A guide to financing medical school studies is presented. Financial planning should ideally begin as soon as medical school admission becomes a possible goal. Information is provided to help estimate costs and identify sources of financial aid, including help provided by a spouse or parents, institutional assistance, private loans/scholarships, and part-time employment. Strategies for parents, in lieu of gifts or loans, are identified: savings plans, tax incentives, and trusts. To assist in financial planning and budgeting, a budget worksheet and a form for recording loans/debts are included, along with a sample debt record chart for a student planning to graduate from medical school in June 1988. A factor chart to estimate monthly loan payments represents the monthly amount payable for a principal of $1,000 for payout of 10, 15 and 20 years. Financial problems typically faced by residents are also addressed, including: deciding on the desirability of a second income through moonlighting or a spouse's employment, repaying education loans, changes in lifestyle and standard of living on the resident's limited income, withholdings from the resident's paycheck, redeveloping the budget, and using credit. A glossary is appended. (SW)