Financing a Career in Academic Medicine
This chapter provides an overview of how to successfully pursue a career in academic medicine while paying back loans accumulated during medical school. It addresses commonly perceived financial barriers in academia and sources of funding that support this career pathway. Also included is a description of several types of loans, loan repayment plans, and factors that may affect the process of financial planning. Additionally, a sample scenario illustrates an example of loan repayment strategy and planning. With greater knowledge of loan repayment programs and financial planning, as discussed in this chapter, students can make informed decisions about entering the field of academic medicine.
KeywordsFinances Academic medicine Career Student loans Financial barriers Diversity Inclusion Funding Loan repayment Financial planning
- 3.Seven ways to reduce medical school debt. AAMCNews. https://news.aamc.org/medical-education/article/7-ways-reduce-medical-school-debt/. Published October 8, 2018. Accessed 20 May 2019.
- 5.Association of American Medical Colleges. All schools report (final) 2009. Medical school graduation questionnaire. CME report 1, I-10. [Google Scholar].Google Scholar
- 6.Careers in medicine. https://www.aamc.org/cim/. Accessed 11 Aug 2019.
- 7.Sample appointment letter for assistant professor- tenure track. https://www.uc.edu/content/dam/uc/provost/docs/facultyaffairs/sampleappointmentletters/assprof.pdf.
- 8.NOT-OD-16-045: Notice on salary limitation on grants, cooperative agreements, and contracts. National Institutes of Health. https://grants.nih.gov/grants/guide/notice-files/NOT-OD-16-045.html.
- 9.Financial Aid. AAMC Students, Applicants and residents. https://students-residents.aamc.org/financial-aid/. Published July 17, 2018.
- 10.National student loan data system for students. https://nslds.ed.gov/nslds/nslds_SA/. Accessed 13 Aug 2019.
- 11.MedLoans® Organizer and Calculator (MLOC). AAMC students, applicants and residents. https://students-residents.aamc.org/financial-aid/article/medloans-organizer-and-calculator-mloc/. Published September 28, 2015.
- 12.PLUS Loans for Parents. Federal student aid. https://studentaid.ed.gov/sa/types/loans/plus/parent#interest. Published July 1, 2019.
- 13.Student financial aid guidelines health professional programs Primary Care Loan Program (PCL). https://bhw.hrsa.gov/sites/default/files/bhw/pcl.pdf. Published December 2011.
- 14.Federal versus private loans. Federal student aid. https://studentaid.ed.gov/sa/types/loans/federal-vs-private. Published August 24, 2018.
- 15.Deferment and Forbearance. Federal student aid. https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance. Published June 4, 2019.
- 16.Repayment Plans. Federal student aid. https://studentaid.ed.gov/sa/repay-loans/understand/plans. Published November 15, 2018. Accessed 11 Aug 2019.
- 17.2018 Review of physician and advanced practitioner recruiting incentives. https://www.merritthawkins.com/uploadedFiles/Merritt_Hawkins_2018_incentive_review.pdf.
- 18.Loan Consolidation. Federal student aid. https://studentaid.ed.gov/sa/repay-loans/consolidation. Published October 22, 2018.
- 19.Public Service Loan Forgiveness. Federal student aid. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service. Published May 1, 2019.
- 20.Repayment assistance through forgiveness, scholarships, or service. AAMC students, applicants and residents. https://students-residents.aamc.org/financial-aid/article/repymt-asst/. Published February 1, 2016.
- 21.You made it-will your wallet? How to budget in medical residency. American Medical Association. https://www.ama-assn.org/residents-students/finance/you-made-it-will-your-wallet-how-budget-medical-residency.