Financial Literacy

Financial Literacy and Wellness

Financial literacy is a critical skill for students as they navigate the increasing financial responsibilities that come with higher education. Understanding how to budget, manage expenses, and make informed decisions about loans and credit empowers students to take control of their finances early. Building this knowledge during school not only reduces financial stress in the present, but also lays the groundwork for long-term stability and confidence as students move into their professional lives.

Financial literacy is especially important for medical students because the cost of medical school is often one of the largest financial commitments they will ever make. With tuition, housing, fees, and living expenses adding up quickly, understanding loans, interest rates, repayment options, and budgeting can help students make informed decisions that minimize long-term financial stress. Being financially literate allows students to plan realistically, avoid unnecessary debt, and feel more in control during a time when academic demands are already intense.

Developing financial literacy while in medical school also sets the foundation for long-term financial well-being. Future physicians who understand debt management, savings strategies, and basic investing are better prepared to transition into residency and practice without being overwhelmed by financial obligations. This knowledge supports better career choices, reduces burnout related to money stress, and ultimately allows physicians to focus more fully on patient care rather than financial uncertainty.

At MSOM, the Office of Financial Aid is committed to ensuring student’s financial literacy and wellness and offers four financial literacy sessions per year. While students are encouraged to attend all four literacy sessions, enrolled students are only required to attend two of the offered sessions. Further, all students are required to meet with the Office of Financial Aid in each spring semester to discuss previous borrowing, current borrowing and future borrowing to ensure students are knowledgeable of their debt accrued while attending college.

Financial Literacy Sessions for the 2025/2026 Academic Year:

Topic	Date	Time
Understanding Credit	Thursday, September 11, 2025	3:00 - 4:00 P.M.
Budgeting	Thursday, December 4, 2025	3:00 - 4:00 P.M.
Banking 101	Thursday, March 12, 2026	3:00 - 4:00 P.M.
Financial Jeopardy Game	Thursday, May 21, 2026	3:00 - 4:00 P.M.