Financial Capability Month!
April 1-30 is recognized as National Financial Capability Month! The SOM Financial Wellness Department is celebrating in a BIG way! Here’s how you can get involved:
- Stop by the Financial Capability Month table in the lobby starting April 5th. Pick up helpful financial literacy materials and enter the raffle for your chance to win a prize.
- Increase your financial capability by attending our events! Join us for Virtual Financial Wellness Bingo, Debt Management Lunch & Learn, and Decorate a Savings Jar!
- Challenge yourself to take inventory of your personal finances and create goals aimed at increasing your financial wellness!
_______________________________________________________________________
►Health Professional Loans Available
UMKC offers alternative loan options for Disadvantaged Students (LDS Program) or for those passionate about Primary Care (PCL Program.) These loans have a fixed interest rate and do not accrue interest during school. They also have a longer Grace Period upon graduation of 12 months.
For the Primary Care Loan, students MUST go into an approved Primary Care specialty or will face high-interest rate penalties. Please only consider applying if you are passionate about primary care.
- Approved specialties as defined by HRSA are Family Medicine, Internal Medicine, Pediatrics, Combined Medicine/Pediatrics, Preventative Medicine, and General Practice. (OB/GYN is NOT approved)
Application Process: Applications open each year on March 1 and are due May 15th. You can apply at the UMKC Financial Aid site here and use the Secure Document Uploader to submit your application. You must include parental information on your FAFSA.
___________________________________________________________
►Summer Aid Update
Usually, Summer Financial Aid Request Forms are available on the UMKC Financial Aid site on March 1 annually. This year, Summer Aid will happen automatically! For the health sciences programs, you will be automatically packaged for Summer financial aid (if eligible) when batch enrollment is complete. Stay tuned for more updates on this from the Financial Aid and Financial Wellness Offices. In the meantime, make sure you’ve:
- Completed the 2021-2022 FAFSA
- Have no outstanding financial aid task items.
__________________________________________________________________________
►Scholarship Opportunity
BA/MD Students are invited to apply for the Marilyn McGuyre Scholarship at this link. Apply by April 15th to be considered for the $4000 scholarship.
__________________________________________________________________________
►Got loans?
The MedLoans Organizer and Calculator from the AAMC is a fantastic tool to stay up to date on your student loans. Not only can you organize each loan you can also run repayment scenarios based on your financial situation upon graduation.
If you have questions about transitioning financially from Med School to your career you’re welcome to schedule a meeting with your Financial Wellness Counselor to discuss. Email brennonk@umkc.edu to schedule.
___________________________________________________________________________
►Resource Spotlight
AAMC Financial Wellness: The AAMC has created a robust financial management dashboard specifically designed for medical students. Use this dashboard to:
- Track Financial Health
- Budget & Track Spending
- Create Financial to-do’s
- Create Financial Goals
- Organize Student Loans
- Utilize Resources & Calculators
Create a free account today! Visit the site here and choose UMKC as your school.
Be sure to check out the MedLoans calculator for easy student loan organization and management.
This week at AAMC:
Understanding the Role of a Financial Advisor
The nuts and bolts of working with a Financial Advisor. Does it make sense for you?
- Should You Work with a Financial Advisor?
- Fee or Commission? How to Pay a Financial Advisor
- What is Fiduciary Duty?
- How to Choose a Financial Advisor
- What to Expect From a Financial Advisor
- How to Get the Most From Your Financial Advisor
——————————————————————————————–
►Upcoming Events:
(RSVP through the Financial Wellness Center on RooGroups)
April 1-30th – National Financial Capability Month
April is National Financial Capability Month! Celebrate all month long with the Financial Wellness Department! We will be hosting various events throughout the month and also swing by our table in the SOM lobby to enter the raffle! RSVP for all financial wellness events on RooGroups.
