Financial Wellness and Literacy Resources

What is AAMC FIRST Program
AAMC FIRST is a financial wellness focused program that is a free online financial education resource. FIRST provides information about a variety of financial topics to help students, residents, and practicing physicians become more financially savvy. For an informational video see here.

Benefits and resources of FIRST
FIRST provides tips and tools to help you learn more about financial topics that you will likely encounter before and after graduation. Tools such as creating a budget, webinars hosted by subject matter experts, and online courses are all available for free. The greatest benefit is that this program is focused on the physician community and their unique financial needs. 

Some example topics include: 
•    Budgeting Basics
•    Saving and Investing
•    Understanding Physician Insurance

Webinars and example topics
Monthly webinars are provided by subject matter experts on topics such as those below:
•    Filing Taxes and Student Loans
•    Student Loans and Repayment Strategies
•    Choosing Insurance as a Medical Student or Resident
If you are unable to attend live, you can also watch a recording at a later date that is convenient.

How to sign up
To Sign Up-
1.    Visit aamc.org/financialwellness
2.    Under “Need to Register?”, select your school (medical students) or role (resident, pre-med, staff, etc.).
3.    Complete the registration form.

What is the MLOC
The MedLoans® Organizer and Calculator tool was developed to assist medical students and residents with managing their education debt. The MLOC tool provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s student loan debt.

You have full access to the MLOC tool if you are an enrolled medical school student or a medical school graduate at an AAMC-member medical school. All eligible users have free premium access, which includes the ability to upload your federal loans, run repayment scenarios, and save your loan repayment options

To learn about the functionality of the MLOC tool, watch the demo.

What are the benefits
•    Provides a secure place to enter, upload, track, and store loans.
•    Shows various repayment scenarios based upon a borrower’s portfolio, household, and residency information.
•    Provides a better understanding of student loan debt and the cost of repayment.

How to sign up
1.    Access your federal loan information at studentaid.gov and download your "My Aid Data" file. 
2.    Sign in to your MedLoans Organizer and Calculator account using your AAMC username and password. If you need help, email Denine Hales at dhales@aamc.org. Please DO NOT create another AAMC account. 
3.    Once logged in to your MLOC account, select "Get Started Now".
4.    Within the MedLoans Organizer tab, click on the Upload Aid Data and follow the instructions.  If you have private or institutional loans that you want to store in the Organizer, you will need to enter these loans manually.
5.    Move to the MedLoans Calculator tab, answer and submit the questions, to view your repayment options.

The University of California, including UC Davis and UC Davis Health are both qualified employers for Federal Loan Public Service Loan Forgiveness (PSLF). The Public Service Loan Forgiveness (PSLF) program is a federal program created for those in public service jobs, offering the opportunity to have their federal loan balances forgiven after 120 qualifying monthly payments.

Generally, many full-time UC employees who otherwise qualify may be eligible to apply their months of employment towards PSLF. UC Davis Health has created a webpage that is updated regularly with tips and information for employees wanting to pursue the program.

For UC Davis Health PSLF information see here.

For general information on PSLF see here.

Below are resources that may be low cost, free, or discounted for medical students. Note that programs are subject to change. Please refer to the links for details on enrollment or questions.

Utility Assistance Programs
1.    Sacramento Municipal Utility District (SMUD) Low-Income Rate Assistance Program
      SMUD offers a discounted rate for low-income households to help reduce electricity costs.
2.    Pacific Gas & Electric (PG&E) California Alternate Rates for Energy (CARE) Program
       Provides a 20-30% discount on electricity and gas bills for income-qualified households.
3.    LIHEAP - Low-Income Home Energy Assistance Program
       Federal program that helps low-income households pay their energy bills. 
Discounted Internet Access
1.    Internet Essentials by Comcast
      Offers low-cost internet to eligible low-income families for $9.95/month with no contract, and a low-cost computer option.
2.    California LifeLine Program
       Provides discounted phone and internet services for eligible low-income California residents.
3.    EveryoneOn - Low-Cost Internet Access
       Connects low-income families with affordable internet service providers and discounts on computers. 
FreeforStudents Database
A database with categories for education, technology, shopping, entertainment, and health that offer discounts for students. 

UC Davis Resources
Aggie Compass Center
Everyone deserves to have their basic needs met. The Aggie Compass Basic Needs Center helps by providing access to nutritious food, assistance applying for CalFresh and other social services, access to economic crisis resources, case management, and immediate shelter and support for unhoused students. 

CalFresh
Medical students qualify for CalFresh, also known as SNAP/EBT. CalFresh provides a monthly stipend via an electronic benefits card to buy fresh food and groceries. If you have trouble applying, you can get assistance via the Aggie Compass Center Team. 

UCD Health Equity Fund
A onetime resource that can assist with reimbursing out of pocket cost incurred while paying for a health expense. Expenses between $50-$2500 may qualify. Review the website for the application and acceptable expense.

UCD Health Housing Board
Weekly updated listing for housing in the area. 

Student Parent Resources
1.) Alternative Budget for Families
Students who have dependent children age 18 and under, are eligible for an increased budget to cover additional family expenses. This appeal will need to be submitted each year. Please make sure your Supplemental Application reflects your children in your household.

2.) Student Parent Child Care Grant
The Worklife Office offers a grant to students who pay dependent childcare cost. 

Below is a non-exhaustive list of programs that provide either direct funding or loan repayment in exchange for a service commitment once you have graduated. Refer to the program website for additional details and contact information. See here.

AAMC Loan Repayment, Forgiveness, Scholarship and Other Programs Database
A searchable database provides detailed information about programs available to medical and health professions students. You can filter by state, type of program, and funding source.

Below are a few of the California based programs.

•    California State Loan Repayment Program (SLRP)
      Up to $50,000 for 2 years of service in Health Professional Shortage Areas (HPSAs).
      Application expected July 2025.
•    Steven M. Thompson Physician Corps Loan Repayment Program (STLRP)
     Up to $105,000 in exchange for a 3-year service commitment in underserved areas.
•    CalHealthCares Loan Repayment
     Up to $300,000 for 5 years of Medi-Cal service in California.
•    L.A. Care Health Plan Provider Loan Repayment
     Repayment assistance for doctors in safety-net clinics in Los Angeles County.
•    Song-Brown Workforce Training Programs
     Supports training of primary care providers in underserved areas across California. 

National Health Service Corps- NHSC
Students pursuing a career in primary health care are eligible to receive funding for their education in exchange for practicing in rural, urban, and tribal communities with limited access to care, upon graduation and licensure.
Funding for a maximum of 4 years:
•    Tuition
•    Required fees
•    Reasonable educational costs
•    Monthly support stipend
     Only stipend is taxable

**Note that NHSC offers both a scholarship and loan repayment program. See the website for specifics on each program.
 
Indian Health Service Corps- IHSC
The IHS Scholarship Program provides qualified American Indian and Alaska Native health professions students financial support in exchange for a minimum two-year service commitment within an Indian health program in your chosen health professional discipline. 
 
Our Health Professions scholarship provides financial aid to qualified American Indian and Alaska Native undergraduate- and graduate-level students. Recipients must be members of federally recognized Tribes and enrolled in an eligible health profession degree program. In exchange for financial aid, scholarship recipients agree to fulfill a service commitment in full-time clinical practice upon completion of their academic or post-graduate clinical training.
 
Army Health Profession Scholarship Program- HPSP
Active-duty service obligation to the U.S. Army is one year of service for every year you receive the scholarship. Qualifying students may be eligible for a full-tuition scholarship, a monthly stipend of $2,728 and $20,000 sign-on bonus.
•    Full tuition for up to four years, depending on specialty
•    Funding for books, equipment, and other school fees
•    Monthly stipend of $2,700+
•    Up to a $20,000 sign-on bonus, plus Officer’s pay for 45 days while on active duty for training
•    Salary increases with promotions, time in service, and cost-of-living adjustments 

Air Force Health Professions Scholarship Program- HPSP
These scholarships cover all tuition and required fees, including textbooks, small equipment items and supplies needed for study. You will also receive a monthly allowance for living expenses. 
 
While on scholarship, you will spend 45 days on active duty in the Air Force, and once you graduate, you will serve one year of active duty for each year of scholarship, serving a minimum of three years.
 
Navy Health Professions Scholarship Program- HPSP
Armed Forces Health Professions Scholarship Program (HPSP) will pay your educationally based tuition and fees for up to four years of school and provide a monthly stipend paid directly to you. In addition, all professional school required books and equipment are reimbursed by the Navy. The value of this program could be well over $300,000 during the course of a four year professional school program. After graduation, you’ll join the Navy’s active duty team as a commissioned officer. In return, you agree to serve a minimum of 2 years on active duty or year for year of scholarship, whichever is longer.
 
If you are a physician or dentist in residency training for critical medical or dental specialties, the Financial Assistance Program (FAP) will pay your required educationally based tuition, a monthly stipend, reimbursement for required books and equipment, and an annual grant of $45,000.
 
Scholarship recipients incur an Active Duty Obligation (ADO) of one year for each year in the program.

This comprehensive financial guide helps professionals at all levels of the medical education continuum navigate the complexities of financing medical school by borrowing wisely and repaying student loan debt responsibly.