School Funding

[smiles]

Hi all, I'm just wondering the easiest way to fund medical school. I have applied for student loans and scholarships but I am aware that this may not cover all expenses. Is getting a line of credit best? I have seen postings related to credit lines but I'm not even sure what this is. Also, are they pretty easy to get once in medical school? Thanks all

[jmh2005]

The main ways people fund med school are as follows:

1) OSAP (or other provincial/Canadian student loan)
2) Line of Credit
3) Parents/spouse/partner/family contributions
4) Student bursaries

OSAP will give the average student between $10,000-15,000 per year. Most banks will give you a Line of Credit... all you have to show them is your acceptance letter, usually give $25,000 per year, some even up to a max of $125,000. At Mac the average student receives a bursary (however not everyone!!) but most receive approximately $5,000 per year, and many received more. Depending on your marital status/living situation many folks are getting help this way as well. Don't let finances drive your decisions, if you want to be a physician it can be done. Best of luck :)

[Ian Wong]

I've moved this thread out of the Mac forum, and into the General Med Students forum, as your question is a common one from incoming med students.

A line of credit is a agreement between you and the bank for a loan of a given sum of money. Unlike a loan, however, you don't need to take out the money until you need it, and therefore only pay interest on the portion of money that you are actually using.

Anyone can apply for a line of credit. The difference is that medical students qualify for a Med Student line of credit, which lends you more money, and at a better interest rate (usually prime rate), than most people could otherwise obtain if they fit the typical med student financial profile (that is, an early 20's career university student who has worked minimally, has an average credit history, has little to no savings or other financial assets, etc).

A line of credit is really not that much different than a credit card. Both have a credit limit (ie. $10,000), and you are free to use as much of that money as you want, when you want. As soon as you use some of that money (ie. you spend $300 on buying textbooks), you'll get charged interest on that money (just on the $300 you used, not the remaining $9700, which is still sitting in the bank's reserve).

Anyway, here's a table from UBC Med's Financial Aid Officer listing how much money each bank is offering for their Medical Student line of credit, and what interest rates and repayment schemes as available.

www.med.ubc.ca/md/financialAssistance/LOC.htm (http://www.med.ubc.ca/md/financialAssistance/LOC.htm)

Ian

[Ian Wong]

Floating back to the top.

Ian