Financial Aid Counseling
The OCOM Office of Financial Aid provides financial literacy and debt management counseling for prospective and current students from pre-admission to graduation. We offer appointments and maintain an open door policy.
Pre-Admission
Prospective students receive guidance and information pertaining to financial aid and debt management (i.e., the cost of medical education) during the interview process. OCOM takes seriously the importance of prospective students in understanding the financial demands of medical education. During the interview day, the Office of Financial Aid discusses the services that the office provides to students, how to be in touch with the office, an overview of the financial demands of medical education, and how to plan/budget. The OCOM Office of Financial Aid will be the key point of contact and resources for all OCOM students throughout the student’s medical education.
Orientation Week
During Orientation, students are required to attend an OCOM Office of Financial Aid presentation; topics reviewed include understanding the cost of attendance, and disbursement date budgeting (emphasizing the length of time between refunds). Students also can meet individually with staff members of the Office of Financial Aid at any time to discuss financial concerns and general questions.
Every Academic Year
Students will meet with the OCOM Office of Financial Aid for individual entrance counseling appointments during the OSM-I Fall semester. Students attend presentations as part of the Debt Management Program throughout all four years and can complete online modules regarding financial literacy and debt management. Students also can meet individually with staff members of the OCOM Office of Financial Aid at any time to discuss financial concerns and general questions.
Optional financial literacy programming is provided throughout all four years of medical school. Presentations, webinars, and learning modules are all utilized. Topics can include: Understanding Credit, Identity Theft, Budgeting Fundamentals, and Financial Planning.
Before Graduation
Students are required to attend an exit counseling presentation during their final semester at OCOM. Students will also meet for individual exit counseling appointments to review loan history; to review general debt and repayment strategies, including loan consolidation, loan forgiveness, and deferment/forbearance options; and to address any additional financial concerns or questions before graduation.
Financial Literacy and Debt Management Program Curriculum
This EXCLUSIVE program is only avaliable at OCOM and provides students a four year curriculum to understand financial literacy and debt management.
OMS-I
Topic(s):
Academic Year/Timeline
During Interview/ Prospective Students
Interview Day: Office of Financial Aid presents: Financing a Medical Education
Required, Fall: Office of Financial Aid Orientation Presentation – Topics include general financial aid for upcoming academic year, policies and procedures, loan counseling, debt management program
Required, Fall: Entrance Counseling Session - One-on-One Appointment with the Office of Financial Aid to review completed OCOM Budget Worksheet and AAMC FIRST MED Loans Organizer and Calculator results.
Required, Spring: Office of Financial Aid Debt Management Program Class Presentation - Topics include general financial aid for upcoming academic year, policies and procedures, loan counseling, debt management program
Optional: Financial Literacy Workshops, can include presentations, webinars, modules
OMS-II
Optional, Fall: Update the OCOM Budget Worksheet and AAMC FIRST MED Loans Organizer and Calculator.
Required, Spring: Office of Financial Aid Debt Management Program Class Presentation - Topics include general financial aid for upcoming academic year, policies and procedures, loan counseling, debt management program
Optional: Financial Literacy Workshops, can include presentations, webinars, modules
OMS-III
Optional, Fall: Update the OCOM Budget Worksheet and AAMC FIRST MED Loans Organizer and Calculator.
Required, Spring: Office of Financial Aid Debt Management Program Class Presentation - Topics include general financial aid for upcoming academic year, policies and procedures, loan counseling, debt management program
Optional: Financial Literacy Workshops, can include presentations, webinars, modules
OMS-IV
Optional, Fall: Update the OCOM Budget Worksheet and AAMC FIRST MED Loans Organizer and Calculator.
Required, Spring: Office of Financial Aid Exit Counseling Session Class Presentation
Topics:
Managing Your Medical School Debt and Loan Repayment,Doctors Without Quarters
Financial Planning for New Physicians
Required, Spring: Exit Counseling Session - One-on-One Appointment with the Office of Financial Aid to review individual student loan history, strategize a loan repayment plan, and discuss any financial concerns and general questions.
Optional: Financial Literacy Workshops, can include presentations, webinars, modules
Debt Management Tools
These debt management tools can assist you in strengthening your financial literacy, loan repayment, and money management skills. The OCOM Office of Financial Aid utilizes these tools in the required Debt Management Program.
OCOM Interactive Worksheet
The OCOM Interactive Budget Worksheet Guide and Budget Worksheet can help you determine the appropriate amount of financial aid to accept.
Credit Reports
It is important that students realize the impact their credit reports have on financial aid options, student loans, and future credit access. Students should regularly monitor credit histories and annually check credit reports.
The Association of American Medical Colleges' FIRST (Financial Information, Resources, Services, and Tools) Program
The Association of American Medical Colleges' FIRST program is a valuable resource for medical students and can assist students in understanding all aspects of debt management.
Medloans Organizer and Calculator
The Medloans Organizer and Calculator, developed by the Association of American Medical Colleges, provides a secure location to medical students and residents to organize and track loans, calculate custom repayment plans, and make smart choices about repayment.