 year active duty post -residency. Tuition up to $40K/year is covered, plus med students are commissioned as entry level officers and are paid an officerâs salary during med school. Residency options are limited by the needs of the military branch the student enlists in. (One alternative is to complete an intern year and serve the rest of required service commitment as a general medical officer. After completing the required serviceâthen apply for the NRMP match in a specialty of the studentâs own choice. This is fairly common route for those seeking to enter competitive specialties.)
VA-HPSP âgraduates MUST work for the VA for 18 months for each year of support received. The scholarship is for a minimum of 2 years. Scholarship is a âlast dollarâ program. The VA only fills the gap in tuition costs AFTER the student has maxed out any federal loans and school-based grants. (There is a ceiling of $40K/year from the VA.) Students receive a monthly stipend ($1325/month for 2026-27) for living expenses for every month the student is attending classes. (IOW, students receive no stipend during vacation months between MS1 and MS2 or during âstudy periodsâ for USMLE/COMLEX.) No restrictions on choice of residency. Scholarship recipients must be willing to relocate to a site chosen by the VA.
NHSCâ The National Health Service offers scholarship to med students. The NHS will pay up to $40K/year toward tuition plus a monthly stipend for living expenses. (2026-27 stipend TBD by Congress.) Scholarships are for 2, 3 or 4 years. For each year of scholarship, the student owes 18 months of service repayment that is fulfilled by working in an approved clinic in a federally designated healthcare shortage area. Scholarship recipients MUST do a residency in primary care field: family medicine, internal medicine, pediatrics or Ob/GYN.
These programs are highly competitive for acceptance.
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Some state have their own service for scholarship programsâthough these are typically only offered to students attending an in-state public med school.
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As far as borrowing to pay for med schoolâprobably the least costly will be a home equity loan the parents take out.
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Private student loan lenders are available. I would check with the parentsâ primary bank to see if they offer any type of student loan. I know some credit unions offer private student loans. Though the capped maximum amount is typical low, the rates are better than those offered by commercial lenders:
Commercial lenders include:
- Sallie Mae (no max on loan amounts)
- So Fi (no max on loan amounts)
- Ascent Funding ($200K/year max)
- PNC ($225/year max)
- ELFI
- College AVE ($180K lifetime max)
- NelNet Bank ($500K/year max)
- Citizenâs Bank ($225K lifetime max)
- RISLA ($50K/year max)
All the private lenders require the student to have a credit score in the mid 600s or higher. Some require a co-signer.
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Working to earn money during med school is typically prohibited by the terms of the student enrollment contract. Even if it isnât prohibited, working while attending med school is difficult and can lead to doing poorly in coursework. Working during 3rd and 4th year is virtually impossible.
Some med schools do offer work-study, but hours are quite limited and the pay is typically around $20/hour.
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Parents and students, please feel free to add to this list!
Tips to minimize student borrowing.
- live in a dorm at the med school, if available
- if living in an apartment, get a roommate (or roommates) to help reduce rent & utilitiy costs
- cook at home as much as possible. Brown bag your lunch to school. Bring your coffee in a thermos or insulated cup. Use reusable water bottles instead of single use bottles.
- find less expensive commuting options. Ditch the car. (No car insurance, no paid parking, no gas & maintenance costs.) Public transit may be a viable option for getting around. Some med schools run shuttles between housing sites and campus. Ask if med students are eligible for free public transit passes from the school. (Both my daughters bicycled to class and to some of their rotation sites.)
- figure out where there is free coffee at the med school hospital. (Starbucks adds up quick!) Also learn to drink your coffee black.
- ask if med students on rotations are eligible for meal passes at the hospital or eligible to eat in the doctorâs dining room.
- peroxide will remove most blood stains from shoes and clothing
- for off-site and away rotations, be willing to sleep on couches, floors, inflatable mattresses, furnished one room rentals. (One of my Ds spent 4 weeks sleeping in a tent in the National Forest so she could be close to her rural rotation site. )
- check with the med school if the student is still eligible to be on their parents health insurance to see if that parentsâ plan will satisfy school health insurance requirements.
- in some states, full time med students are eligible for Medicaid. Check the state rules
- in some states, full time med students may be eligible for food assistance. Check the state rules
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Get a lunch bag with an insulated container. When you make dinner, either plan to eat the leftovers the next day either for lunch or dinner. Donât waste.
Another thing you can do is cooking/sharing. If you have a few reliable friends, each of you can cook a meal once each week to be shared by everyone. Letâs face it, a whole lasagna can feed four people for two days. So sharing is good.
Keep an eye out for used things that upperclassmen are no longer using. You can score study guides, books, clothes (people do gain and lose weight), etc from those who arenât using them anymore for a very reduced price.
You probably wonât have a lot of time for entertainment, but you will have some. Many communities have free activities for all (on the green concerts, free movies, etc).
Swap clothes for occasions where you need to get dressed up. There will be some. No need to buy new if someone will trade clothes with you.
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Thanks for the great info. For our daughter, she will definitely take the federal loan and cover the remaining costs with a private loan. We may also co-sign her loan, but Iâm still on the fence.
My daughter worked full-time from graduation until the end of May. With 1.5 years (she graduated a semester early) of full-time work and minimal personal spending (we cover all living expenses), she should be able to save money, which can go toward covering part of her first-year tuition.
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A relative told me that she bought a 2-bedroom condo, renting out one room while her son lived in the other during med school years ago. She said it was a good investment, and her son stayed rent-free. She sold the property and made a small profit from it. I know itâs very location-dependent, but it could be worth considering.
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VERY location dependent. Our DD went to professional school in a very high cost real estate area. There was no way we would have purchased anything for her to live in. It was far more cost effective for us to pay living expenses. Having a roommate really helped for the years she had one.
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Yes, but mortgage rates are A LOT higher than they were a number of years ago. And depending on the market, it may take longer to sell the condo than you anticipate. So youâll be paying the mortgage while itâs empty
Consider if you want to be a long-distance landlord. Whoâs going to be responsible for maintenance and any repairs? (Even with a condo, there are some things that are the unit ownerâs responsibility to fix.)
Also consider if you want your daughter to essentially be a landlordâvetting the renters, collecting rent, arranging utilities and repairs. It may not be a role sheâll be comfortable in, especially if her renter is a classmate or friend.
Be aware that since your daughter is consider financially independent and is not listed as a dependent on your taxes, that any âfree rentâ she gets on the condo you buy or any other paid living expenses you provide will be considered a gift to her by the IRS. It has to reported via a gift tax return annually. (Ask me how I knowâŠ..)
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