Doctor Student Loan Education

Doctor Student Loan Education Curriculum

Overview: This curriculum is designed to educate medical professionals about managing student loan debt effectively. Given the significant financial burden that medical education can create, this program aims to provide doctors with the knowledge and tools to navigate their student loans, understand repayment options, and develop strategies for financial success.

Module 1: Introduction to Student Loans

  • Target Audience: All doctors, especially recent graduates
  • Duration: 1 hour

Objectives:

  • Understand the basics of student loans and their implications for medical professionals.

Topics Covered:

  1. Overview of student loans: federal vs. private loans
  2. Understanding loan terms (interest rates, principal, grace periods)
  3. The impact of student debt on financial planning

Module 2: Types of Student Loans

  • Target Audience: All doctors
  • Duration: 1.5 hours

Objectives:

  • Learn about different types of student loans available for medical education.

Topics Covered:

  1. Federal Direct Loans: Subsidized and Unsubsidized
  2. Graduate PLUS Loans
  3. Private loans: Pros and cons
  4. Loan forgiveness programs (e.g., Public Service Loan Forgiveness)

Activities:

  • Group activity: Compare and contrast federal and private loan options.
  • Case studies on the impact of loan choices on future finances.

Module 3: Loan Repayment Options

  • Target Audience: All doctors
  • Duration: 1.5 hours

Objectives:

  • Understand various repayment plans available for student loans.

Topics Covered:

  1. Standard repayment plan
  2. Graduated repayment plan
  3. Income-driven repayment plans (IBR, PAYE, REPAYE)
  4. Loan consolidation and refinancing options
  5. Strategies for minimizing interest payments and overall debt

Activities:

  • Workshop on calculating monthly payments under different repayment plans.
  • Group discussion on personal goals and preferences regarding loan repayment.

Module 4: Developing a Debt Repayment Strategy

  • Target Audience: All doctors
  • Duration: 1 hour

Objectives:

  • Create a personalized debt repayment plan based on individual circumstances.

Topics Covered:

  1. Assessing current financial situation and loan balances
  2. Setting short-term and long-term financial goals
  3. Budgeting techniques for debt repayment
  4. Emergency funds and their importance

Activities:

  • Personal reflection exercise: Participants evaluate their current financial situation and set repayment goals.
  • Create a monthly budget that accommodates student loan payments and living expenses.

Module 5: Loan Forgiveness Programs

  • Target Audience: All doctors
  • Duration: 1 hour

Objectives:

  • Learn about loan forgiveness options available to medical professionals.

Topics Covered:

  1. Eligibility requirements for Public Service Loan Forgiveness (PSLF)
  2. State and federal programs for loan forgiveness
  3. Documentation and application process for forgiveness
  4. How to stay compliant with program requirements

Activities:

  • Group discussion: Explore experiences with loan forgiveness and share insights.
  • Workshop on preparing documentation for PSLF applications.

Module 6: Building Financial Literacy for the Future

  • Target Audience: All doctors
  • Duration: 1 hour

Objectives:

  • Develop skills for managing finances beyond student loans.

Topics Covered:

  1. Importance of financial literacy in managing student loan debt
  2. Overview of personal finance topics (saving, investing, budgeting)
  3. Resources for continued financial education

Activities:

  • Create a personal financial literacy plan for continued learning.
  • Group brainstorming session on local and online resources for financial education.

Conclusion and Certification

At the end of the curriculum, participants will receive a certificate of completion, recognizing their understanding of student loan management and financial literacy. This education will empower doctors to make informed decisions regarding their student loans and improve their overall financial well-being.

This curriculum can be delivered through various formats, such as in-person workshops, online courses, or webinars, providing flexibility for busy medical professionals while enhancing their understanding of student loans and financial management.