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Step 8: Know and Use Your Support System
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Step 1: Know
what you borrowed, from whom you borrowed, and who services the
loans. |
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Step 2: Know
the "relative cost" of your student loans. |
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Step 3:
Know your grace periods, deferment options, and forbearance options. |
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Step 4:
Know your "decision points" and keep a calendar.
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Step 5: Run
the numbers before choosing a repayment option of consolidating
your student loans. |
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Step 6: Commit
to keeping good records. |
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Step 7:
Keep a budget and know when you need the help of a financial professional. |
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Step 8:
Know and use your support systems. |
Keep in touch with your financial aid officer, your loan servicer(s),
the financial aid office of your medical center if they offer debt management
services for residents, and other organizations which offer support on
debt management issues, including the AAMC through FIRST.
Perhaps more than ever before, medical school borrowers have access to
support services in residency to help them manage their student loans.
We hope FIRST is just such an example. In addition, the following offices
and organizations are more than willing to help you as you manage your
educational loans during residency and into practice.
- your medical school financial aid office
- your loan servicer(s)
- some medical school financial offices that are part of medical centers
and teaching hospitals offer offer debt management services for residents
- United States Department of Education
- United States Department of Health and Human Services
The AAMC has two additional programs that might help you:
(MD)2 - Monetary
Decision for Medical Doctors
(MD)2 is an electronic resource manual for financial planning
through your medical career. Check out Phase III, Residency and Early
Practice Years, for assistance with planning during residency.
Careers in Medicine
Careers in Medicine is a career planning program designed to help you
choose a specialty and medical career. Though perhaps not appropriate
for you at this time, if you have questions about changing specialities,
this site and resource might help you.
Both individually and as a group, the above are committed to helping
you manage your educational loan portfolio.
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