Financial Wellness and Financial Literacy
Live like a student NOW, so that you can live like a doctor when you graduate! This means borrowing only what is needed for your education! Even though the cost of attendance is established to ensure you have adequate funds for your cost of attendance expenses, you can also borrow less if you deem it necessary!
The AAMC’s Financial Information, Resources, Services, and Tools (FIRST) program works to empower students by providing student loan and money management information and resources that will enable students to borrow wisely and repay their students loans responsibly.
https://students-residents.aamc.org/financial-aid-resources/financial-aid-resources
Set Up Your Account
- Visit aamc.org/financialwellness
- Under “Need to Register?”, select your school (medical students) or role (resident, pre-med, staff, etc.)
- Complete the registration form
Courses
After logging into your account, from the courses tab you will see all the available learning opportunities. You can read information, watch videos, take quizzes, obtain grades, and even print a course completion certificate.
Available courses include:
- Budget Basics
- Buying a Car
- Financial Basics
- Financial Planning
- Financial Trouble
- Having a Baby
- Identity Theft
- Managing Credit
- Saving and Investing
- Understanding Insurance
Suggested Presentation topics include:
* Repayment Strategies
* Money Management During Medical School
* Credit and Budgeting
* Behavioral Economics
* AAMC Financial Wellness
* Customizable presentations to cover subjects of your choosing
* Offering live money-management webinars for students and residents
* Engaging with students through individual meetings or via group “Meet With
FIRST” virtual town hall sessions
* Providing consultation services for medical school financial aid administrators
* Creating resources to help meet federal entrance and exit counseling
requirements
Below is a list of selected modules students are encouraged to complete. While this list is not an all-inclusive list of available modules, the selected modules contain information pertinent for most students and situations. We also realize students are at different points in their academic careers and my find other modules on the site that are more relevant. The suggested resources are listed by year in medical school.
SUGGESTED RESOURCES:
Premed: Articles
· Introduce students to AAMC.org.
· Introduce them to AAMC Financial Wellness for more in-depth financial tips.
· Top 10 questions you should ask your Financial Aid Officer
· The Financial Aid Application Process https://students-residents.aamc.org/financial-aid-resources/financial-aid-application-process
· Direct Loans 101 https://students-residents.aamc.org/financial-aid-resources/direct-loans-101
· Direct Plus Loans https://students-residents.aamc.org/financial-aid-resources/direct-plus-loans-graduate/professional-students
· Budget Worksheet https://students-residents.aamc.org/media/5131/download
MSI: Articles
· Transitioning to Medical School https://students-residents.aamc.org/attending-medical-school/transitioning-medical-school · Budgeting Basics https://students-residents.aamc.org/financial-aid-resources/budgeting-basics-managing-your-money-during-lean-years)
· Budgeting Ideas and Tips https://students-residents.aamc.org/financial-aid-resources/budgeting-ideas-and-tips
· Your Credit Score https://students-residents.aamc.org/financial-aid-resources/your-credit-score
MSI: Videos
· Student Loans and Repayment Strategies https://www.youtube.com/watch?v=6NiX2Bzj0Ow
· How to Select the Best Repayment Plan in 2 Steps https://vimeo.com/144800054
· Money Management for Entering Medical School Students https://www.youtube.com/watch?v=tvb9XMDQOuE
MSII: Articles
· Taking a Break from your Medical Education (Leave of Absence) https://students-residents.aamc.org/financial-aid-resources/taking-break-your-medical-education
· Cost of Applying for Residency https://students-residents.aamc.org/financial-aid-resources/cost-applying-medical-residency
· The Cost of Interviewing for Residency https://students-residents.aamc.org/financial-aid-resources/cost-interviewing-residency
· Taking Control of Credit Card Debt https://students-residents.aamc.org/financial-aid-resources/taking-control-credit-card-debt
MSII: Videos
· Ask a Medical Student: What is the Most Effective Way to Study
https://www.youtube.com/watch?v=4AdcSG28YOw&t=11s
· Ask a Medical Student: How do You Balance School with Your Personal Llife?
https://www.youtube.com/watch?v=_TEh0YxSHxY
· Ask a Medical Student: Which Experiences Have Inspired You? https://www.youtube.com/watch?v=QlW0H2QuqiQ
MSIII: Articles
· Easing into Residency: Transition Tip
https://students-residents.aamc.org/financial-aid-resources/easing-residency-transition-tips
· Debt Management Relies on Record Keeping https://students-residents.aamc.org/financial-aid-resources/debt-management-relies-good-record-keeping
· Find the Details of Your Federal Loans https://students-residents.aamc.org/financial-aid-resources/find-details-your-federal-loans
· Education Tax Incentives https://students-residents.aamc.org/financial-aid-resources/education-tax-incentives
MSIII: Videos
· Postponing Payments During Residency https://youtu.be/Osw35c1VkDM
· The Economics of Residency https://www.youtube.com/watch?v=2keiPenwdsw
MSIV: Articles
· How to Select the Best Repayment Plan https://students-residents.aamc.org/financial-aid-resources/how-select-best-repayment-plan-two-steps
· Selecting a Financial Planner https://students-residents.aamc.org/financial-aid-resources/selecting-financial-planner
· Repay Through Forgive, Scholar, Service
· Should I Refinance My Student Loans? https://students-residents.aamc.org/financial-aid-resources/should-i-refinance-my-student-loans
· Should You Consolidate? https://students-residents.aamc.org/financial-aid-resources/should-you-consolidate
MSIV: Videos
· Repayment Strategies
https://www.youtube.com/watch?v=9LYopPWq44w
* Financial Health in Residency