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FINANCIAL WELLNESS

It is a known fact that debt and financial strain are some of the main causes of stress which could result in a loss of focus in medical school. Financial wellness is very important before medical school, during medical school, and after graduation. The prescription for financial wellness is budgeting and good debt management which can lead you on a path to success. Save yourself money! You can lower the amount you borrow in student loans by creating a budget and changing your spending habits.

Budgeting

Budgeting can be a challenge since you are not able to work during medical school. However, it is necessary. Creating and following a budget can help you avoid borrowing more loan funds than what you actually need. It can also help you manage your student loan funds so you don’t run out of money before your next disbursement is scheduled.

Steps to creating a budget:

  1. Calculate your total monthly income.
  2. Determine your monthly expenses.
  3. Compare your income to your expenses. Your income should be equal to or more than your monthly expenses. If it isn’t, you will need to cut back on your spending.
  4. Use one of the many on-line sources to create a budget and track your spending.

Here are some budgeting tips:

  • Differentiate between needs and wants.
  • Be realistic.
  • Stick with it.
  • Have an emergency fund set aside for unexpected expenses such as medical bills or car repairs.
  • Be conservative.
  • Review often and revise as needed.

Ways to Cut Spending:

  • Don’t buy things you cannot afford.
  • Get a roommate.
  • Carpool or bike to school.
  • Avoid eating out.
  • Make your own coffee.
  • Avoid ATM fees.
  • Shop smart.
  • Don’t impulse buy. Wait on purchases.

Online Budgeting and Money Management Resources We Recommend:

Credit Scores
Taxes
Student Loan Repayment

RESOURCES

Students who wish to apply for a loan must complete the Free Application for Federal Student Aid (FAFSA) each year. RVU students are strongly encouraged to complete their FAFSA prior to April 1st. From there, the Office of Student Financial Services will determine the financial aid eligibility for each student annually.

The University and the RVU Alumni Association offer several scholarships to incoming students each year. These scholarships are offered in the form of partial tuition waivers. Scholarship information and applications are available annually, during the spring prior to matriculation.

Federal and private educational loans are available to graduate students. Students receiving loans for the first time must complete loan entrance counseling and  Master Promissory Note before any funds will be disbursed.

CONTACT THE OFFICE OF STUDENT FINANCIAL SERVICES

COLORADO CAMPUS
8401 S. Chambers Road

Parker, CO 80134
720-874-2442

For faster response, please direct inquiries to the campus email:
sfs@rvu.edu

SOUTHERN UTAH CAMPUS
255 E. Center Street

Ivins, UT 84738
435-222-1248

For faster response, please direct inquiries to the campus email:
sfssu@rvu.edu