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Tip of the week: Help residents manage debt

Residency Program Connection, January 28, 2008

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Medical student debt is often an unavoidable problem for residents. An Association of American Medical Colleges (AAMC) report issued in October 2007 says medical students who graduated in 2006 from a public school will on average owe $120,000, and private school graduates will owe $160,000. Although you cannot alleviate residents' debt, you can help them find resources on how manage their money. Here is how:

• Direct residents to the AAMC's DEBTHELP Web site at www.aamc.org/students/financing/debthelp/start.htm. 
• Ask your medical school's financial aid office to make a presentation for residents about what they can expect financially when they graduate. Also, have the person talk about loan repayment plans and options. 
• Recruit faculty members who have experience running their own private practice to speak with residents about financial issues. 
• Ask reputable banks or financial institutions to make presentations to your residents.

More information about resident scholarly activities can be found in HCPro, Inc.'s The Residency Coordinator's Handbook by Dianna Otterstad, BA, available here.

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