Medical school is expensive, but there several ways to help lighten the financial load as well as several services to help manage/minimize your debts.
First is a heads-up! Tuition payment is required in August rather than in the fall like you would see in other undergraduate programs, so make sure to pay to avoid late fees.
Bursaries, scholarships and awards are available to help cover your school expenses; there are also provincial loans and grants that can be obtained through OSAP if you are an Ontario resident. Most bursaries are automatically applied for through a ‘Financial Assistance Profile’ that you can fill out under myPRESENT on your Student Services account.
Lines of credit are offered to medical students to help pay for school and life expenses. Most of them are set with an interest rate at prime, though conditions vary between banks in regards to co-signers, future repayment schedules, and perks. Managing all of these considerations and balancing your budget can be difficult, but Financial Services on campus and MD Financial through the CMA are available for free financial consultations. Also, don’t overlook the student reps associated with your chosen bank; they are available for consult and several even show up on campus to chat, so look up when they are free.
- Tuition Payment: Due August 15 each year, can be paid in full or in 2 installments. Tuition Fee Payment
- Learner Equity & Wellness: Finance Guide
- MD Financial: Free personal debt consultations for CMA members: MD Financial Wealth Management
- Financial Aid Bursaries -To apply for automatic bursaries fill out the Financial Assistance Profile each year under myPRESENT of Student Services
- Bursaries available: Bursary List
- Scholarships and Awards: Scholarships & Awards
- OSAP – Student loans from the province. Tax-free until post-graduation, various grants available. Ontario Student Opportunity Grants ensure that maximum yearly student loan debt is $7 300/10 mo. term or $10 950/12 mo. term. OSOGs are applied to loan debt the fall after the term supported by the loan. OSAP Overview of OSAP: OSAP Program Overview
- Lines of Credit – Offered by all major banks for medical students at low interest (prime). After confirmation of enrollment you may apply for a professional line of credit to aid in paying for medical school and living expenses.
- Ontario Medical Student Bursary Fund – Multiple annual bursaries for $2 000 each that can be applied for every January. OMSBF
- Leadership Scholarships – Both the CFMS and RBC offer annual scholarships for student leaders for $2 500 and $10 000 respectively. Apply CFMS Leadership Award RBC Students Leading Change Scholarship
- Western Financial Counseling – Appointments set up online, book on Thursday afternoons for following week. If an error was made on your FAP or you wish to appeal your OSAP assessment, these are the people to talk to. Information: Financial Counselling Booking (requires login): Appointment Booking
- Learner Equity & Wellness Office – Provide guidance in financial matters, emergency loans available. Rm. K1 Kresge (London), Rm. 2124A MEB (Windsor). Learner Equity & Wellness