Debt Management
Debt management counseling will be provided to Charles E. Schmidt College of Medicine students throughout all four years of the curriculum. The Office of Medical Student Financial Aid will focus on educating students about basic financial literacy, budgeting, student loan repayment and debt management to ensure students graduate with a good understanding about how they will manage their debt, meet their everyday expenses, and plan for their futures.
During Orientation Week students will learn about budgeting, spending habits, reviewing and paying down credit card debt, and borrowing only what is needed. We will also review the Cost of Attendance and disbursement of funds in relationship to effective budgeting. A general presentation will be given as well as an opportunity to have a one-on-one session to address any personal financial aid issues, concerns, or questions.
During the four academic years, counseling will be available on all financial aid topics a student needs addressed, including budgeting and debt management. Every first and second year medical student receiving financial aid will be required to schedule an appointment with the Office of Medical Student Financial Aid to discuss cost of attendance, budgeting, current student loan debt and other financial aid questions and concerns before the second disbursement of funds in January. Students will also participate in financial aid presentations and/or online modules covering a broad range of topics regarding debt and money management.
Graduating seniors will attend exit interviews conducted by the Office of Medical Student Financial Aid. Individual loan summary sheets for student borrowers indicating the amount borrowed and the contact information of the student loan servicer will be provided. General debt and repayment strategies including loan consolidation, loan forgiveness, and deferment/forbearance options will also be addressed. Students will be encouraged to address any issues or concerns they may have regarding their debt.
The Association of American Medical Colleges website First for Medical Education provides valuable financial information, resources, services and tools (FIRST) for medical students to assist them in understanding all aspects of debt management. Download 7 ways to reduce medical school debt. For further information please visit www.aamc.org/first. Students will also need to complete the MedLoans Organizer and Calculator on the AAMC website prior to all budget and debt review meeting. This tool allows students to see how their Federal student loans may be repaid. This is important, as students must select the repayment plan they wish to use when they enter repayment.