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

1. Visit aamc.org/financialwellness
2. Under “Need to Register?”, select your school (medical students) or role (resident, pre-med, staff, etc.)
3. 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 Officerhttps://students-residents.aamc.org/financial-aid-resources/top-10-questions-premeds-should-ask-medical-school-financial-aid-officers

The Financial Aid Application Processhttps://students-residents.aamc.org/financial-aid-resources/financial-aid-application-process

Direct Loans 101https://students-residents.aamc.org/financial-aid-resources/direct-loans-101

IHShttps://students-residents.aamc.org/financial-aid-resources/indian-health-service-ihs-loan-repayment-and-scholarship-programs

Direct Plus Loanshttps://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 Basicshttps://students-residents.aamc.org/financial-aid-resources/budgeting-basics-managing-your-money-during-lean-years)

Budgeting Ideas and Tipshttps://students-residents.aamc.org/financial-aid-resources/budgeting-ideas-and-tips

Your Credit Scorehttps://students-residents.aamc.org/financial-aid-resources/your-credit-score

MSI: Videos

Student Loans and Repayment Strategieshttps://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 Studentshttps://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 Residencyhttps://students-residents.aamc.org/financial-aid-resources/cost-applying-medical-residency

The Cost of Interviewing for Residencyhttps://students-residents.aamc.org/financial-aid-resources/cost-interviewing-residency

Taking Control of Credit Card Debthttps://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 Studyhttps://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 Tiphttps://students-residents.aamc.org/financial-aid-resources/easing-residency-transition-tips

Debt Management Relies on Record Keepinghttps://students-residents.aamc.org/financial-aid-resources/debt-management-relies-good-record-keeping

Find the Details of Your Federal Loanshttps://students-residents.aamc.org/financial-aid-resources/find-details-your-federal-loans

Education Tax Incentiveshttps://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 Planhttps://students-residents.aamc.org/financial-aid-resources/how-select-best-repayment-plan-two-steps

Selecting a Financial Plannerhttps://students-residents.aamc.org/financial-aid-resources/selecting-financial-planner

Repay Through Forgive, Scholar, Servicehttps://students-residents.aamc.org/financial-aid-resources/repayment-assistance-through-forgiveness-scholarships-or-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
https://youtu.be/C-1uJbhW-L0