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Financial Awareness

Student Financial Planning

Financial planning should include:

  • Defining goals
  • Collecting data and ascertaining costs
  • Identifying income sources
  • Analyzing cash flow
  • Outlining options
  • Designing a budget
  • Maintaining records

To assist in determining your budget, follow this link to the AAMC Budgeting Basics webpage for a fillable worksheet that will allow you to project expenses.  List all possible resources.  Include income, savings, and contributions from parents, spouse, spouse's family members, and other extended family members. Subtract resources from expenses and you will have your estimated need.

To cut costs and minimize expenses, we advise students to:

  • Share housing with roommate(s)
  • Minimize trips of long distance
  • Make travel plans in advance

Good Habits for a Sound Financial Future

  • Limit your use of credit cards; save them for emergencies
  • Cut up all but one of your credit cards; you only need one
  • Get in the habit of saving, even if you can only save $5 a month
  • Budget your money just as carefully as you budget your time; put yourself on a monthly budget and stick to it.
  • Keep accurate records of your total debt.
  • You may not be offered as much money as you expect when you graduate, so plan accordingly by estimating now what your discretionary (after-tax) income will be after medical school.
  • Not all loans are alike; know the differences and borrow wisely.
  • Don't start living the lifestyle of a professional until you have completed your training.
  • Plan now for the financial future you want.  Each time you borrow money while in school, you are influencing your financial future.

Quick Reference

Financial Aid

Phone: 336-716-4264
Fax: 336-716-9593


Mon - Fri 7:00 am - 4:30 pm


Bowman Gray Center for Medical Education, 1st Floor, 475 Vine St.

Mailing Address:

Office of Financial Aid
Wake Forest School of Medicine
PO Box 573183
Winston Salem, NC 27157

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Last Updated: 08-15-2016
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Disclaimer: The information on this website is for general informational purposes only and SHOULD NOT be relied upon as a substitute for sound professional medical advice, evaluation or care from your physician or other qualified health care provider.

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