Office Location:
Office of Student Affairs
1321 Hal Greer Blvd
Huntington, WV 25701

Financial Planning Your Medical Education
What you need to know

Prior to your first year of medical school

• Review the MUSOM Financial Aid Timeline for FAFSA for instructions on how to complete the FAFSA (Free Application for Federal Student Aid)
• Review the cost of attendance and procedures by reading the MUSOM New Student Newsletter
• Search outside scholarship programs
• Financially prepare yourself for your transition to medical school and consider relocation expenses
• Don’t forget to schedule an individual financial counseling session with the MUSOM Assistant Director of Student Financial Assistance at sandefurk@marshall.edu or call 304-691-8739 to arrange an appointment.

MS1 - First Year

• Know how to access your Loan Servicer(s) and monitor your debt
  • If you borrowed during your undergraduate or graduate school years, you must contact your servicer(s) and obtain an in-school deferment at the beginning of your first year.
• Attend MUSOM Financial Literacy and Debt Management programs
  • Class of 2019 New Student Financial Aid Orientation
  • Save & Serve: Exploring Your Financial Future with the Experts
• Organize your debt by using AAMC’s Medloans Organizer and Calculator
• Explore AAMC’s Financial Wellness Program which is a free, online, financial education resource, that provides a variety of financial topics to help students become more financially savvy.

MS2 - Second Year

• Continue to organize and monitor your debt.  If you are borrowing each year, be sure to take time to add the amount each year to your Medloans Organizer and Calculator
• Check your credit report at least once a year.  You can receive a free annual credit report at www.annualcreditreport.com
• Know your options when faced with unforeseen expenses

MS3 - Third Year

• Know the importance of financially planning early for MS4 away rotations and  residency interviews
• Know your financial options of federal and private loan assistance should you feel you need financial assistance for residency interviews or relocation expenses

MS4 - Fourth Year

• Participate in your Senior Loan Exit Counseling in the spring prior to graduation to review loan repayment options and loan forgiveness programs.  All graduates will be notified of loan exit counseling options at the beginning of the spring semester prior to graduation.
  • Follow up with individual exit counseling with the MUSOM Office of SFA
• Since residency interview expenses are not covered by federal student loans, it is important to explore alternative funding options, if you feel you do not have the funds for travel-related costs.  You might want to check out your federal student loan servicer for possible residency and relocation loan options.
  
  Or, review the FinAid.org website for a list of creditable available private student loan options at www.finaid.org/loans/privatestudentloans.phtml. This site provides a comprehensive list of all private student loans so be sure to seek out only the Residency/Relocation loans.  Please contact the lender directly for details regarding the eligibility requirements and timeframe of application.  According to Marshall University Code of Conduct for Private Education Loans, the OSFA cannot recommend a specific loan program.
• Financially plan for your residency relocation and opportunities 

Post Graduation/Residency

• Contact loan servicer(s) and complete necessary deferment/forbearance forms and/or determine loan repayment strategy
• You should really know your loan servicer(s) name and contact information at this point, but if not, you can login at the studentaid.gov to find out.  You will then need to contact your loan servicer(s) for information on repayment and/or appropriate forbearance forms.

Remember to contact the MUSOM Office of SFA for assistance at 304-691-8739.