Match Day Checklist: MS4 to PGY1 Money To-Dos

How to use it

Rank these by your own situation and work through them one at a time. For most people, a student loan plan and disability insurance come first.

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Taxes and student loans

File your taxes as an MS4, even with no incomeLoan servicers use your tax return to verify income. Filing speeds things up and can set up a $0 payment for intern year. Why file with no income
Talk to financial aid or a student loan specialist before any big moveJay's not a student loan specialist, and this year is different from past years. Get advice on your situation first. Direct consolidation before residency?
Pick a repayment planFor most PGY1s it comes down to IBR or RAP. In residency the monthly payments are usually close. IBR or RAP
Going for PSLF? Certify every yearRight loans, right employer, 120 qualifying payments. Annual certification keeps your count clean. What PSLF requires

Check whether your hospital has a GSI policy, before you apply for anythingA GSI policy has no health questions. Applying for an underwritten policy first can knock you out of it. Look up your hospital
Learn the one feature that matters most: own-occupationThe definition of disability decides whether a policy pays. Not every policy has true own-occupation wording. True own-occupation
Budget about $100 a monthJay's rule of thumb for a resident or fellow around 30. Start small and increase later. What it costs

Update your mailing addressStudent loan servicers, credit card companies and anywhere else important. Then forward your mail.
Put every bill you can on autopayA missed bill that lands at your old address can end up on your credit report.
Read your mailYou'll be extremely busy. Carve out a few minutes a week so nothing slips.

Work out your take-home pay and build a budgetRent or mortgage, car, insurance, food, parking. A spreadsheet or the back of a napkin. Don't spend more than you make. Budget and emergency fund
Start an emergency fundRoughly three months of living expenses, in money you can get to on short notice. How much to set aside
Look at a Roth IRAAfter-tax money in, tax-free money out. Eligibility depends on income and filing status. Talk to an investment professional. Roth IRA as a resident

Married, have dependents or a co-signer on your loans? Look at life insuranceThose are the usual triggers. Most people Jay works with choose level-premium term. Life insurance as a resident
Rent or buyHow many years is your training, and where did you match? Most residents are renting right now. Rent or buy
Thinking about refinancing? Probably not if you want PSLFOnce loans leave the government you can't put them back. The exception is high-rate private loans. Private refinance