AAFP Posts Debt Management Guidance for Medical Students

Navigating through medical school can be a major undertaking on virtually every level: emotionally, intellectually, physically and financially. The AAFP can’t take your exams for you or ease demanding rotation schedules, but it can help relieve some of the financial shock.

A new online collection of debt management resources for medical students covers the entire financial spectrum of the medical school experience, from pre-application through acceptance to approaching graduation and beyond. Each of three main sections of the collection also includes a list of relevant terms and their definitions.

The first section, on applying to medical school, includes advice on preparing for the transition to school, as well as on searching for scholarships and service-based and government loan programs.

The second section, which discusses issues students are likely to encounter after acceptance to medical school, covers budgeting and how to avoid accruing bad credit. This section also offers a basic examination of scholarships; grants; and alternative (private), service-based and government loans.

As graduation approaches, students' financial paradigms shift again. The final section of the Academy's debt management resources collection examines loan repayment, deferment and forbearance; payment methods; loan consolidation -- including federal and private consolidation options and examples -- and determining future income.