Debt management counseling will be provided to FAU College of Medicine students throughout all four years of the curriculum. The Office of Student Financial Aid will focus on educating students about financial literacy and debt management to assist them while completing their studies and for the future beyond graduation.
During Orientation Week students will be counseled on budgeting, spending habits, reviewing and paying down credit card debt, and borrowing only what is needed. We will also review the Cost of Attendance and disbursement of funds in relationship to effective budgeting. A general presentation will be given as well as an opportunity to have a one-on-one session to address any personal financial aid issues, concerns, or questions.
During the four academic years, counseling will be available on all financial aid topics a student needs addressed, including budgeting and debt mananagement. Every first year medical student receiving financial aid will be required to schedule an appointment with the Office of Medical Student Financial Aid to discuss cost of attendance, budgeting, and financial aid questions and concerns before the second disbursement of funds in January. Students will also participate in financial aid presentations and/or online modules covering a broad range of topics regarding debt and money management.
Graduating seniors will attend exit interviews conducted by the Office of Medical Student Financial Aid. Individual loan summary sheets for student borrowers indicating the source of loans, the holder of the loan and contact information will be provided. General debt and repayment strategies including loan consolidation, loan forgiveness, and deferment/forbearance options will be addressed as well. Students will be encouraged to address any issues or concerns they may have regarding their debt.
The Association of American Medical Colleges website First for Medical Education provides valuable financial information, resources, services and tools (FIRST) for medical students to assist them in understanding all aspects of debt management. For further information please visit www.aamc.org/first.LIFEHACKING PHYSICIAN FINANCES. Navigating the Financial Transition from Medical School into Residency