Banner Financial Services_University_20221024

| Admissions | Financial Aid | Financial Wellness

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.

Additional Resources

Financial Aid (Home)

Cost of Attendance

Financial Wellness

How to Apply for Financial Aid

Institutional Financial Aid Data

Scholarships

Student Loans

Tuition and Fees

Tuition Refund Policy

Budgeting Credit Scores Taxes Student Loan Repayment

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:

Calculate your total monthly income.
Determine your monthly expenses.
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.
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

Credit scores are important because they rate your credit worthiness. The higher your score, the more likely you will get approved for future loans. A low score could impact many areas of your life such as Graduate PLUS loan eligibility, employment opportunities, and housing.

Ways to Improve Your Score:

Pay bills on time.
Keep balances low on credit cards.
Manage credit cards responsibly.
Don’t close unused accounts.
Don’t open numerous credit accounts.
Check credit report for mistakes.

Credit Reporting Agencies:

Equifax

Experian

TransUnion

You can also request a free copy of your credit report online here

Taxes

Student Loan Repayment

It is important to plan out how you will repay your loans once they go into repayment. Start planning before, during, and after graduation. The decisions you make now will affect how you will be able to live your life later.

Take a realistic approach.
Estimate what your take-home pay will be during residency and beyond. There are many free online net pay calculators you can use.
Keep a close eye on your loan balances by visiting www.nslds.ed.gov.
Calculate what your monthly loan payments will be. We recommend using the following websites to calculate your future monthly loan payments:

Federal Student Aid

FinAid

There are many Direct Loan Repayment Plans available to choose from once your loans enter repayment. You can find detailed information on the following websites:

AAMC First

Federal Student Aid

You can also contact your student loan servicer(s) to discuss your repayment plan options.

RESOURCES

The University tuition, fees and cost of attendance are updated annually. To learn more about the tuition costs, individual health insurance and the tuition refund process, click on Tuition and Fees above.

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.

The design of the applications-based systems curriculum is based on successful integrated academic models for the first two years of the curriculum.

CONTACT THE OFFICE OF STUDENT FINANCIAL SERVICES

COLORADO CAMPUS
8401 S. Chambers Road
Englewood, CO 80112
720-874-2442

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

UTAH CAMPUS
255 E. Center Street
Ivins, UT 84738
435-222-1248

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

MONTANA CAMPUS
4130 Rocky Vista Way
Billings, MT 59106
406-901-2759

For faster response, please direct inquiries to:
sfsmt@rvu.edu