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purplemermaid

Paying for US med school tuition?

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Do you guys have any advice on how to pay for tuition/cost of living overall for US med schools? Looks like the cost will be around 400-500K in Canadian dollars.. so how does someone pay for this?? (coming from a middle-income family, Asian therefore ORM). Are there scholarships available for Canadian students attending US med schools? From what it looks like, the largest loan you can get is 275K...so how would you find the rest of the money? Also, how long would it take to pay off this debt? 

Please feel to correct me if I cited anything wrong. I think I have decent chances to get into a US school but I'm a bit hesitant to apply because I'm not sure about how the finances would work out :(

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You can attend USA Med schools for less than $400K Canadian,  but you are in the ballpark of it being very expensive and more than you can get a LOC for.

This is one of those --- "if you have to ask the price,  you cannot afford it"  type scenarios.  Unless you have family money behind you to pay the shot, going the USA route would be pretty tough.   Canadian Bank Med Student LOCs are specific to Canadian schools.   You will need a co-signer to get that much for a US school (mom and dad or rich Uncle Freddy).  If they do not have that kind of money available to you don't expect them to leverage their house.

 

 

 

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Thanks for getting back to me Meridian. 

Are there good schools that I can attend for less that 400K? I'm including all the costs, i.e. tuition, rent, textbooks, etc. 

My parents are willing to help me as much as they can, but I think that is maybe up to maximum 100-200K. Would I be able to get the LOC if they are my co-signers? What are the implications of that? 

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If youre family is willing to support 100-200k, then you can definitely make it work without much issue.

You can get up to 275k CAD or more from the bank with parents as cosigners, then you can get government student loans 10-15k/year (or more depending on the province), and then the family savings. 

First you need to figure out your list of schools to apply to and where youre competitive.  

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There are schools that you can attend for less than 400k (might be tough with current exchange rate). There are schools that give out funding (grants/loans) to Canadians - Yale, JHU, Northwestern, Sinai, Harvard, Vandy, Duke, Dartmouth, Columbia(Free), NYU(Free) and so on. ofc there are no guarantee that you can get into these as they tend to be one of the most difficult schools to get into. 

I'll use myself as an example. My school's total cost will be ~450k incl. tuition, housing, etc. I'll be getting ~160k from school grant, ~200k from CIBC loan, ~30k from OSAP, which leaves ~60k for family contribution. My family's definitely down there in the SES scale so this wouldn't have been possible without that grant, and getting loan took a while too. 

It's doable, but tough. 

 

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On 8/30/2018 at 12:48 AM, Serendi said:

There are schools that you can attend for less than 400k (might be tough with current exchange rate). There are schools that give out funding (grants/loans) to Canadians - Yale, JHU, Northwestern, Sinai, Harvard, Vandy, Duke, Dartmouth, Columbia(Free), NYU(Free) and so on. ofc there are no guarantee that you can get into these as they tend to be one of the most difficult schools to get into. 

I'll use myself as an example. My school's total cost will be ~450k incl. tuition, housing, etc. I'll be getting ~160k from school grant, ~200k from CIBC loan, ~30k from OSAP, which leaves ~60k for family contribution. My family's definitely down there in the SES scale so this wouldn't have been possible without that grant, and getting loan took a while too. 

It's doable, but tough. 

 

Similar situation to Serendi... I have a max loan from BMO, about 60K (in theory by the end of yr4) from gov BC, and about $140K from the school.

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12 hours ago, bearpuppy said:

Similar situation to Serendi... I have a max loan from BMO, about 60K (in theory by the end of yr4) from gov BC, and about $140K from the school.

Ontario really needs to step up. :( 

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1 hour ago, Serendi said:

Ontario really needs to step up. :(

Is ontario not giving you anything? My friends seem to get quite a bit OSAP and half-grants built in, much more than 60k over 4 years BC is giving the poster above you. Thats <15k per year, and i dont think BC gives much in grants.

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On 9/25/2018 at 7:20 PM, JohnGrisham said:

Is ontario not giving you anything? My friends seem to get quite a bit OSAP and half-grants built in, much more than 60k over 4 years BC is giving the poster above you. Thats <15k per year, and i dont think BC gives much in grants.

according to OSAP estimate, just $7900CDN/Yr for loans with no grants. This might change once I stop friggin procrastinating and actually submit the application in..haha 

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On 9/29/2018 at 10:50 AM, Serendi said:

 according to OSAP estimate, just $7900CDN/Yr for loans with no grants. This might change once I stop friggin procrastinating and actually submit the application in..haha 

Only $7900/year? I never expected that because even SK gave me an estimate of 15K for SK per year for med school 

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On 9/30/2018 at 4:31 PM, dumbebell said:

Only $7900/year? I never expected that because even SK gave me an estimate of 15K for SK per year for med school 

Yeah. Ontario. They'll give out more for Ontario schools though. 

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15 hours ago, Serendi said:

Yeah. Ontario. They'll give out more for Ontario schools though. 

Yes the 15k/year is for us med school so I am assuming that it would be higher for Canadian med school

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