When thinking about where to attend medical school, the topic of how to fund your education most likely comes up. There is a lot to consider! We strongly encourage students to start thinking about their financial planning strategy for medical school as early as possible. 

Here you’ll find our responses to AAMC’s top 10 financial aid questions. Our Financial Aid Office advisors are available to answer any additional questions you may have. 

1. How much does a medical education cost at your school?

Every year our Financial Aid Office updates the Guideline Budget for the upcoming year. This is a good resource for determining your future costs. Like other public institutions, our tuition is broken down by in-state vs. out-of-state. 

2. What was the average amount of debt for the most recent graduating class?

University of Michigan Medical School students' debt ranks among the lower third of all medical school graduates. Our Class of 2023 had an average medical school-only debt load upon graduation of $161,267, approximately $30,000 below the national average. (Sources: UMMS; AAMC)

3. Is a supplemental financial aid application required at this school?

If you would like to be considered for need-based aid (including need-based scholarships) you must complete our school's Financial Aid application no later than February 1. All admitted students are automatically considered for Admissions scholarships--no application required!  

4. Do you require parental information to determine a financial aid award package?

Yes. If you would like to be considered for all types of aid, including need-based grants and need-based scholarships, you and your parents will need to complete the Free Application for Federal Student Aid (FAFSA) by February 1. All students are encouraged to submit their financial aid applications well ahead of the deadline. Students who do not meet our deadline may not receive the amount of need-based grant for which they would otherwise be eligible. 

For students admitted after February 1, the deadline to submit the FAFSA is two weeks from the date of admission. Students should check with all schools they are applying to for deadlines and required application materials. 

Please note: as a graduate student, your federal loan eligibility is based solely on your information (and spouse, if married). Parental information is not taken into account for federal loans. 

5. What scholarships and grants are available and when can I apply for them?

All admitted students are automatically considered for Admissions scholarships--no application required! To be considered for all other need-based aid, students must complete the University of Michigan Medical School's Financial Aid application and the FAFSA (including parental information) no later than February 1. All students are encouraged to submit their financial aid applications well ahead of the deadline. Students that do not meet our deadline may not receive the amount of need-based grant for which they would otherwise be eligible. 

For students admitted after February 1, the deadline to submit the FAFSA is two weeks from the date of admission. Students should check with all schools they are applying to for deadlines and required application materials. 

Please note: as a graduate student, your federal loan eligibility is based solely on your information (and spouse, if married). Parental information is not taken into account for federal loans. 

6. If I get a scholarship for one year, will it continue to be offered in subsequent years?

Yes. All scholarships offered to incoming students are automatically renewed for four years as long as you remain in good academic standing. 

7. Does your school offer institutional loans? If you do, what are the terms and conditions of the loan and how much of my yearly cost will they cover? Are they awarded each year?

Yes, we do offer institutional loans, however the amount and eligibility is determined on a case-by-case basis. Students apply through the regular financial aid application process. No additional loan application is required. The Financial Aid Office identifies students who may qualify. 

8. How can I cut down on my yearly expenses, costs, and borrowing?

Our best advice is to create and follow a budget. We update our Guideline Budget every year to help you anticipate and plan for expenses. Your Financial Aid Counselor can suggest a number of resources to help you get started in managing your money in medical school. Please note that students may borrow their entire need based on the Guideline Budget with federal loans (Stafford and Grad PLUS), however students must stay within this budget. For Grad PLUS, you will need to pass a “soft” credit check to qualify.

9. Do students who are awarded the AAMC’s Fee Assistance Program qualify for any additional financial aid benefits at your school?

No, not through the Financial Aid Office. 

10. Can medical students work part-time while attending your school?

Our medical school program will demand a significant amount of your time, which may make part-time work not possible. However, taking on a side job is not expressly forbidden.