Financial Wellness & Debt Management
The Financial Aid Office's Financial Wellness & Debt Management program offers a variety of services to help you manage your loan borrowing and make informed decisions about your financial well-being. Programs are presented throughout the year providing valuable information and strategies to help you manage your loan debt and the life issues that may be affected by the amount of loan borrowing. Our programs are tailored to each year in medical school and will focus on topics including, but not limited to loan borrowing, budgeting, banking, building credit, money management, and loan repayment.Click here
Click here to view a sample programming schedule by year. While this list is certainly not exhaustive, it is guide on how we will work with you to ensure you are prepared to make informed decisions and improve your financial understanding.
As a supplement to our literacy and debt management programs, we recommend that you spend some time and review the list of some online resources to assist you in getting organized. These resources will help you develop a strategy for not only your first year in medical school but also as you prepare for Residency.
Sign up for the AAMC Student, Applicant, and Residents website. Explore AAMC's FIRST resource for assistance with managing personal budgets and student loan debt. You may also signup for AAMC's SALT Program here. SALT is a free, online, financial education resource, that provides a variety of financial information to help students, residents, and practicing physicians become more financially savvy.
CashCourse is your guide to making informed financial choices. Get prepared for whatever life has in store: Register for a free account and take charge of your money. The Financial Aid Office will be utilizing this free online resource during your time on campus, so get a head start and create your free account today.
Create a Budget
Even if you're a seasoned pro, it is important that you evaluate, or create, a plan for how you will spend your money on a semester, monthly, or quarterly basis. A budget can help you avoid overspending, avoid running into credit difficulty, ensure that your necessities are covered, and also help you plan for unexpected expenses. Review the AAMC's Budgeting Basics & Monthly Budget Worksheet.
Track and Organize Your Loans
An important step in managing your education debt is to know who you borrowed from and who to pay back. The National Student Loan Data System (NSLDS) is the US Department of Education's central database for student aid. This site contains a history of your Federal Loans. Institutional or Private loans will not be included so you will need to maintain good records as you move through your program. A good tool to help you organize your loan records is AAMC's free MedLoans Organizer & Calculator. The Organizer will allow you to begin entering your loan information as a first-year medical student.
Schedule a Debt Management Meeting
Regardless of your year in school, we encourage all medical students to schedule a one-on-one debt management session with the Financial Aid Office. To schedule your appointment, email firstname.lastname@example.org or call (708) 216-3227.