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(MD)2: Phase III - Residency and Early
Practice
With a little planning, the change of status of your loans when
you enter residency can be seamless. The section provides excellent
tools and management tips for residency and beyond. For your convenience,
you may download all of Phase III
(PDF, 59 pages) as a single document, or choose from
the individual sections below.
I. General Financial Skills Every Resident Needs (PDF, 7 pages)
Consider your financial options, create a plan, identify an advisor
and acquire the skills and advice necessary for a smooth financial
transition from tuition paying to wage earning.
II. PGY-1—Financial Management (PDF, 25
pages)
- Managing your money: The key to reaching your financial goals
is creating, implementing and monitoring monthly and annual budgets.
- Managing your Debt and Loan Repayment
- Understand your loan repayment terms and conditions.
- Determine which loans to target for early repayment.
- Be aware of your repayment options.
- Consolidate wisely and evaluate consolidation / refinancing
options.
- Consider a forgiveness or repayment program as an option.
- Tailor your repayment strategy to your circumstances, personal
and professional goals.
- Saving and Investing for Short- and Medium-Term Goals
- Using Credit and Protecting your Rating
III.
Financial Management—PGY-2 and After (PDF,
12 pages)
- Insurance
- Retirement Planning
- Savings
- Estate Planning
IV. Career Planning and Preparation for Practice (PDF,
11 pages)
- Compensation
- Practice Arrangements—business, personal and professional
considerations
V. Selected Bibliography
on Educational Debt Management and Financial Planning
(PDF, 1 page)
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