Office of Student Affairs

Financial Literacy


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.

Robin Hill
Financial Literacy Counselor
hillrob@umkc.edu
816-235-1807

Budget

Consolidation

Credit

Debt Management

Default

Financial Goals

Glossary

Income Based Repayment & Public Service Loan Forgiveness

Insurance

Interest

Investing

Loan Counseling & Repayment

National & State Loan Forgiveness Programs

Physician Compensation

Real Estate

Saving

Student Loan Repayment Calculators

Understanding Grace, Deferment & Forbearance

What are my federal student loan repayment choices?

Financial Aid FAQs

How do I apply for Financial Aid?

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.

When will my financial aid award package be available?

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.

What is the process for accepting or declining my financial aid?

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.

How do I apply for School of Medicine Scholarships?

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 seufertn@umkc.edu