The Association of American Medical Colleges reports that the median debt for 2002 medical school graduates was $92,000 at public and $127,000 at private medical schools. Managing such a large debt load, especially when multiple lenders are involved, can be challenging. The following organizations offer online information on managing medical school debt, consolidation student loans, calculators and other tools, financial planning resources, and links to related Web sites.
Association of American Medical Colleges
www.aamc.org
The AAMC site features detailed information about several unsecured personal loans, including the MEDLOANS and MEDLOANS Consolidation Loan programs, and a glossary of frequently used financial aid terms. AAMC's DEBTHELP, Educational Debt Management Services for Residents, is designed for easy use by residents and the medical school financial aid officers and GME staff who counsel them on their student loans for bad credit. It includes "The Layman's Guide to Educational Debt Management for Residents and Graduate Medical Education Staff" (www.aamc.org/laymansguide), which provides current information on how to manage education debt. The information about debt management resources (www.aamc.org/debtmanagement) includes "You want to do what? A Primer on Loan Consolidation," and other debt management workshops offered throughout the country, as well as on video.
Access Group
www.accessgroup.org
The nonprofit Access Group offers a Medical Access Loan and a Medical Residency Loan. In addition to loan information and applications, the site features publications and interactive calculators.
American Medical Association
www.ama-assn.org
The AMA site has information on student loan consolidation, interest rates, and definitions of financial terms. The online Financial Aid Resource Guide provides links to numerous financial aid and debt management resources. AMA Solutions, a subsidiary of the AMA, offers financial management products for members, including debt consolidation (www.amasolutions.com).
Citibank
www.citibank.com
In addition to consolidation loans, Citibank offers CitiAssist loans for medical residents to cover board review courses, residency interviewing and relocation expenses. The Web site features online applications and information on rates, terms, borrower benefits and discounts.
Federal Direct Consolidation Loans
U.S. Department of Education
www.ed.gov
The Department of Education Web site has information on federal loan consolidation programs. Also see http://loanconsolidation.ed.gov and www.federalconsolidation.org.
FinAid
www.finaid.org
This comprehensive, award-winning Web site provides information about financial aid options, including links to other Web sites, lists of lenders offering education and consolidation loans, and a list of resources and books on debt management.
HRSA
www.hrsa.gov
The Health Resources and Services Administration Web site has applications for refinancing HEAL loans, information on rates, a refinancing calculator, and links to the U.S. Department of Education.
Medfunds
www.medfunds.com
Medfunds provides Stafford, residency relocation, and signature loans.
Nellie Mae
www.nelliemae.com
Nellie Mae offers several loans for graduate students, including MD-EXCEL, a residency relocation loan, and federal consolidation loans.
Sallie Mae
www.salliemae.com
Sallie Mae provides funding and servicing for student loans. It's offerings include the MEDLOANS program, the Alternative Loan Program for medical students, and the MEDEX loan program for residency interviews and relocation. The Web site has financial planning features, a loan calculator and access to accounts online.
