Financial Tips for Fourth Year Students
Congratulations! You‘re almost ready to graduate, and we’re looking forward to fully welcoming you into the profession, Doctor!
Start off your career on healthy financial footing with these important tips:
- Resist the urge to "ostrich" or run on auto-pilot. This is an exciting time and the fulfillment of a lifelong dream. But even if you have a job lined up and income on the way, your finances need some attention. This is no time to put your head in the sand and think your finances will automatically be fine! It’s important to spend a little energy assessing your finances and loan plan. Know the terms of your loans and when you will need to start paying. If you’ve chosen an income-driven repayment plan, figure out when your annual recertification paperwork will be due each year. Make a commitment to revisit your financial plan every year, and stick with it!
- Have a budget. If you haven’t had one before, that’s okay. It’s never too late to start (or restart) budgeting. When you create your budget, be sure to include items like retirement, savings and insurance needs. You can use the AVMA’s Personal Financial Planning tool to put your budget together with your newly negotiated salary!
- Know your long repayment strategy. Review your loan repayment materials and tools, and seek professional financial advice if needed. If you have not already checked your federal loan balances you can do so here. Private loans must be tracked separately.
- File your taxes. Especially if you’re planning to use an income-driven repayment strategy, filing your taxes this year will give you the documentation you need to start off on the right foot!