Debt Management

 

Loans are a part of your lives. You must be aware of what you borrow and how much you will pay as a result of borrowing. Hopefully, this website will assist you in budgeting your money and managing your debt throughout medical school to ensure an easier transition to life as a physician. Remember, if you live like a doctor now, you will surely live like a medical student when you are a physician!

Prospective Students

If you haven't learned already, medical school is quite expensive! Before medical school even begins, you must begin to think about managing your debt. As you approach the end of your undergraduate career, calculating your current debt is a must. The National Student Loan Data System will help you calculate your current debt.

You should also begin to estimate the cost of medical school including tuition, books & supplies, room & board, and personal expenses. To assist you, we have calculated a projected budget for 1st year medical students.

Please contact the Financial Aid office with any questions after you have been accepted to FSU College of Medicine.

Current Students

Step 1
The first step to debt management is budgeting your money while in school to decrease debt after medical school. Below are links to budgeting worksheets put together in order to assist you with in budget planning.

• Income & Resource Calendar [pdf]
• Expense Calendar [pdf]
• Budget Worksheet

Step 2
After you have learned to budget your money, you should educate yourself on credit cards and limit your use of them.

Step 3
Next, you should contact your lender for repayment options and information on loan consolidation after graduation, effective financial planning for the future, and managing your loan payments as you begin to practice medicine. Below are some helpful links for debt management, loan consolidation, and financial planning.