Preparing for Your First Year of Medical School

Use this checklist as you prepare for your first year of medical school.

• If you need to apply for financial aid, be aware of your school’s deadline(s).
• Thoroughly review your school’s financial aid offer.
• Learn about the types of financial aid offered to you to determine which aid you want to accept.
• Familiarize yourself with any financial aid terms that are new to you (see the Federal Student Aid Glossary below).
• Find out what your school’s cost of attendance (COA) is as a first-year medical student (and each year thereafter).
• Determine the amount of aid you will need and accept your financial aid package by the school’s deadline.
• Complete required federal “Entrance Counseling” on the Federal Student Aid (FSA) website and any other school requirements for incoming students.
• Complete the Master Promissory Note (MPN) to obtain the federal Direct Unsubsidized Loan and/or Direct PLUS Loan and familiarize yourself with the terms and conditions of your loan(s).
• Create a budget and spending plan based on the aid you will receive and your school’s COA.
• Set up a meeting with financial aid staff if you have questions or would like to review your budget.
• Review additional resources about paying for medical school and preparing for future expenses.
• Create an AAMC Financial Wellness account to access free money management resources and tools.

Resources

• The Financial Aid Application Process
• Understanding Your Financial Aid Offer
• Federal Student Aid (FSA) Glossary
• Federal Student Aid Entrance Counseling
• Complete Your Master Promissory Note
• Budget Worksheet for Students
• Budgeting Basics and Tips
• Transitioning to Medical School: Financial Tips
• AAMC Financial Wellness Program

Financial Aid at Your School

Find out what financial aid is offered by your school; knowing this information prior to applying for aid will help you understand what is offered to you after you submit your aid application.  Being familiar with what may be offered to you will provide you with a general knowledge of the type of aid you may want to accept and how much aid you may need to accept when you receive your financial aid offer.

Many times, you can view the types of aid offered at your school by reviewing the school’s financial aid webpages. Not all schools offer the same types of aid, and eligibility for certain aid may vary from school to school. 

While reviewing your school’s financial aid webpages, be sure to note the applications that you will need to complete.  Some schools may require that you only complete the Free Application for Federal Student Aid (FAFSA) to receive federal loans; however, some schools may require you to complete the College Scholarship Service (CSS) Profile and/or their own institutional application.

You will want to be mindful of the school’s application deadlines. If the financial aid staff at your school requests any additional information or documents, be sure to submit that information in a timely manner.

If you have any questions about the aid offered, or the financial aid processes, reach out to the financial aid staff at your school. Be sure to get your questions answered immediately. The financial aid staff will be there for you throughout medical school and you will want to build a strong rapport with them from the beginning of medical school.

Resources

• The Financial Aid Application Process
• Understanding Your Financial Aid Offer

Searching for Scholarships

Students often indicate that they want to receive scholarships to fund their medical education. Scholarships can reduce or eliminate the need to borrow, and they can come from a variety of resources, including your medical school (if available), outside sources such as faith-based groups, civic and community organizations, businesses, and even state, federal, or county organizations. There may even be service-based or military scholarships that appeal to you.

If participating in a service-based scholarship program, the participant agrees to complete a service commitment to receive the scholarship, and if the service commitment is not fulfilled, then the participant will likely be required to repay the scholarship and may even be required to repay the scholarship along with a fee or penalty. If you accept a service scholarship, be sure to understand what is required of you and what responsibilities are associated with accepting the scholarship.

If you do not find scholarships or other alternatives to borrowing loans, then you may want to familiarize yourself with loan forgiveness and/or loan repayment assistance programs. While these programs might not be immediately impactful during medical school, they can certainly help with the total loan repayment costs later by repaying (or forgiving) a portion of the loans borrowed.  Learn about these programs as you begin medical school and continue to explore new programs and opportunities as they become available throughout your medical school journey.

The AAMC Loan Repayment/Forgiveness/Scholarship and Other Programs Database lists available programs that may interest you. We also encourage you to talk with the financial aid staff at your school to learn about options specifically available at your school.

Resources

• AAMC Loan Repayment/Forgiveness/Scholarship and Other Programs Database
• Loan Forgiveness, Scholarship and Service Programs
• National Health Service Corps: Scholarship and Loan Repayment Programs
• Veterans Affairs - Loan Repayment and Scholarship Programs
• Indian Health Service (IHS) - Loan Repayment and Scholarship Programs

Understanding Your Offer

While some schools may be able to offer scholarship and/or grant money (“free money”) not all schools have this type of aid to offer, or they may not be able to offer enough to cover all your education expenses. Many medical students turn to loans to finance their medical education.

This guide primarily applies to federal student loans. Federal student loans come with many borrower benefits including the ability to postpone payment while enrolled at least half-time and during residency, manageable repayment plans after graduation, and the possibility of loan forgiveness. If you want to learn more about the differences between federal and private student loans, read this article.

Types of Aid

If eligible for federal student aid, medical students will be eligible for unsubsidized loans – Direct Unsubsidized Loans and Direct PLUS Loans (sometimes called Direct Grad PLUS Loans). The borrower is responsible for the interest that accrues on these loans from the time of disbursement until the loan is paid in full.

The interest rates for Direct Unsubsidized and Direct PLUS Loans are set each academic year. Once the loan is disbursed, the interest rate is fixed for the life of the loan. In addition to accruing interest, Direct Unsubsidized and Direct PLUS Loans also have origination fees, or fees charged to borrow the loan. Origination fees are deducted from the loan principal before the money is disbursed to the school. To see historical interest rate and origination fee information, visit the Federal Student Aid (FSA) website.  

Eligible schools may award Health Resources and Services Administration (HRSA) loans, which include Loans for Disadvantaged Students (LDS) and Primary Care Loans (PCL) for 3^rd and 4^th year medical students. Check with the financial aid staff at your school to see if these loans may be an option. If eligible, these loans will not be displayed in your FSA account.

Institutional loans, or loans awarded by the school, may be an option at some schools. The financial aid staff at your school will be able to tell you if this type of aid is available. You can also check the school’s financial aid webpages for this information.  When accepting loans, be sure you understand the terms, conditions, and repayment terms associated with the loan. Many times, institutional loans offer favorable borrower benefits, such as lower interest rates, subsidies, and deferred or flexible repayment options during residency.

Students who do not qualify for federal loans will want to consult with the financial aid staff at their school to discuss other financing options.

Resources

• Understanding Your Financial Aid Offer
• Federal Direct Loans

A Tool for You

The AAMC created the MedLoans^™ Organizer and Calculator (MLOC) specifically for medical students and residents to help organize and save loan portfolio information and calculate repayment options. The MLOC tool can help borrowers understand the total estimated borrowing cost, review estimated costs for different repayment strategies and examine total interest costs. Watch the MLOC tool demo for a better understanding of how the MLOC tool can help you throughout medical school.

Below is a sample repayment scenario for a 2024 graduate who borrowed $200,000 in federal Direct Unsubsidized and federal Direct PLUS Loans. This borrower is single, plans to enter a 3-year family medicine residency program, earn a stipend of $64,300 as 1^st year resident, and plans to earn a salary of $185,000 post-residency. 

Based on the parameters above, the borrower can see various repayment plans, repayment lengths, payment amounts during residency and post-residency, total repayment cost, possible loan forgiveness amounts through the Public Service Loan Forgiveness (PSLF) program and/or the Income-Driven Repayment (IDR) plans. 

Status of Undergraduate Loans

If you borrowed federal student loans prior to medical school, those loans will normally be placed in an in-school deferment once you are enrolled at least half time in medical school. If your loans do not get placed into an in-school deferment automatically, and you receive notification from your loan servicer (the manager of your loan account) that loan payments are due, contact the financial aid staff or the registrar at your school to obtain verification of your enrollment status.  Once your servicer receives this verification, they will then place your undergraduate loans into the appropriate deferment status.

If you do not know the servicer of your federal student loans, log in to your Federal Student Aid account.

As an undergraduate student, you may have qualified for federal Direct Subsidized or Direct Unsubsidized Loans.  With subsidized loans, the federal government pays the interest on the loan while the borrower is enrolled in school, during periods of qualifying grace or deferment, and sometimes (depending on the repayment plan) during repayment.  However, with unsubsidized loans, the borrower is responsible for the interest that accrues on the loan from the time the loan is disbursed until the loan is paid in full. 

Federal student loans normally have a six-month grace period. If you used your six-month grace period on your undergraduate loans before starting medical school, you will not be eligible for an additional grace period for those loans after graduating from medical school.  

Before graduating from medical school, you will need to contact your loan servicer to either select a repayment plan for the undergraduate loans that don’t have a grace period or request a deferment or forbearance to postpone payment. With a deferment, the government will continue to pay the interest on subsidized loans; however, with a forbearance, all loan types (subsidized and unsubsidized) will accrue interest.

Private loans are different than federal student loans and may have different repayment terms, interest rates, and requirements.  If you borrowed private loans as an undergraduate student, contact the lender of the private loan to find out what your repayment obligations are while enrolled in medical school. If you do not know the lender of your private loan(s), review your credit report at annualcreditreport.com.  You can also review the promissory note that you signed when you agreed to the terms and conditions when borrowing the loan to obtain this information.

Finding Your Loan Information

There are three resources you can use to find the details of your federal student loans.

• Your Federal Student Aid (FSA) will display details such as: loan type, loan servicer, loan balance, accrued interest, due date, etc. 
• Your loan servicer’s website (or portal) will provide specific details about your student loans. If you don’t have an account on your servicer’s website, set up an account as soon as possible. Your servicer’s website will show more specific account information than what is shown in your FSA account.
• Your financial aid staff may be able to help you identify the details associated with previously borrowed federal student loans.  

Institutional loans and private loans will not be found in your FSA account. To locate information about these loans, contact the lender or the servicer of the loan.

Private loans are usually provided by a financial institution (banks, credit unions, etc.) and the lender of the loan will be able to discuss the terms and conditions, as well as the options, for managing your loan during medical school and residency. If you are unsure of the lender of your private loan, review your credit report.

COA and Borrowing

The cost of attendance (COA) includes tuition, fees, housing, food (or living expenses), books, supplies, equipment, transportation, loan fees, other required school fees, and miscellaneous expenses. Review your school’s COA and use it as a guideline to determine how much you may need to borrow and use it to create a budget to manage your finances throughout medical school. Medical school expenses include both direct and indirect costs and examples of those costs are shown below.

Direct Costs	Indirect Costs
Tuition	Food
School Fees	Clothing
Loan Fees	Off-campus housing
	Entertainment
	Books, supplies, equipment
	Transportation costs

Discuss the costs with your financial aid staff and review your school’s financial aid webpages for the COA each year of medical school. The published COA is likely the most accurate estimate of current costs for your school. This information will help you stay aware of realistic expenses, live within a manageable budget, and plan for upcoming expenses.

Avoid Overborrowing

One common misconception that students have is that they must accept all aid (and loans) offered; however, this is not true.

You can choose to accept only the amount you need and decline the rest. If an unexpected financial emergency, or cost arises later, you can work with your financial aid staff to obtain the previously declined loan funds. 

When you avoid borrowing more than you need, you will reduce unnecessary origination fees and interest costs. If you find that you borrowed more than you needed, there is a 120-day period to return funds. If you are in this situation, talk to your financial aid staff about returning excess funds to reduce the principal balance owed and eliminate origination fees and interest charged. If the 120-day window has closed, the financial aid staff may suggest that you decrease your future loan disbursement(s). Talk with the financial aid staff at your school to determine the best way to handle your situation.
 
There is a limit to the total amount of financial aid you can receive each year (including loans and scholarships). You cannot receive more aid than what is set as the school’s cost of attendance (COA). Be aware of interest rates, fees, and repayment options before you accept loans because you may need to forfeit free or lower interest rate loans if you already accepted a higher interest rate loan. 

Additionally, you will want to borrow the least expensive student loans first. Review the origination fees, interest rates, and borrower benefits to determine the total cost of the loan. Only consider more expensive loans after all other options have been exhausted. 

Reasons to Budget

Creating a spending plan (or budget) helps you set a financial foundation and think about the money that comes in and the expenses that go out monthly. Living on a budget is possible, and often very helpful because it can help you meet your financial goals and accomplish the following:

• Track and control your spending.
• Identify problem areas with income or expenses.
• Avoid credit card debt and over-borrowing.

The first step in creating a budget is to document all incoming funds. If you are married, this would include your spouse’s income as well as your income. If you consistently receive income each month from a specific source, be sure to include that as income. A refund check from student loans counts as income when you are a student. To make your refund check last a certain amount of time, you would need to divide the amount of the refund by the number of months the refund is expected to last. Find out when your next loan disbursement is anticipated and plan accordingly because it may be disbursed after a specific bill is due.

The second step to building a budget is to identify your outgoing monthly expenses. There are two types of expenses--fixed and variable.  Fixed expenses include monthly expenses that are the same amount each month and include things like rent, car payments, insurance, and installment loans. There are also expenses that fluctuate each month; these are variable expenses and could include things like clothing, gasoline, possibly cell phone bills (unless on a fixed budget), groceries, and some utility bills. Total your monthly expenses, and then subtract that amount from your income.

Once all income and expenses have been accounted for and properly subtracted, the remaining number is your “bottom line” or discretionary funds, and this amount can be used for the extra things in life, or perhaps put into a savings account.  If you have a lot of “leftover money,” it could mean that you’ve borrowed more than is necessary and you may want to talk to the financial aid staff about how best to handle that excess money.

Creating a budget may seem overwhelming at first, but there are templates, guides, free apps, budgeting tools, and websites to assist you with the process, especially if it’s new to you.

Resources

• Budget Worksheet for Students
• Budgeting Basics and Tips

Financial Education 

As previously mentioned, you will want to budget your money while in medical school, but you will also want to continue to budget during residency, and post-residency. There are also many other financial concepts that will be important either during medical school or at some point later in life. Basic financial skills like protecting and improving your credit, monitoring for identity theft, evaluating, and securing insurance, paying taxes, and planning for a successful financial future are just a few of the financial topics that will eventually be important– even if they aren’t at the forefront of your mind right now.  Whenever you need information about these topics, AAMC Financial Wellness program is available to you and can assist you with obtaining unbiased and reliable information. 

Register today for your free Financial Wellness account to access a library of financial articles, learning modules, calculators, exercises, and videos. 

Preparing for Your Year Ahead 

Use this checklist as you prepare to continue your medical education.

• Apply for financial aid each year (be aware of all necessary applications and deadlines).
• Review your school’s financial aid offer for the upcoming year.
• Learn about the terms and interest rates associated with any newly offered aid. 
• Create a budget and spending plan based on the upcoming year’s cost of attendance (COA), activities and related expenses.
• Access your credit report and monitor for identity theft.
• Learn about costs associated with each year of medical school (M2, M3 and M4).
• Set up a meeting with financial aid staff to discuss any questions you have, review your budget, and make a financial plan for the year ahead.
• Review additional FIRST resources and learn about programs and opportunities that may be available as you continue your education.

Resources

• FIRST Videos 
• Managing Your Finances During Medical School
• FIRST Fact Sheets

COA Changes May Lead to Borrowing and Budgeting Changes

On a yearly basis, if you need financial aid, you will want to apply by the school’s deadline and review your school’s financial aid offer in comparison to your school’s COA.

You will want to use your aid offer as a guide for determining how much you may need to borrow and to create a budget based on the year’s upcoming expenses. Keep in mind the length of each academic year, as well as the expenses that you may incur, will change each year, so you will want to be prepared to manage your finances appropriately.

Be sure to discuss the upcoming years’ costs with the financial aid staff at your school and review your school’s financial aid website for additional details. Preparing for upcoming expenses that occur throughout medical school will be helpful academically and financially.

In addition to talking to your financial aid staff, you will also want to be sure to take advantage of the resources and knowledge that your classmates and other offices and services within the institution can offer. Here are some examples:

• Learn about supportive student groups.

• Investigate what offices at your institution can help you with your needs (including academic and financial support services, such as financial aid and student affairs).

• Familiarize yourself with resources across campus (mental health and wellness services).

• Join student council meetings. 

Each year of medical school is going to differ, and how you manage your finances will differ too. Different costs arise at different times throughout your medical education, and you will want to be aware of these anticipated expenses so that you can plan and budget accordingly and minimize borrowing when possible.   

Considerations for the Year(s) Ahead
 

Second Year (M2)

• Study materials for United States Medical Licensing Exams (USMLE)* may be an additional expense this year.
• Dedicated study time for USMLE exams can affect your budget. Since you may not be attending class each day, you may find that you are consuming food at home more frequently. Be sure and budget accordingly.
• Clinical rotations may begin and less free time may cause you to forget your budgeting tactics. Remember your budgeting plan; prepare lunch at home and take it with you so that you aren’t tempted to spend money each day or unnecessarily.
• If you plan to take Step 1 of the USLME at the end of this year, you will want to plan for the cost of the exam.

Third Year (M3)

• Longer terms and semesters may make indirect costs such as groceries and living expenses more costly. Take time to focus on these expenses to make sure you are budgeting appropriately.
• Core rotations will likely take up much of your time as an M3. Being able to cook at home, make your own coffee, and shop for groceries may be more difficult due to lack of time. Be sure to prioritize these aspects of your calendar and budget to stay on track.
• If you plan to take Step 2 of the USMLE this year or as an M4, you will want to be sure to budget for the expense.

 Fourth Year (M4)

• Residency application costs primarily consist of the Electronic Residency Application Service^® (ERAS^®) fees and National Resident Matching Program® (NRMP®) fees, which are separate from interviewing expenses.
• Prepare for the cost of interviewing for residency; these costs should be anticipated as you prepare your budget for the M4 year.
• Think long-term. You will need to be prepared for post-graduation expenses too, such as funds for relocating to your new residency location.

*USMLE General “…Although Step 1 and Step 2 can be taken in any order, most students will take Step 1 at the end of their second year and Step 2 in their fourth year; Step 3 is usually taken during the first or second year of postgraduate training.”  

Tools to Help You

Your budgeting needs may change yearly, so you may want to adjust your budget and/or the budgeting tools you use. Register for your free AAMC Financial Wellness account, to use the monthly budget and track spending tools, along with all the other exercises, calculators and learning modules.

Budgeting Tool

Enter your financial aid refund as income and plan your monthly spending based on the categories listed.

Track Spending Tool

Compare actual spent vs. budgeted amount to stay within your monthly budget.

Live Like a Medical Student 

Expenses can be minimized by utilizing some of the following considerations for saving money and keeping your budget on track while attending medical school:

• Share expenses with a roommate. Some schools automatically expect students to share expenses with a roommate and build that into the cost of attendance (COA).
• Consider using coupons to save money on groceries or dining expenses.
• Utilize public transportation or carpool with friends.
• Buy generic brands rather than name brands products; also look for sale items.
• Buy non-perishable items in bulk; consider sharing expenses with friends to save even more.
• Cut down on frequent dining out - pack your meals and prepare beverages at home.
• Check your spending on a weekly and even daily basis; use a free app, worksheet, or budgeting tool.
• Compare your actual spending with your budgeted amount each month (AAMC Financial Wellness program has a track spending tool).
• As you find ways to reduce spending, pay down other debt.
• Meet with the financial aid staff at your school if you are having financial trouble.
• Access your credit report and monitor it on a regular basis to maintain good credit.
• Be aware of identity theft, know how to avoid it, and take action if you should become a victim.

Resources

• Roommates and Finances
• Unforeseen Emergencies and Financial Needs - What to Do
• Tips During Medical School 
• Credit Scores and Identity Theft Precautions (Video)
• Monitoring, Maintaining and Improving Your Credit Score (Video)

Borrowing Needs May Change

While many medical school students borrow loans to finance their education, some students do not have to borrow each year of medical school.  Depending on your individual situation, the need for borrowing can change throughout medical school.

Just like yearly expenses change, your borrowing needs will likely change too. Your school and the financial aid staff have worked carefully to create a cost of attendance (COA) that, in most cases, limits excessive borrowing.

Your school’s published COA is likely the best and most accurate estimate of current costs. Your school’s COA can help you determine how much you will need to borrow for each year of medical school.

On a yearly basis, examine the COA to determine: 

• What expenses you will need to cover.
• How much you may need to borrow.
• How you will spend what you borrow.

Look at all available aid options. Some schools may offer institutional loans. This means the school is the lender of the loan. These loans are not federal student loans; however, they may come with borrower benefits such as lower interest rates, subsidies, and/or possible postponement of payment or flexibility with repayment. Questions about institutional loans should be directed to your school’s financial aid staff.

Eligible schools may award Health Resources and Services Administration (HRSA) loans, which include Loans for Disadvantaged Students (LDS) and Primary Care Loans (PCL) for 3rd and 4th year medical students. Check with the financial aid staff at your school to see if these loans may be an option. If eligible, these loans will not be displayed in your Federal Student Aid (FSA) account.

If you are concerned about borrowing federal loans because of thinking about loan repayment, know that there are loan forgiveness programs and loan repayment assistance programs available from federal, state and, sometimes, county levels. Research and learn about these programs while you are in medical school. Be aware of what your options are regarding assistance programs as they can lighten the financial obligation of repaying what you may have borrowed. 

Accepting Financial Aid

Just because you apply for financial aid, it does not mean you need to accept the full amount that you are eligible to borrow. You can choose to accept only the amount you need and decline the rest.  If your financial situation changes, and you need money that you previously declined, work with your financial aid staff to obtain those previously declined funds. If you borrow this way throughout medical school, you will protect yourself from overborrowing. When you avoid borrowing more than you need, you will reduce unnecessary:

• Origination fees (a fee charged to obtain the loan).
• Interest costs (interest starts to accrue once the loan is disbursed).

If you find that you borrowed too much, you can return the excess funds. You have a 120-day window to return money by working with your financial aid staff to send the money back to your loan servicer. Returning the excess funds will reduce the amount you owe as well as eliminate any origination fees or interest that may have accrued on the money disbursed.

Steps for First-Time Borrowers

If you begin to borrow after your first year of medical school, you will still need to do the following:

• Complete Federal Student Aid (FSA) Student Loan Entrance Counseling.
• Sign your Master Promissory Note (MPN).

To find the details for any federal loans that you borrow, use the following resources:

• Your Federal Student Aid (FSA) account.
• Your federal loan servicer’s website.

If you borrow the following loans, they will not be displayed in your FSA account:

• Loans for Disadvantaged Students (LDS)
• Primary Care Loans (PCL)
• Institutional Loans
• Private Loans

To obtain information about the loans listed above, check your promissory note and/or any information you received when agreeing to accept the loan. If you need additional information, contact the lender of the loan or the servicer of the loan account. 

Resources

• Find the Details of Your Federal Loans
• Federal Direct Loans

Not all Loans are the Same

Throughout medical school, you may be offered several types of loans and each loan offer will likely come with different interest rates and terms, and the interest rates and terms can change yearly. Be sure to understand what loans you are borrowing, the interest rate and the terms associated with each loan, and learn about what your repayment options will be so that you can be prepared after graduation.

Direct Unsubsidized Loan – Borrowers must complete the Free Application for Federal Student Aid (FAFSA) to obtain this federal loan.  The financial aid office at the school will use the data from the FAFSA to determine eligibility for the loan, and if the loan will be funded through the Department of Education. Interest rates change each academic year; however, once the loan is disbursed, the interest rate is fixed for the life of the loan. Interest accrues on this loan while in medical school and until the loan is paid in full.

Direct PLUS Loan – This loan is also a federal loan and eligibility is determined by the financial aid staff based on FAFSA data and a credit check. This loan is also funded through the Department of Education. Just like Direct Unsubsidized Loans, interest rates are set each academic year and once the loan is disbursed, the rate is fixed for the life of the loan. Interest will accrue on this loan from the time it is disbursed until paid in full.

Private Loans – These loans are obtained through an application process with a financial institution (bank, credit union, lending organization, etc.). Interest rates, fees, and terms of the loan are set by the lender and can vary from lender to lender as well as from borrower to borrower. These loans are not funded through the Department of Education and therefore do not offer the same loan repayment and forgiveness options as federal loans.

Institutional Loans – These loans may be offered to you if your school offers institutional loans.  The loan terms vary based on the borrower and institution.  If offered an institutional loan, talk with financial aid staff to discuss the interest rates, loan terms, and borrower benefits for the loan.

Changes in Enrollment Status 

If you take a leave of absence (LOA), withdraw from your program, or if your enrollment status drops below half-time, then your federal loans will enter their grace period. This is a 6-month period when a borrower is not required to make payments on their student loans (though unsubsidized loans will continue to accrue interest).

If you return to full-time status after six months or more, the federal loans disbursed prior to the LOA will not be eligible for an additional grace period (e.g., upon graduation from medical school).

If you decide to change your enrollment status, you need to contact the financial aid staff immediately. They will:

1. Notify you of any student aid that must be returned due to your change in enrollment.
2. Guide you through the required exit counseling requirements for your loans.
3. Help you understand which loans will require immediate action and which will have a grace period.

If you experienced a status change while you were enrolled but aren’t sure if this resulted in using your grace period, contact the financial aid staff at your school or reach out to your loan servicer(s) to see if your existing loans have a grace period and when repayment will be required.

Reviewing Repayment Scenarios

The MedLoans^™ Organizer and Calculator (MLOC) was specifically created for medical students and residents. The MLOC tool can help borrowers understand total estimated borrowing costs, review different repayment strategies, and examine total interest costs for various repayment plans.

In the Entering Medical School section, we showed you what a monthly payment may look like if you borrowed during your first year of medical school. In this section, we will show you what monthly payments may look like if you begin to borrow later in medical school. You will have many repayment options; however, the Standard Repayment plan numbers shown below are used to demonstrate that monthly payment amounts will change based upon the total amount borrowed.

Some students may not need to borrow loans each year of medical school, and if you can limit your borrowing, that’s always advisable, whenever possible. If you begin borrowing after your first year of medical school, you will want to use the MLOC tool to keep track of your loans and to review what your repayment options may look like after graduation from medical school.

If you borrow $50,000 for your first year of medical school, it may be safe to assume that you may continue to borrow each year of medical school. In the chart below, we show what possible monthly payments may look like if you start borrowing $50,000 per year at specific points in time throughout medical school. The information below is based on a resident who chooses to postpone payments during their 3-year residency program and then begins to make payments in the Standard repayment plan post-residency. When reviewing the chart below, please keep in mind, most physicians will generate a post-residency, net monthly salary of $11,000/month or more.

Year Started to Borrow	Total Borrowed	Standard Repayment
M4	$50,000	$600/month for 10 years
M3	$100,000	$1,300/month for 10 years
M2	$150,000	$1,900/month for 10 years
M1	$200,000	$2,600/month for 10 years

Getting Ready for Graduation

Use this checklist as you prepare to graduate from medical school.

• Find your federal loan information.
• Check your credit report.
• Complete required federal “Exit Counseling” on the Federal Student Aid (FSA) website and any other school requirements for graduating students.
• Evaluate postponement and repayment options.
• Determine your loan repayment goals.
• Create a loan repayment strategy based upon your financial goals.
• Develop a residency budget based on your PGY-1 stipend.
• Use the AAMC Financial Wellness program to learn about insurance, saving and investing, taxes, etc.
• Determine if a Direct Consolidation Loan is right for you.
• Explore loan forgiveness and loan repayment assistance programs.
• Set up a meeting with financial aid to discuss any questions or concerns you may have about loan repayment.

Resources

• Find the Details of Your Federal Loans
• Obtain Your Free Credit Report
• Federal Student Aid Exit Counseling
• Postponing Loan Repayment: Grace, Deferment, and Forbearance
• Repayment Plans for Federal Student Loans
• Living on a Resident Budget
• AAMC Financial Wellness Program
• Direct Consolidation Loan
• Loan Forgiveness, Scholarships and Service Programs
• AAMC Loan Repayment/Forgiveness/Scholarship and Other Programs Database

Graduation and Your Student Loans

Now is the time to double-check the information within your Federal Student Aid (FSA) account and compare it to the information on your servicer’s website.  You will want to make sure the information matches and if anything is incorrect, you will want to contact your servicer to find out why there is a discrepancy.

If you borrowed Loans for Disadvantaged Students (LDS), Primary Care Loans (PCL), private, or institutional loans, these loans will not be in your FSA account. To obtain details about these loans, you would need to talk with the financial aid staff at your school, the lender or servicer of the loan, or review your credit report.

It’s important to know what’s in your loan portfolio so that you can determine how best to manage your loans during and after residency.  Your actual repayment start date may differ depending on the following details, so take the time to learn this information before graduation:

•  types of loans in your portfolio
•  grace period availability
•  loan disbursement dates
•  loan servicer(s)
•  terms and conditions of loans in your portfolio

Your Loans 

When you graduate, your federal loans will enter a grace period (Direct Unsubsidized Loans) or post-enrollment deferment (Direct PLUS Loan). A grace period and a post-enrollment deferment covers a 6-month period in which no payments are required. 

If you took a leave of absence (LOA) during medical school, the loans disbursed to you prior to the LOA would have used their grace period. Since federal loans only get one grace period, you will need to contact your servicer to make plans for the loans that may not have a grace period; this would apply to loans during medical school, and any loans from undergraduate study that don’t have a grace period. You will either have to select a repayment plan or request a postponement of payment through a deferment or forbearance for any loans that don’t have a remaining grace period or post-enrollment deferment period.

Borrowers can choose to make unscheduled (or voluntary payments) at any time without any penalty – even during a grace period or post-enrollment deferment.

If you make an unscheduled payment, servicers are required to apply those payments like this: 

1. Apply payment to any outstanding late fees or penalties (if there are any).
2. Apply payment to any outstanding unpaid interest.
3. Apply payment to principal once all outstanding interest has been satisfied.

If your servicer allows you to make extra or unscheduled payments from the portal on their website, you may want to consider that option because it will likely give you more control in making sure the payment is applied as intended. If you are sending an unscheduled or voluntary payment to your servicer by check, be sure to explain how you want your payment applied to your loan(s), and then follow up to make sure your directions were followed.

Budgeting After Graduation

It will be important to continue your budgeting process your last year of medical school, after graduation and as you move into residency. If you borrowed loans during medical school, and you plan to make payments during residency, preparing for loan repayment may be a part of your budgeting process.

As you think about graduation, you will also likely start to think about transitioning to residency which may include thoughts about managing your finances during residency. Some financial tips to consider while easing into residency include:

• Determining how and when you will be paid.
• Understanding the repayment terms and cost of your loans.
• Establishing a system for maintaining accurate financial records.
• Evaluating your insurance needs and taking the steps to purchase necessary insurance.
• Creating a budget based on your resident stipend and expenses.
• Setting financial goals for residency and post-residency.
• Realistically assessing your housing wants and needs.

Any life change can impact your finances, and marriage is certainly one example of a change that may occur for some graduates and/or residents. Getting married during residency may make a difference in how you manage your finances, just as it can play a role in determining your monthly budget or how much of your budget will go toward your loan payment (based on certain repayment plans). It’s wise to think about possible changes before they happen so that you can prepare for the change and the potential financial impact so that you can ultimately meet your financial goals as a couple.

In addition to getting married, there are many other possible life changes that may have a financial impact throughout your training years.  Your financial goals may change as you begin to think about steps for making big purchases so to help you prepare, you may want to review some of the FIRST videos below:

• Home Financing for Medical Students and Residents
• Choosing Insurance and What You Need to Know
• Filing Taxes and Student Loans
• Credit Scores and Identity Theft Precautions
• Monitoring, Maintaining and Improving Your Credit Score

Loan Repayment Decisions 

If you borrowed loans for medical school, you will need to decide how you want to manage your loans after graduation. You will need to determine if you want to make payments during residency or if you want to postpone payments during residency. Both options are possible, and your decision will be based upon your personal and financial goals.  There is no right way or perfect plan to manage your federal student loans; it’s a decision that can change when your life’s plans and priorities change.

Postponing Payments During Residency

Medical residents may choose to postpone payment on their federal student loans during residency with a mandatory residency forbearance. The servicer is required to grant this forbearance if a borrower requests it. The Mandatory Forbearance Request form can be obtained on the FSA website or by contacting your loan servicer. A mandatory residency forbearance is approved in annual increments so if you want the forbearance to remain in effect throughout residency, you will need to re-submit the request annually. You have the right to switch into--and out of--a mandatory medical residency forbearance at any time.  You can choose to make voluntary payments while enrolled in a mandatory residency forbearance, or you could even choose to pay the loan off early, without a penalty.  If you choose to make voluntary payments, think strategically, and apply the payment to the most expensive loan first.

If you postpone payments with a mandatory residency forbearance but chose to make voluntary payments, your voluntary payments will not count toward Public Service Loan Forgiveness (PSLF) because you will not be enrolled in an eligible repayment plan when participating in a mandatory residency forbearance.

Making Payments During Residency

If you choose to make payments during residency, you will want to think about the repayment plan that best aligns with your personal and financial goals. Understanding the plans will be helpful, so you will want to review the Repayment Plans section of this guide and you will also want to review the repayment scenarios based upon the loans you borrowed, your residency length, household size, and household income.

You can switch repayment plans and adjust your repayment strategy at any time. Contact your loan servicer to discuss how any potential changes you make may impact the total cost of loan repayment. At any time, you may choose to make extra payments, larger payments, or pay the loan off early without a penalty.

Resources

• Postponing Loan Repayment: Grace, Deferment, and Forbearance
• Repayment Plans for Federal Student Loans

MLOC^™: A Repayment Tool for Medical Graduates

If you’ve been using the MedLoans Organizer and Calculator (MLOC) throughout medical school, you probably have a good idea of what’s in your loan portfolio, a realistic estimate of your total borrowing costs, and an understanding of what postponing repayment or making payments during residency may look like. If you have not used the MLOC tool yet, it is not too late. You can enter your federal student loan information into the MLOC tool and review your repayment scenarios now.

The MLOC tool was created specifically for medical students and residents and uses the information you enter (or upload from your Federal Student Aid account) to show what repayment will look like for you. There are other repayment calculators available; however, the other calculators don’t account for the increase in salary that you will experience post-residency, and how that will affect your total repayment costs and length of repayment as physician.

Traditional and Income-Driven Repayment Plans

There are two types of repayment plans for federal student loans They offer flexibility for managing your payments during residency and post-residency. The repayment plan that is best for you will depend upon your repayment goals and your financial goals. Repayment plans can be broken into two types of plans: traditional repayment plans and income-driven repayment plans.

Traditional Repayment Plans

These plans base a borrower’s monthly payment on the amount borrowed and the repayment term associated with the plan. With these plans, the borrower repays the same monthly payment amount over a specific period (or term). Traditional repayment plans include Standard, Extended, and Graduated plans.

Income-Driven Repayment (IDR) Plans

These plans generally offer affordable monthly payments because payments are based on discretionary income and family size; however, the affordability of these plans can lead to higher overall costs and longer repayment timeframes.

These plans generally offer affordable monthly payments because payments are based on discretionary income and family size. With IDR plans, borrowers are required to submit income and household size information to their servicer annually, and the borrower’s monthly payment amount will be adjusted every year based on the updated information.

View all federal student loan repayment options at www.studentaid.gov.

Forgiveness is available with the income-driven repayment plans.  If a borrower reaches the end of the IDR term and still has a loan balance, the remaining loan balance is forgiven; however, the amount forgiven is considered taxable income when filing a federal income tax return.

All IDR plans are eligible repayment plans for the federal Public Service Loan Forgiveness (PSLF) program. PSLF offers loan forgiveness for borrowers who meet all program eligibility requirements which include having Direct Loans, making required loan payments while enrolled in a qualifying repayment plan and while working full-time for an eligible employer. The primary difference between forgiveness through an IDR plan vs. forgiveness through the federal PSLF program is that the amount forgiven through the PSLF program is currently non-taxable.

What is a Direct Consolidation Loan?

If a federal loan borrower has more than one loan, they may choose to combine their previously disbursed federal student loans into one new loan called a Direct Consolidation Loan.  The Direct Consolidation Loan will pay off the principal and interest of all the loans previously disbursed, and the new loan will have a fixed interest rate based on the combined loans. There is no charge to apply for a Direct Consolidation Loan and the application can be completed on the Federal Student Aid (FSA) website or by contacting your loan servicer.

What’s the Purpose of a Direct Consolidation Loan?
 

Not all borrowers will want (or need) to consolidate their federal student loans.

Some borrowers may choose to consolidate if they want to:

1. Eliminate multiple servicers (Note: if you currently have only one servicer, you will only be required to make one monthly payment regardless of how many individual loans you have).
2. Make non-Direct loans such as Perkins or Federal Family Education Loan (FFEL) Program loans eligible for Direct Loan-only repayment plans.
3. Make non-Direct loans eligible for forgiveness through income-driven repayment plans or programs -- like Public Service Loan Forgiveness (PSLF).
4. Move into a repayment plan before the end of their originally scheduled 6-month grace period.

When Can a Borrower Consolidate?

Borrowers may apply for a federal Direct Consolidation Loan only when their loan servicer has been notified by the school that the student is no longer enrolled in school. Some schools report a separation date for all students enrolled at the school at the same time, regardless of the actual medical school graduation date. The registrar or your financial aid staff will likely be able to tell you when your school will report this information; however, it could take 30–60 days before your servicer is notified of your separation date.

Only after your servicer updates your status from “in school” to “graduated” can you submit a Direct Consolidation Loan application.

Resources

• Instructions for Completing Direct Consolidation Loan
• Direct Consolidation Loan Application and Promissory Note

Reducing Loan Debt Through Service

If you are interested in a service career, or if you want to reduce your medical school debt, working in public service or following a career in the military may be viable career options that could also provide financial benefits. While these programs provide great opportunities for some borrowers, it is also important for borrowers to be aware of the service requirements and commitment that they agree to when participating in these programs.

The AAMC provides a database of loan repayment, forgiveness, and scholarship programs. This searchable database provides detailed information about programs available to medical and health professions students. Although this database provides a compilation of opportunities, it certainly is not an exhaustive list and medical students and graduates are encouraged to talk with the financial aid staff at their school to see if any additional information or resources may be available.

Resources

• Indian Health Service (IHS) - Loan Repayment and Scholarship Programs
• NHSC: Scholarship and Loan Repayment Programs
• Loan Forgiveness, Scholarship and Service Programs
• Veterans Affairs - Loan Repayment and Scholarship Programs
• Public Service Loan Forgiveness (PSLF) Program

A Federal Program

In addition to the state, federal and/or county programs found in the AAMC database, there is also a federal program, Public Service Loan Forgiveness (PSLF), that may be of interest to federal loan borrowers. After meeting the requirements for PSLF, if a borrower has a remaining federal Direct Loan balance, their loan balance is forgiven, and the amount forgiven is non-taxable. 

To qualify for PSLF, borrowers must:

1. Have Direct Loans in good standing.
2. Be employed full time by a qualifying employer.
3. Make 120 qualifying monthly payments.
4. Be enrolled in a qualifying repayment plan.

Resources

• Public Service Loan Forgiveness (PSLF)
• Public Service Loan Forgiveness Help Tool
• Income-Driven Repayment Plans and Public Service Loan Forgiveness
• Guide to Public Service Loan Forgiveness (PSLF)

Steps to Manage Your Loans 
 

Before Graduation
Step 1. Find out what loans you have, who your servicer(s) are, and when your payments will be due by logging into your Federal Student Aid (FSA) account. Set up an account on your loan servicer’s website if you haven’t done this yet.
Step 2. If any of your loans don’t have a grace period, contact your loan servicer(s) to select a repayment plan or request a deferment or forbearance.

After Graduation
Step 3. Determine if you want/need to apply for a Direct Consolidation Loan.  Consolidation is not a requirement (or necessary) for all borrowers. Borrowers can only apply for a Direct Consolidation Loan after the loan servicer is officially notified of the student’s separation date, which is handled by staff at the medical school.

At the Beginning of Residency, Annually, and if You Change Employers
Step 4. If interested in Public Service Loan Forgiveness (PSLF), complete the borrower section of the PSLF form, have your employer complete their section, and then submit the PSLF form to MOHELA (PSLF servicer).

Before the End of Your 6-month Grace/Post-Enrollment Deferment Period
Step 5A: If you want to make payments during residency: about 60 days before the end of your grace period, apply for your repayment plan. Apply for an income-driven repayment plan on the Federal Student Aid (FSA) website or by contacting your loan servicer(s). If you submit your application too early, it can be denied, and you may have to re-apply.
Step 5B: If you want to postpone payments during residency: contact your loan servicer at least 30 days before the end of your grace period to request a mandatory residency forbearance.

Annually
Step 6A: If you are enrolled in an income-driven repayment (IDR) plan, submit your income and household size information to your servicer by the servicer’s re-certification due date. Check with your loan servicer for the re-certification date and mark this on your calendar.
Step 6B: If you are enrolled in a mandatory residency forbearance and want to continue the forbearance throughout residency, be sure to submit the forbearance request form annually before the original request expires.

Use this checklist to prepare for your first year of residency.

• Organize your loan portfolio.
• Learn what loan repayment options are available.
• Creating a monthly budget and spending plan.
• Familiarize yourself with your stipend and how much take-home funds you will have.
• Research the cost of living for your residency location.
• Prepare to live life on a resident stipend.
• Create financial goals for residency and beyond.
• Know how to begin contributing to your retirement.
• Start thinking about your financial goals.
• Consider factors such as insurance and speak with your Benefits Office.

Helpful Links

• Managing Your Finances During Residency
• The Cost of Applying for Medical Residency
• Residency and Relocation Loans
• Transition to Residency

Now that you’ve begun residency, you’ll want to prioritize organizing your student loans and preparing for your repayment options. The first step in managing your education debt is getting organized. Once you have all your documents gathered and organized in a single place, you will be better prepared to manage your debt.

The MedLoans^® Organizer and Calculator (MLOC) Tool

To help you stay organized during residency, the AAMC has created an online resource specifically designed to organize loan information safely and securely as well as calculate various repayment scenarios. This tool can help you understand the impact of your borrowing and provide total estimated costs for different repayment strategies. Using the MedLoans® Organizer and Calculator tool will help you make educated decisions about repaying your student loans.

Resources

Loan Servicers
Complete Exit Counseling

During Residency

Financially, your years of residency will not be your most extravagant or lavish. During this time, not only is it a good idea to continue living within a realistic budget, but it is also a good idea to begin actively managing the repayment of your student loans.

You have many options as you choose the strategy that will best support your financial goals during residency. These options range from postponing payments by using grace, deferment, or forbearance to making affordable payments through one of the repayment plans.

During Your Grace Period

After you leave school, your loans will either enter a grace period or require immediate payment. The grace period is a time when payments aren’t required and occurs automatically on Direct Loans. Unsubsidized and PLUS loans accrue interest during the grace period. The availability and length of a grace period depend on the loan type. If you borrowed a private loan through an outside financial institution, you may be asked to begin repayment right after graduation. Check all your loans to be certain when your payments begin so you aren’t in jeopardy of being delinquent.

Before Repayment Begins

For federal Direct Loans, the repayment will begin after the grace period. The actual repayment start date for loans differs depending on the:

• Loan type.
• Grace period.
• Loan disbursement date.
• Loan servicer.

Some of you may have taken breaks in your education lasting longer than six months. If that’s the case, you may have used your grace period. Check with your loan servicer to be sure when your repayment begins on each loan. Some loans may offer additional options under certain circumstances, so make certain with your servicers what those are, and that they are the best decision for you.

Postponing Loan Repayment

Federal student loan payments are postponed during periods of grace, deferment and/or forbearance. As a resident, if you do not wish to make payments on your loans you are entitled to a mandatory residency forbearance. It’s important to know the difference and which benefits you most.

Consolidation

A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs. The decision to consolidate should be made carefully. Consolidation is not required but may be necessary in some instances. Be sure and look at the facts about consolidation when making this decision.

Refinancing

If you have good credit, you may be able to refinance your existing federal student loans into a private loan. Before doing that, it’s important to understand the full impact of making this permanent change to your loans. As a federal student loan borrower, you have certain rights that are not typically available with private loans. While refinancing your federal student loans into a private student loan can sometimes lower your interest rate, your private student loan will not necessarily have the same terms and conditions as your federal student loan.

Public Service Loan Forgiveness 

In addition to the state, federal and/or county programs found in the AAMC database, there is also a federal program, Public Service Loan Forgiveness (PSLF), that may be of interest to federal loan borrowers. After meeting the requirements for PSLF, if a borrower has a remaining federal Direct Loan balance, their loan balance is forgiven, and the amount forgiven is non-taxable.

New rules for Public Service Loan Forgiveness have been implemented so be sure to learn what those are and how they may impact your loan repayment strategies.

The first step in creating a budget is to document all incoming funds. If you are married, this would include your spouse’s income as well as your income.

The second step to building a budget is to identify your monthly expenses. There are two types of expenses - fixed and variable. Fixed expenses include monthly expenses that are the same amount each month like rent and car payments. There are also expenses that fluctuate each month; these are variable expenses and could include things like clothing, gasoline, groceries, and some utility bills.

Once all income and expenses have been accounted for and properly subtracted, the remaining number is your discretionary funds, and this amount can be used for the extra things in life. 

Be Prepared for Unexpected Expenses

Even the most financially prepared person should be aware of expenses that may randomly occur. Personal emergencies, change in family size, car maintenance, out of town travel and medical situations are some examples of these. Using your discretionary funds and starting a savings account is a good way to prepare for these types of expenses. In doing so, you are helping yourself not to use credit cards or borrow loans to cover those costs.

Resources

• Budgeting Basics and Tips
• Easing into Residency: Transition Tips
• Budget Worksheet for Residents
• Living on a Resident Stipend

Credit Cards

As a resident, you want to be able to focus on your credit right away. This will prepare you to meet financial goals such as owning a home after you become an attending physician. Credit cards have many positive financial aspects including the ability to use money for free for 30 days (depending on the terms of the card). Credit cards can also improve your credit score and help establish a positive credit history. Credit cards can also be helpful in emergencies. If used irresponsibly, credit cards will have a negative impact on your financial well-being. Signs to watch out for are:

• Relying on credit cards to pay for the basics, such as food and utilities.
• Continually responding to offers to transfer balances from one card to another.
• Making only minimum monthly payments.
• Maxing out your credit cards.

Identity Theft

As a resident, you will pay bills online, shop online to save time and even order food online because you are extremely busy. Identity theft costs victims billions of dollars per year and fraud scams continue to increase at a rapid pace. You can stay safe and avoid this situation by:

• Being careful when connecting to public Wi-Fi.
• Checking your credit report at least once a year.
• Using safe and strong passwords for your accounts.
• Recognizing secure websites and avoiding those that aren’t.
• Watching closely for emails and attachments from imitators.

Credit Score

A good credit score is essential for a resident with financial goals. That score is an indicator of the creditworthiness of an individual. This score is important because it will directly affect your approval rate (for insurance, housing, utilities, and more) and your interest rate for loans. In most situations, the better your credit score, the less it will cost you to borrow.

During residency, focusing on the following items will improve your credit score:

• Pay your bills on time.
• Pay down your debt. Limit the amount of debt you put on credit cards (revolving lines of credit).
• Don’t close accounts and limit opening new ones.

After watching and protecting your credit, it’s possible that you’ll have a better credit score than when you started residency which will help you to make purchases as an attending physician. Here’s a breakdown of how your credit score is determined:

Good credit means you are more likely to get a loan approved. Beyond that, you’ll enjoy:

• Better loan offers (rates, terms, and conditions).
• Lower interest rates on credit cards.
• Faster credit approvals.
• Increased leasing and rental options.
• Reduced security deposits.
• Reduced premiums on auto, home, renter, and life insurance policies.

Being proactive about your credit is the way to begin making smart financial decisions that will give you a solid financial foundation for years to come.

Resources

• AAMC Financial Wellness Program
• Credit Scores and Identity Theft Precautions (Video)
• Credit 101
• Monitoring, Maintaining and Improving Your Credit Score (Video)

Overall financial wellness is key to helping you reach your financial goals and make necessary financial decisions for every resident. Starting now, you are just a few years away from becoming an attending physician so be sure you research and familiarize yourself with all you can about investments, retirement, insurance, and savings. Believe it or not, you can get a jump-start on all of these as a resident and set yourself up for success immediately.

Take advantage of programs such as the AAMC Financial Wellness program. This program can help you:

• Measure your financial health and get personalized recommendations.
• Complete online courses.
• Assess your risk of identity theft, create financial goals and a spending plan, track your expenses, and much more.

Resources

• Disability Insurance
• Tax Benefits for Education
• Selecting a Financial Planner

Beginning Residency, Annually and if You Change Employers

If you are interested in Public Service Loan Forgiveness (PSLF), complete the borrower section of the PSLF form, have your employer complete their sections and then submit the form to MOHELA for processing.

Before the End of your 6-Month Grace/Post Enrollment Deferment Period

If you want to make payments during residency: about 60 days before the end of your grace period, apply for your repayment plan. Apply for an income-driven repayment plan on the Federal Student Aid (FSA) website or by contacting your loan servicer(s). If you submit your application too early, it can be denied, and you may have to re-apply.

Annually

If you are enrolled in an income-driven repayment (IDR) plan, submit your income and household size information to your servicer by the servicer’s recertification due date. Check with your loan servicer for the re-certification date and mark this on your calendar.

If you are enrolled in a mandatory residency forbearance and want to continue the forbearance throughout residency, be sure to submit the forbearance request form annually before the original request expires.

Final Thoughts

Residency will be a challenging but extremely rewarding time in your career. You will have many responsibilities that you’re asked to focus on, and finances will be one of them. Hopefully, using this guide will give you the necessary knowledge to apply all you know and learned to create and reach your financial goals.