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Deposit Question


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Hi wonderful people. I was wondering (not at all getting ahead of myself) if there's some kind of safety net in case a student from a low-income background can't make the $500 acceptance deposit. At the UofA it's $1000 so the issue is even more prominent. Is there assistance that can be provided? I know it's not a lot of money for a lot of pre-meds, but for an endebted family it really adds up.

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You would likely have to talk to admissions about your specific circumstances once you have the acceptance letter in hand. It is worth noting; however, that the $500 is applied towards your tuition, so once you have the acceptance letter you may be able to draw that $500 from whatever funding source you will be using for medical school (student loans, LoC etc) depending on timing. Either way, if the deposit is a barrier to attending I suspect the school would be willing to discuss options with you for that. $500 is a lot of money for many students/families so I doubt you would be the first one that has approached the admissions office with concerns. 

 

If you are accepted, you might also find it worthwhile to sit down with someone who can help you review your finances and make a budget/plan for medical school (U of C has someone in the office that will do this for students if you don't know any financial planners/accountants). I certainly found it to be a helpful exercise, particularly because medical students are given the ability to access what can only be described as obscene amounts of borrowed money between loans and LoCs (aka money that is not technically yours but will somehow feel like it is yours). Being in that boat now I can attest to how quickly the costs can add up (your post reminded me that I needed to do some student loan paperwork so thanks for the reminder!) but you will also eventually be in a professional position where you are able to pay that money back (how distant that is in the future depends on your specialty of choice).

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Thank you for the answer! For some reason, talking to the university scares the living hell out of me. I know that they would address it with me, but the fear of getting to that point and being rejected or having my spot be given to another based on non-payment is very real (pre-med panics are very real). I was really hoping that I would start a LOC but seeing how long I could keep going without using it. That way, I figured I'd save myself maybe half a year or a year of interest compounding.

I suppose that in the end, the interest won't be that much if I keep the usage low and that, if that's the only way out, it's gotta be done. I might just put it on a credit card if (read when :D) I get accepted, run to the bank and get it figured out. Unfortunately, student loans will almost certainly not be disbursed until just before classes, so I don't think that they would help me in this case.

 

Do you have to go through the UofC office budgeting person to get to a professional student LOC specialist?

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Thank you for the answer! For some reason, talking to the university scares the living hell out of me. 

 

Do you have to go through the UofC office budgeting person to get to a professional student LOC specialist?

 

 

2 things:

 

1. Don't be worried about talking to the university. Once you are accepted they are on your side and there is a 99.99% chance that whatever you are asking is something they have encountered before. They are not going to turn you away once you are accepted over a question about a $500 deposit :-)

 

2. Re: LOC specialist. Heavens no. You can go through anyone you want... it's more just an issue of convenience (and free-ness) that the U of C specialist is a good option for some folks. You will also get a contact at MD Financial that you can use or you can go to your bank if you want to. Other students have used private financial advisors or accountants, but this may or may not come with a fee. 

 

Hope this helps!

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2 things:

 

1. Don't be worried about talking to the university. Once you are accepted they are on your side and there is a 99.99% chance that whatever you are asking is something they have encountered before. They are not going to turn you away once you are accepted over a question about a $500 deposit :-)

 

2. Re: LOC specialist. Heavens no. You can go through anyone you want... it's more just an issue of convenience (and free-ness) that the U of C specialist is a good option for some folks. You will also get a contact at MD Financial that you can use or you can go to your bank if you want to. Other students have used private financial advisors or accountants, but this may or may not come with a fee. 

 

Hope this helps!

 

 

Does U of C provide scholarships or any financial assistance to accepted students? 

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I heard from students when I went to the pre-interview event that yes, there are scholarships and that they are necessity-based instead of merit-based. Maybe someone who's in can either verify or refute that for us! And yes, thank you so much Snazzy!

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Does U of C provide scholarships or any financial assistance to accepted students? 

 

 

There are scholarships that are awarded automatically to students based on admission criteria and other scholarships you apply for. There are also bursaries based on financial need that you can apply for and a special bursary program for students that wind up in financial crisis during their education. 

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If I may,MSWschoodle, did you set up a LOC? I will be talking to banks just to see what's being offered in different venues. Scotia scheduled an appointment with a small business advisor, which makes me wonder if they really have someone with specific knowledge of the Professional LOC for med, law, dentistry, etc. I've been warned previously by students to find someone who has direct experience in this particular setting. Did you have any problem with this?

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Thank you for the answer! For some reason, talking to the university scares the living hell out of me. I know that they would address it with me, but the fear of getting to that point and being rejected or having my spot be given to another based on non-payment is very real (pre-med panics are very real). I was really hoping that I would start a LOC but seeing how long I could keep going without using it. That way, I figured I'd save myself maybe half a year or a year of interest compounding.

I suppose that in the end, the interest won't be that much if I keep the usage low and that, if that's the only way out, it's gotta be done. I might just put it on a credit card if (read when :D) I get accepted, run to the bank and get it figured out. Unfortunately, student loans will almost certainly not be disbursed until just before classes, so I don't think that they would help me in this case.

 

Do you have to go through the UofC office budgeting person to get to a professional student LOC specialist?

 

premed panics are very real :) it is a safety method I think in part to make sure you don't miss anything. 

 

Once accepted though you will be on the other side - in ways you cannot really understand until you get accepted and watch the conversion they will stop being a barrier and start being your most powerful advocate with things like this. 

 

You will have one way or another access to the necessary funding to pay the deposit/tuition. 

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If I may,MSWschoodle, did you set up a LOC? I will be talking to banks just to see what's being offered in different venues. Scotia scheduled an appointment with a small business advisor, which makes me wonder if they really have someone with specific knowledge of the Professional LOC for med, law, dentistry, etc. I've been warned previously by students to find someone who has direct experience in this particular setting. Did you have any problem with this?

 

I set up my LOC with the Royal Bank and they were great. 

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If I may,MSWschoodle, did you set up a LOC? I will be talking to banks just to see what's being offered in different venues. Scotia scheduled an appointment with a small business advisor, which makes me wonder if they really have someone with specific knowledge of the Professional LOC for med, law, dentistry, etc. I've been warned previously by students to find someone who has direct experience in this particular setting. Did you have any problem with this?

Are you in Calgary?  The downtown Scotia has a dedicated advisor who deals with health care students/professionals.

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I am. The branch close to home had no clue it seems, so thanks a lot for that! I'll call them instead for help.

 

have to get the dedicated adviser. You simply have to. While this stuff is so very common and important to us it is easy to forget that really there are so few of us in the grand scale of things - not enough by far for every bank/every loan officer to really understand the specialized programs we fall into - or even really know where to send us. 

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