Residency Loan Interest Program

[itimebomb2]

https://docs.google.com/viewer?a=v&p...ipncozmA&pli=1

Does anyone know what the residency loan program does for us in the future?

[hking03]

the link you have included will not open for me... not that I would be able to provide you with any specific information as I'm not in residency, but I thought you might want to know.

[itimebomb2]

Originally Posted by hking03

the link you have included will not open for me... not that I would be able to provide you with any specific information as I'm not in residency, but I thought you might want to know.

Oh my bad - here's another.

http://www.forms.ssb.gov.on.ca/mbs/s...NO=014-4800-99

[Lactic Folly]

For people doing residency in Ontario, the government will pay the interest on your provincial and national student loans during residency, in exchange for a five year return of service in Ontario afterwards.

[itimebomb2]

alright cool, thanks!

[Satsuma]

They are still working out details of this program and so you'll have more specifics to make a better decisions later.

But personally I don`t see this program being that great.

You have to commit to 5 years of full-time work starting right after med school. (they give you 3 months to find full time work). So what if you can`t find full time work in any cities you would like to live in? Would you have to move somewhere else, when maybe you would rather settle for part-time work in a city you want hoping that it will become full time in a bit.

You have to commit to 5 years ROS even if you are only doing a 2 year fam med residency!

They don`t know what they are going to do about fellowships yet.

They make no provision for people that want to do relief work overseas.

They say that consideration will be made for mat leave - but many people will prefer to work part-time for a couple of years after their child is born, not just take their mat leave and go back full time right away.

Before signing 5 years of your life away to the government of Ontario, I would sit down and calculate exactly how much interest you are saving. Ask yourself if that amount is worth the loss of your freedom for 5 years!

What if you decide after 3 years of working you want to do an MPH. Or maybe go to New Zealand for a year etc etc.

Sure if at the end you want to get out of the program you can buy yourself out. They say you have to pay the interest they paid on your behalf and then they will charge interest on that interest. And they state there will also be a fee to cover to costs of running the program...exactly how much is that fee? Don`t know.

If you don`t have room on your LOC to consolidate at the end of med school then maybe this program makes sense. Or if you are 100% sure you will want to be working full time for 5 years in Ontario (potentially in a city you might not want to be in if there is no full time work in the cities you want to live in) then maybe this also makes sense.

But I sat down and calculated out exactly how much interest they would be covering on my behalf. And for me to sign over 5 years of my life, they would need to be giving me alot more.

Just something to think about.

[Smurfette]

Well, the real question is: what's the penalty if you bail on the ROS? Because if the penalty is simply that you have to pay back the interest, then it's worth it if there's even a remote chance you might end up working in Ontario...cuz you would have just saved yourself 5 years worth of interest.

[future_doc]

Military option from time of med school gives greater financial bang, covering all your med school costs, pays salary in med school, pension benefits, etc.

[muse87]

They would have to pay off my complete debt, you can't put a price on freedom, personally at least.

Originally Posted by Satsuma

They are still working out details of this program and so you'll have more specifics to make a better decisions later.

But personally I don`t see this program being that great.

You have to commit to 5 years of full-time work starting right after med school. (they give you 3 months to find full time work). So what if you can`t find full time work in any cities you would like to live in? Would you have to move somewhere else, when maybe you would rather settle for part-time work in a city you want hoping that it will become full time in a bit.

You have to commit to 5 years ROS even if you are only doing a 2 year fam med residency!

They don`t know what they are going to do about fellowships yet.

They make no provision for people that want to do relief work overseas.

They say that consideration will be made for mat leave - but many people will prefer to work part-time for a couple of years after their child is born, not just take their mat leave and go back full time right away.

Before signing 5 years of your life away to the government of Ontario, I would sit down and calculate exactly how much interest you are saving. Ask yourself if that amount is worth the loss of your freedom for 5 years!

What if you decide after 3 years of working you want to do an MPH. Or maybe go to New Zealand for a year etc etc.

Sure if at the end you want to get out of the program you can buy yourself out. They say you have to pay the interest they paid on your behalf and then they will charge interest on that interest. And they state there will also be a fee to cover to costs of running the program...exactly how much is that fee? Don`t know.

If you don`t have room on your LOC to consolidate at the end of med school then maybe this program makes sense. Or if you are 100% sure you will want to be working full time for 5 years in Ontario (potentially in a city you might not want to be in if there is no full time work in the cities you want to live in) then maybe this also makes sense.

But I sat down and calculated out exactly how much interest they would be covering on my behalf. And for me to sign over 5 years of my life, they would need to be giving me alot more.

Just something to think about.

[muse87]

living in ontario is a lot less restrictive than working for the military though, and i assume people who sign on already know they want to work in ontario

Originally Posted by future_doc

Military option from time of med school gives greater financial bang, covering all your med school costs, pays salary in med school, pension benefits, etc.