Debt Management and Financial Literacy Program

The Debt Management and Financial Literacy Program is a core component of the support provided to Charles E. Schmidt College of Medicine students throughout all four years. The program, managed by the Office of Medical Student Financial Aid, focuses on educating students about budgeting, student loan repayment, and debt management to ensure students graduate with a strong understanding of how they will manage their debt, meet everyday expenses, and plan for their futures.

Throughout Medical School

Our Debt Management and Financial Literacy Program is a continuous and progressive experience that spans all four years of medical school. We take a structured approach, introducing financial concepts that are most relevant to each stage of your medical education.

The program is delivered through a series of required, year-specific online modules and tasks in a dedicated Canvas course. This on-demand format provides flexible learning on a broad range of topics, utilizing the AAMC Financial Wellness platform. In your early years, the curriculum focuses on building a strong foundation in budgeting, credit management, and mindful spending habits. As you advance, the topics shift toward more complex challenges, such as managing significant loan debt, understanding insurance, and long-term financial planning for residency and beyond.

While these online tasks provide essential knowledge, they are designed to be complemented by personalized support. In addition to ongoing availability for individual counseling, the Office of Medical Student Financial Aid conducts mandatory yearly meetings with all students who have borrowed loans to review their AAMC MedLoans® Organizer and Calculator (MLOC) and discuss their debt management strategy.

Exit Counseling

Graduating fourth-year students will attend mandatory federal exit counseling conducted by the Office of Medical Student Financial Aid. Individual loan summary sheets for student borrowers, indicating the amount borrowed and the contact information of the student loan servicer, will be provided. General debt and repayment strategies, including loan consolidation, loan forgiveness, and deferment/forbearance options, will also be addressed. Students are encouraged to address any issues or concerns they may have regarding their debt.

AAMC FIRST Resources

The Association of American Medical Colleges' (AAMC) FIRST (Financial Information, Resources, Services, and Tools) program provides valuable resources that are integrated throughout our four-year program. Students will become familiar with key tools such as:

• The AAMC Financial Wellness Program , an interactive platform with courses, videos, and calculators.
• The MedLoans® Organizer and Calculator (MLOC) , allows students to track their federal loans and project future repayment scenarios.