Skip to Content


FIRST for Students and Residents

FIRST for Students and Residents


Get free resources to help students and residents make smart financial decisions.

Second Year Curriculum


Timing is everything. Finding the best time to present debt management and financial literacy education to your students can be a challenge. The beginning of the second year of medical school presents a prime opportunity: the chaos of first year orientation is over and there’s still time before your students scatter for their clinical rotations. This is an important decision point for many students choosing a specialty; let’s help them make informed choices.

Debt Management Tools

MedLoans® Organizer and Calculator
If you haven’t introduced this tool to your students, this is a great time to do so. The sooner they start using the organizer to manage their loan portfolio, the less work it will be later on when it’s time to start thinking about repayment. Keeping records up to date and being informed about repayment options now will help with better loan management in the future.

SALT (www.saltmoney.org/AAMC)
Is a free financial education program created by American Student Assistance® (ASA) to help students and alums become more financially savvy during and after medical school. This resource offers many financial literacy tools, including online learning modules, personal finance curriculum, financial literacy blogs, articles, videos, calculators, tools, loan repayment assistance, and much more! 

FIRST for Students and Residents
With a library of nearly 50 fact sheets, various webinars, videos, and informational tools, educate your students about financial literacy, debt management, loan repayment, loan forgiveness, and other financial topics geared specifi­cally to medical school students.

Understand the Numbers

The last thing anyone wants is for students to make decisions that are inconsistent with their personal goals because they lack information. As students begin to think about clinical rotations it’s important that they understand what their repayment options are.

Programs like Public Service Loan Forgiveness (PSLF) can be a great opportunity for those working in an underserved area or a 501(c)(3) non-profit or­ganization. Some students may be concerned about the practicality of repaying student loans via these types of programs and FIRST provides helpful information to explain the programs in relation to debt management. Direct your students to the FIRST for Students and Residents website.

A few things to think about...

In 2017:

  • Median debt at a public medical school was $180,000.*
  • Median debt at a private medical school was $202,000.*
  • Mean Internal Medicine (i.e., primary care) starting salary first year post residency was about $185,000.**

Data shows that although the average debt assumed by the typical medical student can be daunting, the corresponding starting salary for medical fields is high. 

FIRST's resources pro­vide students and residents with a variety of options and tools that can make loan payment options more manageable and easier to understand. 

*Debt data is derived from AAMC surveys. Salary data is based on 2015 data from Medical Group Management Association (MGMA).

Printer Friendly Version


MedLoans® Organizer and Calculator

Medloans Organizer and Calculator

Organize and track your loans with the MedLoans® Organizer and Calculator for medical students and residents.