When it comes to Financial Literacy, knowledge is power. Here at UMKC School of Medicine we want to connect you with the best financial literacy and student loan repayment information available, and help educate and empower you to understand financial literacy and your student loan repayment process.
The Association of American Medical Colleges (AAMC) has developed a comprehensive Financial Literacy Program known as FIRST. FIRST is designed to help members of the academic medicine community navigate the complexities of student debt. AAMC FIRST also helps medical school borrowers expand their financial literacy, make smart decisions about student loans and manage their student debt wisely.
The AAMC also provides a great 40 minute narrated presentation called The Economics of Becoming a Doctor . This presentation covers the most common repayment strategies during residency and the lifetime economic benefits of earning an MD Degree. The presentation also covers a realistic sample budget of an average physician salary and where your student loans fit into that budget. The presentation contains some of the most valuable information regarding student loan repayment and residency; it’s definitely worth watching in it’s entirety.
Below you will find a list of common Financial Literacy topics and many of the questions associated with those topics. We hope the information will clarify most of your questions and confusion.
To access all the information please take a moment and visit the AAMC FIRST website and click “SIGN IN” at the top right hand corner, create a username and password to ensure that you are able to connect to all the information.
Financial Literacy Counselor
- What is loan consolidation?
- What are the pro’s of loan consolidation?
- What are the con’s of loan consolidation?
- Which loans can be consolidated? (#1)
- How do you request a consolidation?
- When does repayment begin on a consolidated loan?
- What are the interest rates on a consolidated loan?
- What happens to grace, deferment and forbearance options when I consolidate? (#3)
- What happens to the interest subsidy when I consolidate, if I qualify for deferent on my new consolidation loan? (#4)
- What happens to my repayment incentives and borrower benefits if I consolidate? ( #5)
- Can I pay off my consolidation loan early and how are payments applied if I pay more than the minimum amount? (#8)
- How long does the consolidation process take and what happens to my loans when they are being consolidated? (#11)
- Is there a way to calculate or estimate what my monthly payments would be on a consolidated loan?
- How can I better understand the relationship between Students and Credit Cards?
- How do I obtain a free copy of my credit report?
- How do I read my credit report?
- How does the Credit Card Act of 2010 affect me?
- How can I start taking control of Credit Card Debt?
- What is a credit score
- 5 Easy Ways to Improve Your Credit
- Who are the various loan servicers and how do I contact them?
- How do I find who is servicing my direct loans?
- When Does Repayment Begin?
- How do I find out what my private loan amounts are?
- AAMC Medloans Organizer
- AAMC Medloans Calculator
- Standard, Extended and Graduated Repayment Calculator
- Income Contingent Repayment Calculator
- Income Based Repayment Calculator
- Direct Loan Consolidation Calculator
- Take Home Pay Calculator
- Income Based Repayment
- I’m a little confused. What’s the difference between income contingent repayment and income based repayment?
- Is there any way to see what my estimated monthly payments will be for each repayment plan?
- Is there any sort of presentation that covers the most common types of repayment strategies used during residency?
Financial Aid FAQs
Submitting the FAFSA (Free Application for Federal Student Aid) is the first step in applying for financial aid. You can submit your application to multiple schools, just be sure to include University of Missouri-Kansas City school code: 002518, Apply by February 1 to meet School of Medicine Scholarship deadline.
As we continue to make offers to students placed on the alternate list, financial aid award packages are processed as soon as possible. When ready, you will receive a letter that details your aid and you will also be able to view your aid on Pathway.
Your financial aid letter will detail the instructions that you will need to follow in order to go into your Pathway account and accept your aid.
When must I make the determination to accept or decline my financial aid at the University of Missouri Kansas City School of Medicine?
You must accept or decline your aid by early September.
What if I am deciding between attending University of Missouri Kansas City School of Medicine & another institution? How will this affect my acceptance of financial aid?
It would be important to accept aid at the schools that you are interested in. Once you have made your final decision on the school that you will attend, contact the schools that you did not choose, and cancel your aid.
Make sure to file your FAFSA by February 1. If you have been awarded a School of Medicine scholarship, you will be notified in your letter of acceptance. A list of other competitive scholarships that are external to the UMKC School of Medicine can be found here
Will I ever be able to gain in state residency status if I am currently an out of state or regional student?
A student does not lose or gain in state residency status by attending college. In determining residency status, an adult student must be at least 21 years old and no longer dependent on anyone else in another state. Minor student’s residency status is determined by that of his/her legal guardian. An adult student must live in the state of Missouri for at least 12 consecutive months prior to petitioning for residency, and must show proof of intent to make Missouri a permanent home for an indefinite period. Please direct additional questions regarding Missouri Residency to Noelle Seufert at 816-235-5215 or firstname.lastname@example.org