To make the best financial decisions for you and your future, you should understand your loans and your options. We encourage you to organize and track your student loan information, to develop a repayment strategy, and to have a plan for your years in residency. The Office of Financial Aid is here to support you and answer any questions you may have along the way.
The AAMC publishes numerous resources for current medical students annually through the Students, Applicants, and Residents website. Explore these financial aid resources for assistance with managing personal budgets and student loan debt.
The AAMC also publishes a comprehensive financial guide to medical school students navigate the complexities of financing medical school through the responsible borrowing and repayment of student loan debt. Access the Education Debt Manager for free here.
One of the most important steps to managing your educational 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. Note that NSLDS only contains a history of your Federal Loans. Institutional or Private loans will not be included here, so you will want to maintain good records as you move through school of all other forms of debt.
The next step is to organize your loan records. The AAMC has provided a free MedLoans® Organizer & Calculator to all medical students and residents to keep track of each loan and calculate your repayment options. The Organizer lets you begin entering your loan information as a first year medical student.
As a student, it is important that you create a plan for how you will spend your money on a quarterly and monthly 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. The AAMC offers a budget worksheet that you may find helpful.
Even students can have inaccurate information appear on their credit reports. In order to make sure you are building a good and accurate credit history, it is important that you check your credit report at least on an annual basis. A free copy of your credit report is available to you once each year.
All first year medical students are expected to schedule a one-on-one, 30-minute debt management session with the Office of Financial Aid. Meetings will be held during the Winter and Spring quarters. To schedule your debt management meeting, please email the Office of Financial Aid.
Presentation was filmed on Tuesday, March 8th 2022.
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