Debt Management

Many students have used the AAMC’s MedLoans Organizer and Calculator to organize and track their loans over time. Users can upload their federal loan information, run personalized repayment scenarios and save loan repayment options for later reference. The below video takes you through the tool step by step.

Once your federal student loans go into repayment status, you will choose among many repayment options. The below video outlines these choices so you can select the best plan to help you meet your debt management goals. The AAMC has also summarized repayment plans for federal student loans.

The below video highlights various loan forgiveness, scholarships and loan repayment assistance programs, including the National Health Service Corps, Indian Health Service, Public Service Loan Forgiveness, the military and other state and federal programs. More detailed information on these loan forgiveness programs is available through the AAMC.

AAMC's FIRST (Financial Information, Resources, Services and Tools) provides free resources to help medical students make wise financial decisions from pre-matriculation through loan repayment. The AAMC has also compiled budgeting ideas and tips for medical students, including downloadable budget worksheets. Visit their website for more details. 

Being proactive about finances can help minimize stressors related to finances. Our debt management counseling program, Life $upport, was created to encourage students to establish good financial habits such as budgeting and checking credit regularly. Most sessions include an active learning component to help students acquire the basic skills needed to develop these habits. Explore the list below of required and optional sessions offered.

BYOB: Building Your Own Budget (M1 Before Matriculation)

This one-on-one session is required for all entering students receiving financial aid. Students are asked to be prepared with their aid notification and a completed AAMC interactive budgeting worksheet. Resources and expenses are reviewed to determine if loan funds can be returned. 

Credit 101 - Part 1 (M1 Winter)

This session will teach students how to make educated credit decisions. During this session, students pull their credit report for review.

Credit 101 - Part 2 (M2 Fall)

This follow-up session encourages students to make a habit of reviewing their credit reports in order to safeguard their credit. 

Preparing for the Cost of Residency (M3 Winter)

This session helps students budget and plan for the upcoming costs of what they can expect during the M4 year as they prepare for the residency application process.

Personal Finance Tips (M4 Spring)

This required session is presented during the M4 Capstone. During the session, students will use interactive tools to help with budgeting, W-4 tax forms and credit.   

M4 Required Student Loan Exit Meetings (3-Step Process)

Repaying loans can be stressful for someone who is not familiar with loan repayment options. To combat this issue, all students who borrowed federal student loans are required to complete a three-step student loan exit process through the Life $upport program.

1. Watch AAMC Student Loans and Repayment Strategies Video
   This foundation is critical to prepare students for the required one-on-one student loan meeting. Students can prepare by logging into studentaid.gov and uploading their loan history to the AAMC Organizer/Calculator. Having a copy of the AAMC Debt Manager Book is also useful. 
2. One-on-One Loan Repayment Meeting
   Students are required to meet one-on-one with Cynthia Gonzalez in AWOME to discuss their loan portfolio. Cynthia will provide sample repayment schedules based on actual debt. The goal of the session is for the student to fully understand their repayment options. This will allow students to build a strategy and set goals. 
3. Online Counseling
   In mid-April, students will receive an email from the Northwestern University Office of Student Finance with an invitation and instructions regarding required online counseling. During the online counseling, students will be required to choose an initial repayment plan. 

Financial Planning 101 (M4 Winter)

A guest speaker from MEDIQUS Asset Advisors Inc. will share details about basic financial planning skills. Highlights include: building a financial plan, money management and retirement planning.