Carle Illinois College of Medicine

Debt Management

The Association of American Medical Colleges (AAMC) has a wide array of tools available for Medical Professionals to use while in school, in residency and beyond. OSFA recommends the use of the  MedLoans® Organizer and Calculator to assist as students track their loans and plan repayment in the future.  A walk-thru of the Medloans® Organizer and Calculator may be found here: https://students-residents.aamc.org/video/mloc-demo/

Coronavirus and Student Loans

The CARES Act, signed into law on March 27, 2020, provided significant relief for student borrowers, whether in school or in repayment, through September 30, 2020.  The relief was subsequently extended through September 30, 2021.

Loan Management Tools

    1. AAMC Education Debt Manager – A debt management document to guide you through financial information, resources, services and tools offered by AAMC.
    2. Managing Loans Upon Graduation – A guideline for soon-to-be-graduates as they transition into residency
    3. Loan Servicer Information –  Find out who your loan servicer is:
      • Go to the Federal Student Aid website
      • Sign in using your FSA ID. (need help finding your FSA Username click here.)
      • Once you are signed in, you can hover over “Manage Loans”
      • Under “About Loan Repayment” you will click on “Who’s my Servicer”
    4. Exit Counseling – This should be completed when the student graduates, drops below half time enrollment or leaves school. This provides information as you prepare to enter repayment on federal student loans.  This also provides information to the Federal Government to allow them to reach out to you as you enter repayment.
    5. Public Service Loan Forgiveness – This is a guide to the Federal Public Service Loan Forgiveness Program.

Money Management and Financial Wellness Tools

    1. Paying for Medical School starts with a good plan.  Make your plan by reviewing the tools offered.
    2. Good money management starts with building a Budget.  Use AAMC’s Budget Worksheet for Residents
    3. Money Management Guides and Tools for students and graduates to help you pay for life both in school and beyond.
    4. Know your credit – Protect your credit history – Regularly monitor your credit to ensure you know what is on your credit report.  You can obtain three free credit reports per year, one through each credit bureau (it is recommended to do one every four months.) Go to Annual Credit Report.com to obtain your free credit reports.