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These resources can help you understand loan repayment options, determine a student loan repayment strategy, and manage your finances. Find additional FIRST resources, including videos, fact sheets, and articles on the Financial Aid page.
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Easing into Residency: Transition Tips
While you are looking forward to this next step in your medical career, you may also be experiencing mixed feelings of excitement as well as trepidation about the decisions that you must make in a short period of time. The following suggestions are provided to help you address important issues and to help you transition from medical school to residency.
Repayment Plans for Federal Student Loans
With medical school behind you, you’re certainly due for congratulations. But that’s not all that’s due – loan repayment is just around the corner – either beginning now or after residency. Fortunately, when it’s time to repay, you have flexibility in structuring your repayment schedule by choosing the plan that works best for you.
Repayment Assistance Through Forgiveness, Scholarships, or Service
Interested in a service career, or want to reduce your medical school debt by working in public service or the military? Good news—there are numerous possibilities available. With each program, financial benefits and requirements vary; however, some of the more common opportunities are highlighted below.
Selecting A Financial Planner
During medical school, it’s likely your financial questions will revolve around student loans and money management. However, upon graduation, additional expertise may be needed to help manage the other areas of your financial life (investments, retirement, insurance, taxes, estate planning, and more).
Should You Consolidate?
Your answers to the following questions may help you determine if loan consolidation is right for you.
Residency and Relocation Loans
Fourth-year medical students may encounter expenses not included in the standard student budget and may find it necessary to borrow additional funds through a residency and relocation loan. If you are considering a residency and relocation loan to cover some of your additional expenses associated with the residency match (traveling for interviews, related meals, lodging) or relocation costs, it’s important to understand how these private loans differ from federal loans.
Disability Insurance
Disability insurance offers financial protection for future income if you experience a disabling sickness or injury. This may be particularly important for physicians who are unable to work in their chosen specialty.

Next Steps

Education Debt Manager for Matriculating and Graduating Medical School Students

Budget Worksheet for Residents
