Med Student Salary Guide: Can You Make Money in Medical School?

The typical medical student graduates with about $200,000 in medical education debt according to data from the Association of American Medical Colleges. Yikes, right? No wonder we’re all so eager to learn how much is the med student salary and start earning some cash – ASAP! 

But here’s the thing—you don’t actually get a salary as a medical student. Your job is, well, basically, medical school. And you’re the one paying, unfortunately, not the other way around. The first time you’ll officially start seeing those dollar signs rolling in is during residency after you graduate from medical school. 
However, you still have plenty of options to make some extra money while hitting the books. This quick guide will give you an idea of how much you may earn once you start your residency after medical school. Plus, you’ll discover clever ways you can begin now to finance your time as a med student—think scholarships, loans, and popular side hustles.

This post is all about med student salary.

This post contains affiliate links, which means I’ll receive a commission if you purchase through my link, at no extra cost to you. Full disclosure here.

The Ultimate Med Student Salary Guide

Potential Residency Salaries

After earning your degree from medical school, the next step is to enter a medical residency, a hands-on, paid training period. This is where you’ll work closely with seasoned doctors to gain practical experience in your chosen field. Residencies often involve long hours, usually up to 80 per week, dedicated to providing high-quality patient care. Depending on your specialty, a residency can last anywhere from two to five years.

US National Average Medical Resident Salary

In the US, the typical medical resident brings home an average salary in the mid $60,000 range in the first year, according to data collected by the AAMC. Your starting salary will increase by $2,000 to $5,000 yearly as you progress through your residency. You’ll likely also receive health insurance, paid time off, dental coverage, vision insurance, and staff meals.

However, determining an exact figure for resident income isn’t simple. Factors such as where you’re practicing, who your employer is, and your specialty can all impact your paycheck. Also, resident pay in the US tends to be a fair bit higher than in Europe and Canada. This is because those regions often have centralized healthcare systems.

Salary Potential in Different Specialties

According to a comprehensive survey conducted by Medscape, the salaries of medical residents in the U.S. can vary significantly based on their chosen specialty. Keep the following salary ranges in mind as you consider your future medical career path.

• The highest-paid residents included Medical Genetics, Allergy & Immunology, HIV/Infectious Diseases, and Specialized Surgery. These have annual earnings ranging between $65,700 and $67,500. 
• The lowest-paid group comprised Internal Medicine, Emergency Medicine, and Family Medicine, making between $57,400 and $58,600 annually. 

This discrepancy in residency earnings reflects the range of salary potentials across different specialties. Family physicians tend to earn considerably less than those in genetics, surgery, and infectious diseases. 

Can You Work During Medical School?

Yes, you absolutely can take on a job while juggling medical school responsibilities. However, the better question is, “Should you work while you’re in medical school?”. The answer may not be the same from one person to the next. On the one hand, who wouldn’t want extra cash to enjoy and put a dent in your student loan debt? Yet, balancing work to earn med student salaray, study sessions, and personal time can feel like a Herculean task. 

Why Consider Part-Time Work

If you’re one of the majority of medical students stressing over the cost of tuition, living expenses, and study materials, then working part-time can be a helpful solution to bridge the gap and provide financial relief. Plus, working in research, medical settings, or outreach programs can enhance your resume and contribute to your medical knowledge. The skills you learn through a job, such as teamwork, time management, and interpersonal communication, will serve you well in your future medical career.

From personal experience, working on this blog (as well as my Youtube and Instagram channel) creating helpful courses for premeds and medical school students has helped me strike a balance between work, study, and personal life. My time management skills have improved tremendously, thanks to the demands of managing both work and studies simultaneously.

Most jobs you apply to, you will need a resume to show your work experience, education and all the skills you bring to the table. To give you a head start, grab my free resume template to save yourself the extra time: 

When to Reconsider Having a Job

Undoubtedly, medical school is no walk in the park. It’s a demanding journey that, at times, can zap your mental, physical, and emotional reserves. Some days, it might feel like you’re running on fumes. Adding working or having a boss to the mix could potentially exacerbate the exhaustion and strain.

If you struggle with time management or are already juggling a bunch of other commitments, hitting the brakes on a part-time job might be wise. Why? Well, while missing a few study hours may only impact you, a job will demand your commitment to others as well. The pressure can snowball, leading to a tug-of-war between work and studies. If that doesn’t sound like a fun game, it might be worth reassessing your work plans. Try seeking a less demanding job, or exploring financial aid avenues.

Ultimately, it boils down to what aligns best with your lifestyle. Every medical school differs, with some programs affording more breathing room than others. So, do you have ample time and energy to spare to add a job to the mix? If you can confidently answer yes, then jump to the section below on side hustles. If working isn’t the best option, keep reading to learn how scholarships and securing loans can go far to lighten your financial situation.  

Scholarships for Medical Students

What can make a huge difference in how much you owe when you graduate? You guessed it – applying for scholarships while you’re in medical school. It’s such a smart move. Every little bit can help with those hefty tuition fees and living expenses. Plus, it’s a great way to showcase your accomplishments and dedication, which could also open up future opportunities in your medical career. 

Many organizations, hospitals, and foundations offer scholarships specifically for medical students. Start your research early. Also, check with your school’s financial assistance office. They may have a list of available scholarships specifically for students in your program.

As you start working on your scholarship applications, keep in mind that each one may have specific requirements or essay prompts. Take your time to tailor your application to each scholarship opportunity. You can do this by highlighting your strengths and accomplishments, such as research, leadership roles, or volunteer work. If needed, request recommendation letters from mentors who can speak to your qualities. 

When you’re ready to start your search, check out my blog post on 50+ Places to Apply for Medical School Scholarships. It’s jam-packed with resources and tips to help you discover scholarship opportunities. You’ll also learn how to secure the financial support you need to thrive in medical school.  

You can also reach out to your medical school directly and negotiate financial aid. In my blog post How to Negotiate Financial Aid for Medical School, I share the email that gave me a full ride and how you can get there as well! 

Loans for Medical School

A reality for most medical students, myself included – loans provide the necessary means to cover tuition fees and living expenses. Federal loans and private loans account for the primary sources of funding for medical school. It’s common for students to have a mix to ensure they have enough financial support throughout their education and training. Each loan comes with its own terms and conditions. So being informed and strategic about the loans you choose can make a significant difference.

Follow these smart strategies to create a solid financial plan for responsibly taking care of your medical school finances. 

• Explore your prospective or current medical schools’ financial aid websites for specific information on financial aid options.
• Keep detailed records of all your loan paperwork, including electronic copies.
• Seek assistance from a financial aid administrator as you explore additional financial aid opportunities, manage your loans, or need clarification on the aid you’re receiving.
• Understand which loans are tied to your academic progress.
• Look into income-based loan repayment plans and forgiveness options, particularly for federal loans.
• Investigate loan repayment and forgiveness opportunities through service programs that offer assistance in exchange for a service commitment.

Also, check out another valuable resource, the FIRST (Financial Information, Resources, Services, and Tools) program provided by AAMC. It contains comprehensive information on the costs of medical school applications. You’ll also find details about loan types, repayment options, and other financial matters. 

Popular Side Hustles for Med Students

If you’re wondering how to earn some extra cash while you’re in medical school, a side hustle provides a fantastic opportunity to supplement your income while you develop skills such as communication, time management, and critical thinking. 

Non-Medical Side Hustles for Med Students

I personally started early to take on side hustles next to my life as a premed and later medical student. In my premed years, I worked as a nanny, offered tutoring, earned extra money through waitressing and dog walking. 

Shortly before starting medical school, I created my own business as a content creator, selling courses like Road to Acceptance to help other premed reach their dream of medical school! And yes, all while studying, preparing for exams, going through my clinical rotations and still having a life beyond that. So it’s more than possible! 

As of right now, I am on track to finish medical school free of any debt, which feels so empowering after many years of being constantly broke. So, ready to start your own side hustle journey and get that medical school money flowing? The following ideas can help you make money while gaining valuable experience along the way. 

• Tutoring: Share your knowledge and skills by tutoring high school or college students in biology, chemistry, or math. You can offer in-person sessions or set up online tutoring sessions for more flexibility, e.g. through care.com (which I used successfully in my premed years)
• Freelance Writing: If you have a knack for writing, consider freelance medical writing for blogs, websites, or academic journals. You’ll also improve your communication skills. You can use Upwork or Fiverr to land your first job! 
• Driver for ride-sharing or food delivery services: Earn money between classes and clinical rotations. It also allows you to interact with different people and neighborhoods, which can provide a much-needed break from your medical studies.
• Small business owner: Earn extra income based on your hobbies, like art or baking. You’ll get to cater to your creative side while providing a therapeutic escape from the demands of medical school.
• Content Creator: Turn your knowledge into a passive income stream by selling courses or products online and helping others on their way. (Ahem, it’s working well for me!) Alternatively, you could also sell medical-themed products, like study guides or medical apparel, online to your peers. 
• Babysitter: Choose your own hours, earn a decent hourly rate, and even study while the kids are asleep. It’s a win-win! 
• Bartender/Server: If you enjoy being around people and have good multitasking skills, bartending or waiting tables can be a high-paying gig for medical students. And you’ll develop valuable social and communication skills that can benefit you in your future medical career.
• DIY Expert: Offer repair services to fellow students or your local community. From assembling furniture to fixing minor repairs, there’s always a demand for someone with handy skills.  

One of the best resources for getting started with a profitable side hustle is Skillshare. Here you can learn almost any skill as well as how you can turn it into a successful business on the side. Available courses you can learn from include writing, graphic design, social media and marketing, photography, youtube, web design, crafts and so much more. It can help you become a freelancer, build your own etsy shop or start any other profitable business option on the side. 

By using this link you can get a free 30-day trial which is a great time frame for getting started with your own side hustle. (I am a Skillshare affiliate, which means I get a commission when you buy through my link – at no extra cost to you!)

Among all of these, here are the top 3 best side hustle options for beginners, including the websites I personally used to make money as a premed:

Medical Side Hustles for Med Students

If you want to take on a side hustle in medical school, you can also use your skills in the clinical field! A job related to your medical career can also expand your professional network within the healthcare industry, potentially opening doors to future job opportunities or collaborations. 

Keep in mind though that some of these jobs can come with less flexible hours, while side hustles like freelancing or tutoring might give you more wiggle room in your busy schedule.

• Medical Scribe: Use your clinical knowledge by working as a medical scribe for physicians. This role involves documenting patient encounters in real time, allowing you to sharpen your medical knowledge while earning extra cash.
• Research Assistant: Assist professors or researchers in conducting medical studies or projects. You’ll gain research experience and potentially get published, all while earning money.
• Medical Transcriptionist: Transcribe medical documents or records for healthcare facilities. This job requires attention to detail and knowledge of medical terminology, making it an excellent fit for medical students.
• Virtual Medical Assistant: Provide remote administrative support to healthcare providers, such as scheduling appointments, managing emails, or organizing medical records. 
• Emergency Medical Technician (EMT): Gain invaluable experience in a field closely related to your intended career path. You’ll apply your knowledge and get a firsthand view of the critical moments first responders handle before patients reach the hospital.
• Phlebotomist: Work at your teaching hospital or a nearby lab collecting blood from patients and preparing test samples. You could also consider becoming a contractor as a mobile phlebotomist who travels to patients’ homes.
• Research Studies Subject: Volunteer to be the one poked and prodded in a research project and get compensated for your time. It’s a flexible way to earn money without the commitment of a regular job.
• Donor: Donate your plasma, sperm, or eggs. While a unique way to make money, thoroughly research and consider the physical and emotional implications before pursuing this side hustle.
• Participant in focus groups or surveys: Provide feedback on products, services, or ideas. It allows you to earn money in your spare time without a major time commitment.

For a great overview of medicine-related jobs and their pros and cons go to my blog post 7 Best Jobs for Clinical Experience. 

The Bottom Line on Med Student Salary Potential

I hope this guide has given you a clearer picture of what to expect. And how to manage your finances during your med school journey. While many people often assume medical students earn big bucks right away, you’ll need to wait for your first real paycheck during your residency after graduating.

Money matters, but don’t let it stress you out. Instead, take the necessary steps to explore different financial options. From scoring scholarships to looking into loans or taking on some side gigs. Most importantly, figure out what works best for you and your situation while you’re in medical school. 

Keep hustling, and remember—you’ve got what it takes to thrive in your medical journey and your bank account!  

Related Posts

10 Premed Gap Year Jobs (Beyond Clinical Experiences)

How to Negotiate Financial Aid for Medical School (read the email that got me a full ride)