The AAMC has launched a new debt management initiative called FIRST for Medical Education. FIRST offers a full range of financial information, resources, services, and tools for applicants, medical school students, residents, advisors, and financial aid officers (FAOs). The program, developed with input from the AAMC Group on Student Affairs Committee on Student Financial Assistance and the Organization of Student Representatives, aims to help medical school students expand their financial literacy, make smart decisions about student loans, and manage their student debt wisely.
The FIRST program offers a Web site with a number of resources including:
"First Facts," short, informational sheets on a variety of financial aid related topics; an FAO Lender Assessment Tool for financial aid administrators to sort survey data based on loan industry-related criteria in order to compare various loan programs; and a new Economic Hardship Deferment Calculator for medical students and residents to estimate eligibility for deferment. Future phases of FIRST will include streaming video, podcasts, a comprehensive debt management curriculum and additional Web-based tools.