Authors: Roxanne Seymour, MBA, MSHE, Associate Director of Financial Aid and Michelle L. Schmude, EdD, MBA, Vice Provost for Enrollment Management, Associate Professor of Medical Education
Financial wellness curriculum can improve student financial well-being and result in healthier money habits and financial goal setting. Having “enough” is certainly important when it comes to money, but true financial wellness is about more than just the amount of money in your bank account. It is also about money management and handling financial stress. Students who are under financial pressure may disconnect from their academic responsibilities. Therefore, implementing a financial wellness curriculum to educate medical students on financial literacy and debt management strategies throughout each academic year can positively affect various aspects of their lives. Here at Geisinger College of Health Sciences, School of Medicine (GCHS SOM), the Office of Financial Aid collaborated with our Vice Provost for Enrollment Management and Associate Professor of Medical Education to create a four-year longitudinal financial wellness curriculum known as the “Financial Aid Across the Doctor of Medicine Program” to educate medical students on debt management and financial literacy.
The “Financial Aid Across the Doctor of Medicine Program,” aka financial wellness curriculum, meets programmatic learning objectives within the MD program and is delivered through the Personal and Professional Development theme. The financial wellness curriculum embeds educational resources provided by the AAMC, National Health Service Corps, federal websites, our GCHS SOM financial aid podcast, “A Cup of Aid”, and expert speakers who provide relevant and timely information to medical students regarding financial wellness.
The financial wellness curriculum is delivered in-person and virtually. We use approved active learning strategies such as case-based learning, didactic sessions, independent learning, simulation, team-based learning, workshops, and reflection to deliver course content and educate students. Below are some financial wellness session examples:
- Reflection sessions are used during our one-on-one meetings with first- and fourth-year medical students. We ask them probing questions related to financial literacy and debt management. At their last meeting before they graduate, the students participate in a customized session focused on debt repayment during residency.
- Inter-professional panels provide insight into specific areas, such as debt management from a physician’s perspective, and financial planners discuss responsible financing options with a question-and-answer component.
- Simulation is used to deliver course content regarding privacy awareness, identity theft protection, information sharing, and fraud awareness.
- Team-based learning is deployed during the session focused on financial aid jeopardy. We use Kahoot and have our students work in groups to research financial literacy and debt management issues and then they provide solutions to the questions posed by our financial aid team.
- Workshop sessions, offered by the financial aid team and our wellness center staff, are focused on decreasing burnout by improving the financial literacy of current medical students.
- Independent learning is demonstrated within the financial wellness curriculum through the delivery of Cup of Aid podcasts. These podcasts provide our students access to financial wellness information on their schedule through the learning management system.
- A didactic session is utilized during MATCH Week when our fourth-year medical students attend the AAMC’s session on Loan Repayment Strategies.
Throughout this longitudinal four-year financial wellness curriculum, our students are encouraged to view their loan portfolios, develop debt management strategies, and utilize financial literacy resources such as counseling, newsletters, self-directed webinars, videos, and podcasts. At the conclusion of our students’ four years at GCHS SOM, they understand how to access loan portfolio information to identify types of loans, loan servicers and contact information, distinguish between the types of loan repayment options that are available in residency and beyond, create a budget that includes managing student loan payments, know where to obtain pertinent financial aid information and resources, acquire knowledge regarding debt strategies post-graduation (purchasing a home, financial planning, etc.), and formulate sound financial choices that will have positive consequences on their future financial well-being.
About the Authors:
Roxanne Seymour is an Associate Director of Financial Aid at Geisinger College of Health Sciences. She received a Bachelor of Science in Accounting and a Master of Business Administration with a concentration in Accounting from the University of Scranton. She is also a graduate of Marywood University receiving a Master of Science in Higher Education. She is currently a third-year resident pursuing a Doctorate in Educational Leadership at Wilkes University. Roxanne has 23 years of experience in the financial aid industry. She has managed multiple areas in financial aid; including developing educational programs to educate students on loan debt and borrowing responsibly. Her dissertation topic will be based on a student’s perception of using a loan to pay for their education with a focus on whether the students feel borrowing on student loan to obtain the degree will benefit them financially in the future.
Dr. Michelle Schmude is the Vice Provost for Enrollment Management and Associate Professor at Geisinger College of Health Sciences. She graduated from the University of Pittsburgh with a bachelor’s degree in business and history, earned a Master of Business Administration from Point Park University and received her Doctor of Education degree from Wilkes University. Dr. Schmude is a faculty member in the Harvard Macy Institute’s Program for Health Professions Educators and President of the Academy for Professionalism in Health Care. Her scholarly activities focus on professionalism, professional identity formation, admission trends, advising/mentoring/coaching, and using ePortfolios to promote and assess competency.