Penn State College of Medicine Office of Student Aid offers a variety of resources for students to assist with debt management and encourage smart borrowing.
Students who borrow Federal Loan monies are required complete Entrance Loan Counseling at www.studentloans.gov.
The Office of Student Aid requires students who borrow federal loans to meet annually with a financial aid coordinator. These meetings are mandatory and provide students with information regarding their total loan indebtedness as they move through each year of medical school. Resources for student budgeting are also provided during these meetings and available for students at any time.
Students may make an appointment with the Office of Student Aid at any time. Appointments are available Monday through Friday, 8:00 a.m. to 5:00 p.m. Walk-in appointments are also available.
In addition to personal consultations, the Office of Student Aid coordinates annual events that focus on financial literacy. For example, a mandatory program on financial fitness is offered for first year students that includes a guest speaker from the AAMC. We offer a Financial Literacy Day and Information Fair to second- and third-year students which also includes a guest speaker from the AAMC and several local vendors to share information related to debt management, scholarship opportunities and loan repayment.
Exit loan counseling is provided to graduating medical students, students going on leaves of absence or students who cease to enroll. Exit loan counseling is required for all graduating student loan borrowers prior to commencement. A mandatory session is held for fourth-year students each year that includes guest speakers and a panel discussion. The panel comprises former medical students who share personal experiences with borrowing and repayment of student loans.
- Additional information on budgeting and loan management can be found on the American Association of Medical Colleges website. including resources related to managing finances during med school
- SALT is a free resource to learn more about financial topics
- MedLoans Organizer and Calculator (MLOC)
- AAMC’s Financial Information, Resources, Services and Tools (FIRST)