Financial Planning During Medical School

If you are a medical student, congratulations! Being a medical student is a big investment. The amount of tuition and student debt continues to rise. The average medical school debt is over $200,000.

But there are things you can do to help! Your future self will thank you.

Here are some suggestions:
1)Learn basics of personal finance: Websites such as through the Khan Academy. Get the book

2) Learn to budget and manage your money: various apps can help you easily keep track of expenses and budget such as Mint or Personal capital

3) Pay off all credit card payments when they are due: use payoff calculator  to calculate your monthly payment plan

4) Develop a plan to pay for medical school living expenses
-keep a budget and track your expenses
-split rent with roommates
-apply for 0% APR credit card
-apply to become in-state residency to quality for in-state tuition

5) Look for scholarship, financial aid opportunities
-consider scholarships for tuition - talk with financial aid office or national scholarships such as NHSC

6) Learn about loan repayment options: Manage Repayments (more to come!)
-make sure your type of loan qualifies
-weigh the pros/cons of each
-make sure that you will meet certain qualifications for loan forgiveness (i.e. working in non-profit or government agency)


source: https://www.aafp.org/medical-school-residency/medical-school/debt.html