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

The Ohio State University College of Medicine is among the top medical schools in the nation for affordability. With the advantages of lower tuition rates, in-state residency cost savings, scholarships, financial aid, and a lower cost of living in a thriving metropolitan community all come together to make Ohio State the best choice for your medical education.

Cost of Attendance

Ohio State is one of the most affordable schools out of the nation’stop medical schools when it comes to lower tuition, according to U.S. News & World Report’s Best Colleges report, with first-year, in-state tuition of $31,272 and out of state tuition of $55,048. Ohio State’s average debt load is lower than most other public schools ($168,000, as compared to $175,000 for all others).

The Cost of Attendance represents an estimate of what the College of Medicine, in cooperation with The Ohio State University, has determined to be reasonable expenses that a student might incur while attending medical school for a specific academic year. The Cost of Attendance is significant because it determines the amount of total financial aid a student can receive for that academic year. Please note that all budget components are subject to review and revision each year.

For the most current information on tuition & fees, please refer to the Tuition & Fee tables posted on the University Registrar's website.

Personal Budget

The Office of Student Financial Services strongly encourages students to create a written personal budget. This will determine if expenses are greater or less than our estimated Cost of Attendance. Students should not assume that they will need the maximum level of funding allowed by the Cost of Attendance. A student's personal expenses such as housing, food, utilities, and other costs can only be considered for semesters that the student is actively enrolled at least half-time.

The Ohio State University and the College of Medicine make every effort to help students with limited financial resourcessecure needed funds.If after completing a budget you determine that your expenses are greater than the standard Cost of Attendance, please email The Office of Student Financial Services We can then discuss what options may be available for addressing your specific needs.

College of Medicine Cost of Attendance

Types of Student Aid


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.

Federal Direct Stafford Loans– Ohio State participates in the Direct Lending Program, which uses information fromthe Free Application for Federal Student Aid (FAFSA) todetermine federal loan eligibility. This loan does not require a creditcheck for approval. The maximum annual Stafford loaneligibility for a first-year medical student is $40,500,increasing to $47,167 in the student’s third year, as long asthe student does not exceed the aggregate maximum of$224,000.

Federal Direct Grad PLUS Loans– This loan is anadditional loan option beyond the Stafford loan. This loan requiresa credit check for approval. The maximum annual GradPLUS loan eligibility for a medical student is the differencebetween the cost of attendance and the student’s otherfinancial aid.To apply for the Stafford loan and/or the Grad PLUS loan,students are required to file the Free Application for FederalStudent Aid (FAFSA) form. Please use Ohio State’s Federal Code:003090.

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.


Can you negotiate medical school financial aid? ›

You can use one school's offer to bargain with another school; after all, multiple offers show that you are a valuable and sought-after medical school candidate. The decision to attend medical school is a big one, and which school you ultimately choose may be influenced by the amount of financial assistance offered.

What percent of medical students get financial aid? ›

The number of medical students receiving free money in the form of scholarships, stipends, or grants has slightly increased from 61% to 63% from 2014 to 2020.

How to go to med school debt free? ›

If you have your heart set on becoming a doctor, here are six ways to pay for med school.
  1. Look for scholarships and grants.
  2. Enroll in a service program.
  3. Find a free medical school.
  4. Apply for federal financial aid.
  5. Consider private student loans.
  6. Get a part-time job.
Jun 30, 2023

Is it hard to get into OSU medical school? ›

The OSU College of Medicine has an acceptance rate of 5.9%. Let's take a look at the stats for the 2021 OSU College of Medicine class.

How much debt is reasonable for med school? ›

The average medical school debt is $202,450, excluding premedical undergraduate and other educational debt. The average medical school graduate owes $250,990 in total student loan debt. 73% of medical school graduates have educational debt. 43% of indebted medical school graduates have premedical educational debt.

Can you be turned down for financial aid? ›

Unfortunately, it's common for would-be borrowers to be denied loans, and there are a number of factors that could lead to loan denial. Your credit history, current credit score, insufficient application information, or a whole host of other issues could cause you to be rejected for a loan.

What is the average student loan debt of a doctor in the US? ›

Nearly 1 in 5 medical school graduates have more than $300,000 in student loan debt. The median pre-med school debt is $27,000. Medical school graduates also have other debts, including a median of $5,000 on credit cards and a median of $10,000 in residency and relocation loans.

How long does it take for doctors to pay off debt? ›

The survey also found that, on average, doctors pay off their debt within eight years of graduation. While most doctors have some form of debt, the average amount owed is $170,000. The data shows that there has been a steady increase in the number of doctors paying off their debt within five years.

Is medical school financial aid based on parents income? ›

Financial Aid Checklist

Important – because you will be enrolled in medical school you will automatically be considered an “independent” student. In order to qualify for Federal Stafford Loans, independent students are NOT required to submit parental data on their FAFSA.

What happens if you don't pay med school loans? ›

After your payment is 30 days late, your loan servicer will charge you a late fee up to 6% of the amount due. If your payment is 90 days late, your servicer will report your loan as delinquent to the credit bureaus. After 270 days of missed payments, your loans go into default.

How can anyone afford medical school? ›

Make a plan to pay for medical school
  • Start with money you don't have to pay back. Apply to scholarships, grants, fellowships, and assistantship positions for medical school to help supplement any savings you want to use.
  • Explore federal student aid. ...
  • Consider a private student loan for medical school.

How to get med school loans paid off? ›

5 strategies for paying off medical school debt
  1. Get on an income-driven repayment plan. ...
  2. Apply for forgiveness. ...
  3. Make payments during residency. ...
  4. Get help through your job. ...
  5. Refinance for a lower interest rate. ...
  6. Learn more:
Apr 7, 2023

What is the lowest GPA admitted to medical school? ›

A GPA of 3.0 or higher is generally considered to be the minimum requirement for medical schools. Some schools may have a lower minimum requirement, such as a 2.5 or 2.75, but these are less common.

What is the lowest GPA to enter medical school? ›

What is considered a low GPA for medical school? Many medical schools have a cut-off for GPAs below 3.0. The average GPA at most MD medical schools ranges from about 3.7 to 3.9. The average GPA at most DO medical schools ranges from about 3.4 to 3.6.

What is lowest score to get into medical school? ›

The minimum score you'll need to get into med school varies from institution to institution, as each school has different policies and standards. However, generally, a score of 502-505 is good enough to get accepted if you have a decent GPA. For more detailed info, check out this chart from the AAMC.

How do I ask my medical school for more financial aid? ›

How to Apply for and Negotiate Medical School Financial Aid
  1. Know when to ask for financial aid.
  2. Investigate merit scholarships.
  3. Consider average debt at graduation.
  4. Exercise caution with negotiating.
  5. Maintain your professionalism.
Dec 31, 2019

How do I ask my medical school for financial aid? ›

Visit the school's financial aid web pages and review the Tuition, Aid & Debt section of the Medical School Admissions Requirements (MSAR). You can also speak directly with a financial aid officer at the medical school.

How is financial aid determined for medical school? ›

FAFSA: FAFSA stands for “Free Application for Federal Student Aid” and is used by schools to assess your family's assets and income in order to calculate an expected family contribution (EFC), or the amount that schools expect your family to contribute toward paying for your school.

How do you get financially through medical school? ›

Paying for medical school
  1. Start with money you don't have to pay back. Apply to scholarships, grants, fellowships, and assistantship positions for medical school to help supplement any savings you want to use.
  2. Explore federal student aid. ...
  3. Consider a private student loan for medical school.


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