The Resident Financial Checklist
This isn't advice tailored to you; it's the map. Run your specific numbers in our free tool when you're ready.
1. Make the student-loan decision deliberately
The single costliest training-era mistake is refinancing federal loans before you understand PSLF. If there's any chance you'll work for a nonprofit or academic employer, refinancing federal loans into a private loan can permanently forfeit forgiveness — and it can't be undone. Before you touch your loans, model PSLF vs. income-driven repayment vs. refinancing for your situation.
2. Get on the right income-driven repayment plan
If you're pursuing PSLF or just managing cash flow, an income-driven plan usually sets your training-era payments low and keeps the forgiveness clock running. Recertify income every year — a missed recertification can spike your payment.
3. Certify PSLF employment annually
If you're going for PSLF, submit the employment certification each year, not just at the end. It catches errors early and confirms your qualifying payment count while it's easy to fix.
4. Buy own-occupation disability insurance now
Your ability to earn is your biggest asset, and it's never cheaper or easier to insure than as a young, healthy resident. Look for "own-occupation, specialty-specific" coverage — it pays if you can't work in your specialty. Our disability insurance guide explains what to look for.
5. Build a small emergency cushion first
One month of expenses in cash first; three months over time. It's the difference between a bad month and a financial crisis when something breaks.
6. Don't try to invest your way out of training-era cash flow
Capture any employer retirement match (it's free money), but don't let investing FOMO push you into high-interest debt or skipping insurance. The order: insure your income, manage your loans, small emergency fund, then invest.
7. Ignore refinance bonuses as a reason to act
A sign-up bonus is marketing. The real question is whether refinancing is right for your loan strategy at all — which, for many forgiveness-eligible residents, it isn't.
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PSLF vs. IDR vs. refinance, in about three minutes, free, with no login.
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