Cost and Financial Aid | Ohio State College of Medicine (2023)

Types of Student Aid

Loans

Federal loans made available to students in the MD Program include the Direct Unsubsidized Loan and the Direct Graduate PLUS Loan. The specific amounts awarded to a student depend on financial need as determined by the FAFSA, the student’s Cost of Attendance, remaining aggregate borrowing eligibility of an individual student, and enrollment. Before a federal educational loan request is certified for a student, the university is required to verify that the borrower has an eligible U.S. citizenship status and that he/she is not in default on prior federal student loans from any institution attended in the past.

Private Alternative Student Educational Loans– These loans can be obtained at your bank of choice and normally have variable interest rates. The maximum annual private alternative student educational loan eligibility for a medical student is the difference between the cost of attendance and the student’s other financial aid.

Learn more about financial aid at The Ohio State University by visiting Student Financial Aid.

Ohio Stateis in the top 25% of U.S. medical schools for scholarship/grant funding for the 2021 fiscal year. This substantial level of scholarship support coupled with the affordable cost of living in Columbus allows our students to graduate with student loan debt significantly below the national average for medical school graduates.Scholarships are based on merit, academic achievement, leadership, professionalism and other criteria are available through The Ohio State University, the College of Medicine, alumni endowments, and private and publicly funded organizations.

Merit-based scholarships

All accepted applicants are automatically considered for merit-based scholarships, which range in value of up to full tuition - no scholarship application is needed. Students who are not initially awarded a merit-based scholarship will have the opportunity to gain scholarship eligibility during medical school based on academic achievement, leadership, professionalism, research, and financial need. On average, 70% of students receive some sort of aid towards their medical education.

University Scholarships

In addition to theCollege of Medicine scholarships, The Ohio StateUniversity also offers scholarships to medicalstudents. The university requires students tocomplete a scholarship application. It is advisable tocomplete this application by mid-February each year.

Learn more about university scholarships

Extramural Scholarships

Extramural scholarships offer year-long and summer research opportunities for students interested in conducting intensive work in a biomedical research laboratory. Sponsoring programs include The Sarnoff Fellowship Program, Minority Medical Student Award Program (MMSAP), National Institutes of Health (NIH) Medical Research Scholars Program, NIH-sponsored Medical Student Research Program in Diabetes and Obesity, and the Doris Duke International Clinical Research Fellowship.

Alumni Scholarships

Our alumni believe in the power of giving back to medical students so that you can pursue your medical degree with confidence. The medical school has over 100 funds, available to students to help support them financially. Alumni-scholarships can be based on need, merit or a variety of other usages, as designated by the donor. You can apply to these scholarships through the financial aid process.

On average, Ohio State enrolls about half in-state and out-of-state students every year. As an out-of-state student you get the benefit of applying for in-state residency after your first year. Once established, you can lower your annual tuition by as much as 43% for the remaining three years of your medical education.

Major components of Ohio residency for in-state tuition include:

• Physical presence in Ohio
• Contribution to Ohio Taxes
• Eligibility to remain in the United States on a permanent basis

If you choose not to establish Ohio residency, in an effort to lower student loan debt, the College of Medicine has reduced the out-of-state surcharge for third- and fourth-year medical students.

The cost of attending medical school goes beyond tuition, another aspect to consider is the cost of living. As the 14th largest city in the nation with a population of almost 1 million,Columbus is also one of the most affordable cities in the Midwest. The cost of living in Columbus is 8% lower than the national average, meaning your dollars go farther.

Learn more about living off-campus at Ohio State by visitingOff-Campus and Commuter Student Services.

Combine a lower cost of living with a thriving health care landscape creates a perfect environment for medical students or any healthcare professional. The Columbus Region boasts four world-renowned, award-winning healthcare systems, including The Ohio State University Wexner Medical Center, Nationwide Children's Hospital, OhioHealth, and Mount Carmel, who contribute billions annually to the area’s economy and employing more than 45,000 people. In addition,U.S. News & World Report consistently ranks Columbus’ healthcare among the best in the country, and nearly all our hospital systems and medical, research and bioscience facilities receive national attention.