Important Information

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AAMC FIRST Tips

Site Description
Money Management for Entering Medical School Students For new medical students worried about how they will navigate the rising tide of education debt, this discussion explains a common sense approach to borrowing wisely during medical school.  Also addressed is information about student loan repayment (options & strategies) as well as tips for managing monies along the way.
3 Ways to Minimize the Cost of Student Loans This is an AAMC Quick Clip that will assist you in minimizing the amount of student loans to accept.
Top 10 Questions Premeds Should Ask Medical School Financial Aid Officers Attending medical school is expensive and most medical students will need to borrow federal student loans to cover their medical school’s cost of attendance. Below is a list of 10 questions to help you get a conversation started with the financial aid office professionals at the medical schools you are considering attending.
MedLoans® Organizer and Calculator (MLOC) The MedLoans® Organizer and Calculator was developed to assist medical students and residents with managing their education debt. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.
Budgeting Basics: Managing Your Money During the Lean Years Money will probably be tight during medical school and residency. That’s why a realistic spending plan (budget) – one you can stick to – will be critical to your financial well-being during this time.
Education Debt Manager This resource, the Education Debt Manager, is designed to help students, residents, and financial aid staff navigate the complexities of medical student debt. It will also enable you to make wise repayment decisions by enhancing your understanding of important debt management skills for future use (including during the lean years of residency). Several of the attachments in this email are directly from the Education Debt Manager.
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AAMC FIRST Tips and NBME Info

Site Description
3 Ways to Minimize the Cost of Student Loans This is an AAMC Quick Clip that will assist you in minimizing the amount of student loans to accept.
MedLoans® Organizer and Calculator (MLOC) The MedLoans® Organizer and Calculator was developed to assist medical students and residents with managing their education debt. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.
Budgeting Basics: Managing Your Money During the Lean Years Money will probably be tight during medical school and residency. That’s why a realistic spending plan (budget) – one you can stick to – will be critical to your financial well-being during this time.
Education Debt Manager This resource, the Education Debt Manager, is designed to help students, residents, and financial aid staff navigate the complexities of medical student debt. It will also enable you to make wise repayment decisions by enhancing your understanding of important debt management skills for future use (including during the lean years of residency). Several of the attachments in this email are directly from the Education Debt Manager.
NBME STEP fees Updates on STEP expenses for the current academic year
▼   M3

AAMC FIRST Tips and NBME Info

Site Description
3 Ways to Minimize the Cost of Student Loans This is an AAMC Quick Clip that will assist you in minimizing the amount of student loans to accept.
MedLoans® Organizer and Calculator (MLOC) The MedLoans® Organizer and Calculator was developed to assist medical students and residents with managing their education debt. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.
Budgeting Basics: Managing Your Money During the Lean Years Money will probably be tight during medical school and residency. That’s why a realistic spending plan (budget) – one you can stick to – will be critical to your financial well-being during this time.
Education Debt Manager This resource, the Education Debt Manager, is designed to help students, residents, and financial aid staff navigate the complexities of medical student debt. It will also enable you to make wise repayment decisions by enhancing your understanding of important debt management skills for future use (including during the lean years of residency). Several of the attachments in this email are directly from the Education Debt Manager.
NBME STEP fees Updates on STEP expenses for the current academic year
Away Rotations Depending on the number and locations of the electives a student schedules, away electives can be expensive. The AAMC has estimated each elective costs about $1,000 for applications, travel, housing, food, etc.
The Cost of Applying for Medical Residency Though the costs associated with applying for a residency position will be a minor portion of the total cost of your medical education, they can still add up. It is important to develop a plan early on for how you will manage these expenses.
Fees for ERAS Residency Applications ERAS application fees are based on the number of programs applied to per specialty.
▼   M4 and Residency

AAMC FIRST Tips

Site Description
Fees for ERAS Residency Applications ERAS application fees are based on the number of programs applied to per specialty.
The Cost of Applying for Medical Residency Though the costs associated with applying for a residency position will be a minor portion of the total cost of your medical education, they can still add up. It is important to develop a plan early on for how you will manage these expenses.
AAMC's Financial Wellness Program Ready to become more skilled and savvy in financial matters? The AAMC's Financial Wellness program is connecting medical students and residents to financial activities, including videos, articles, and interactive calculators needed during and after medical school. See how this program can help you track your spending, set up a budget, create a financial checklist, and set financial goals. Also offered are short on-demand courses on topics like budgeting, managing credit, identity theft, financial planning, and much more.
Financial Tips: Saving and Budgeting Student Loans Medical students describe how they budget their money and methods they use to save money during medical school.  (2:49)
How to Manage Student Loans During Residency Prepared for new residents and soon to be medical grads, this video addresses the CARES Act, how to choose the best repayment plan, when postponing payments is a better option, and how to decide if refinancing or consolidating is right for you. Also discussed is information on Public Service Loan Forgiveness (PSLF), how to fight interest accrual, and more. Other videos on topics important to medical students and residents are posted at www.aamc.org/videowebinars.  
Three Ways to Minimize the Cost of Your Student Loans Understanding how student loans work can enable you to take actions to reduce the cost of repayment.  (3:05)
Strategies for Repaying Private Loans The repayment options for Private Loans differ dramatically from Federal Loans.  Having a strategy to handle the repayment of Private Loans, while also dealing with Federal Loans, can ease the burden of this debt. (2:20) 
Should you Rent or Buy During Residency? This short clip provides the formula to run in your life to decide whether renting or buying during residency is best.  NOTE: this is from a larger discussion found at www.aamc.org/first/homefinancing.  (3:34)
Unexpected Costs After Medical School Are you prepared for the cost of your upcoming transitions (relocation to residency, to fellowship, to practice or attending),  board exams (prep, test, and travel) or the interviewing experience with each job change?  Listen now to develop a plan.  (3:48)
How to Live and Save on a Residents Paycheck After taxes, how much will you have left?  This discussion addresses how you can both LIVE and SAVE while you are in residency. (3:50)
Financial Tips for Medical Residents from Medical Residents Listen to current residents give advice on how they are managing their financial life during residency - when money is tight. (2:43)
A Roadmap for Medical Grads to Maximize PSLF This discussion is intended to serve as a road map for medical school graduates on how to maximize the value offered through the Public Service Loan Forgiveness (PSLF) program.
The Current State of Public Service Loan Forgiveness (PSLF) A step-by-step guide on how to obtain PSLF, as well as a behind the scenes look from a borrower on her own pursuit of public service loan forgiveness.  This session – conducted by an experienced Financial Aid Officer and a PSLF borrower - includes tips and helpful advice as well as matter-of-fact suggestions that cannot be found anywhere else.
The Best IDR Plan During Residency If you are not sure which Income-Driven Repayment (IDR) plan is right for you, then watch this video to learn how each of the IDR plans "work" and how to identify which of these plans (ICR, IBR, PAYE and REPAYE) may allow you to best accomplish your financial goals.
Student Loans & Repayment Strategies Prepared for the graduating Class of 2020, this session offers advice to guide a medical student out of school and into residency while successfully managing student loan debt.  Topics include repayment plans & postponement options, advice on how to make the best repayment decision – as well as a brief overview of consolidation, refinancing and Public Service Loan Forgiveness (PSLF).  NOTE – as of February 2020, information previously found in NSLDS is now located in your account at www.StudentAid.gov
How Long Will It Take to Repay Student Loans? Though everyone's career path is unique, as is their student loan portfolio, this video will provide direction into how you can answer these questions for yourself. Medical graduates will leave this discussion equipped with the knowledge to choose the best repayment strategy for their loans.
Repayment Testimonies from MD Residents Three residents share their personal budgets and explain how they are managing their loans during residency – whether it be with PAYE, REPAYE or Forbearance – and the impact on their personal financial situation.
Married Physicians use the MLOC to Find Their Best Repayment Strategy See case studies and a general analysis of the results that can be obtained using the MedLoans Organizer and Calculator (MLOC) with a review of student loan debt portfolios that include examples of an MD married to an MD and examples of an MD married to a non-MD.
Financial Planning for Medical Residents When it’s time to complete your new employee paperwork, do you know what forms you need to complete and the best way to fill them out?  Learn the basics of financial planning including W-4 allowances and taxes, employee benefits, retirement plan options, emergency funds, combining finances for newly married, and more.  If you don’t have a financial planner yet, use this information to guide you until you find one!
Habits for Financial Health in Residency and Beyond This speaker not only understands financial matters – he also understands the life of a physician – his father was an ER doctor and his wife is an OBGYN in residency.  During this discussion, he provides guidance on everything a medical grad needs to know about financial matters as they transition into residency.  Content includes how to set goals and plan for retirement while in residency, the best type of investment vehicles to use,  protecting your assets (insurance), cash management and budgeting, and a suggested financial calendar/tracking system to keep you organized. 
You’ve Matched! Now What?  Preparing Financially and Professionally for Residency This video addresses the real-world decisions that are in front of a medical school graduate (financially and professionally). Listen to the guidance provided by both the AAMC's FIRST (Financial Information, Resources, Services, and Tools) team and the Careers in Medicine (CiM) team for insight into how one can most easily and smoothly complete medical school and begin residency.
Medical Loans Organizer and Calculator (MLOC) It was developed to assist medical students and residents with managing their education debt. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.
Education Debt Manager This resource, the Education Debt Manager, is designed to help students, residents, and financial aid staff navigate the complexities of medical student debt. It will also enable you to make wise repayment decisions by enhancing your understanding of important debt management skills for future use (including during the lean years of residency). Several of the attachments in this email are directly from the Education Debt Manager.