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FIRST Facts

FIRST Facts are short, informational sheets on a variety of financial aid related topics. Facts are designed to reduce often confusing or complex topics to the basics. For more information regarding FIRST Facts topics or elsewhere on this site, contact first@aamc.org, or consult your financial aid officer or the financial aid office at your institution.

Student and Applicant Focus

The Cost of Applying to Medical School (PDF, 1 page)
Details specific costs associated with steps in the medical school application process.

The Cost of Applying for Residency
(PDF, 1 page)
Details specific costs associated with apply and interviewing for residency positions.

Taking a Break From Your Medical Education (PDF, 1 page)
Covers the information you need to know before taking a leave of absence and what to do when you return.

The Financial Aid Application Process (PDF, 1 page)
Steps to help you apply for financial aid.

Stafford Loans 101 (PDF, 1 page)
Describes the two Stafford loan options including loan limits and eligibility.

Resident Focus

Postponing Loan Repayment During Residency (PDF, 1 page)
Describes three options for postponing/minimizing loan repayment during residency.

Financial Aid Officer Focus

Facts for the First Day: Welcome to Medical School (PDF, 1 page)
Tips for students to help them navigate the first day of medical school.

Financial Aid Officer Handbook
(PDF, 1 page)
Overview and quick links to sections of the Handbook created by the Group on Student Affairs Committee on Student Financial Assistance (COSFA).

AAMC Data Resources
(PDF, 1 page)
Describes various data resources and services available to Financial Aid Officers.

Pre-Health Advisors Focus

The Cost of Applying to Medical School (PDF, 1 page)
Details specific costs associated with steps in the medical school application process.

Budgeting (All Audiences)

Budgeting Basics: Managing Your Money During the Lean Years (PDF, 2 pages)
Describes benefits and mechanics of establishing a monthly budget. Includes interactive budget worksheet.

Interactive Budget Worksheet (PDF, 1 page)
Interactive worksheet allows users to input amounts, then adds and subtracts automatically.

Credit (All Audiences)

Borrowing 101: An Introduction to the World of Credit (PDF, 1 page)
Explains the basics of credit with tips on managing it wisely.

Protect Against Identity Theft (PDF, 1 page)
Tactics to minimize your risk of being an identity theft victim.

Your Credit Report: Getting Familiar with the Basics (PDF, 1 page)
Describes a credit report, how to get it, what it contains.

Your Credit Score: What It Is and Why It Matters (PDF, 1 page)
Describes elements in and calculation of a credit score and lists benefits of a good score.

Repayment (All Audiences)

Doing Well by Doing Good: Loan Forgiveness for Public Service (PDF, 1 page)
Information about a new program offering loan forgiveness following 10 years of payments by those in certain professions.

Loan Repayment Choices (PDF, 1 page)
Information about how to structure loan repayments to fit the borrower's circumstances.

Income-Based Repayment (PDF, 1 page)
A preliminary summary of the Income-Based Repayment plan including how it works and how to qualify.

Consolidating Your Loans (PDF, 1 page)
Covers all of the basic information about loan consolidation including pros and cons.