Some sources of financial aid for medical students require that you pass a credit check. All medical students should know what their credit report is and the role their past consumer behavior will play in their ability to borrow money.
Credit is made available to a borrower by a lender.
The lender extends financial resources so that the borrower can finance or pay for something expensive, such as a car, a house, or an education. The lender extends credit for a price. The price is derived from such things as interest rates, origination fees, and late payment fees. Credit is important to you because it can finance your most important goals, including your medical education. Credit provides access to items you could not otherwise afford by allowing you to pay for them as part of your ongoing living expenses, rather than waiting until you could pay for the purchase in full.