thesupreme Posted June 16, 2019 Report Share Posted June 16, 2019 .. Quote Link to comment Share on other sites More sharing options...
IMislove Posted June 16, 2019 Report Share Posted June 16, 2019 I mean maybe if you’re wealthy or had a ton of savings, sure. That’s pretty much tuition alone, so if you’re not wealthy and don’t have savings, that’s not gunna happen. Think the average was around 150, but some can be higher and some lower. I had savings for first year, with no gov debt anymore, but that’s it, all LOC and gov loans/grants from here on out. Just don’t live well beyond your means e.g most expensive place + eating out often, and you should come out okay :). Can always talk to a financial advisor to make a plan too. Quote Link to comment Share on other sites More sharing options...
Rorzo Posted June 16, 2019 Report Share Posted June 16, 2019 It's also definitely not the same each year. Flights, hotels, application fees etc. are a huge hit as you're trying to match, especially if it's for something competitive Quote Link to comment Share on other sites More sharing options...
ellorie Posted June 16, 2019 Report Share Posted June 16, 2019 I finished with about 150k total - no debt from undergrad and living quite frugally (never travelled, no car, paid about 700/month in rent). Didn’t apply super broadly for CaRMS (only went to one out of province elective and one out of province interview). Bursaries help but it definitely adds up and 100k without any family support (financial or practical) would be very very difficult to achieve. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 17, 2019 Report Share Posted June 17, 2019 4 hours ago, thesupreme said: Can people comment on their general debt level progressing through medical school? Aggregate debt (LOC + government loans and other loans) $ please. I have heard to aim for debt level of $25K per year: so $25K total debt in M1; $50K in M2; $75K in M3; and $100K in M4. That would be below average so not bad at all. The average now probably about 150K. Quote Link to comment Share on other sites More sharing options...
distressedpremed Posted June 17, 2019 Report Share Posted June 17, 2019 80 K but worked part time, saved aggressively, sold some collector's items, lived at home during med school. CaRMS and electives cost me 10K FYI. Saving some money during residency as well. Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted June 17, 2019 Report Share Posted June 17, 2019 Also depends on how much grants and bursaries you get. Varies drastically by province and school and even within school. I recall some people getting 1-2k way back in ms1 for school based bursaries but some getting 5-10k. Quote Link to comment Share on other sites More sharing options...
robclem21 Posted June 18, 2019 Report Share Posted June 18, 2019 Lived alone in a condo during medical school, minimal savings, some minor help from bursaries and scholarships for 4 years (few K/year), no money from family, small income for 1/2 summers, couple small vacations, new laptop. Finished with approx. 180K debt (after using LOC to pay off OSAP). Financial advisor told me average was between 150-200K so I'm not stressing about it. Quote Link to comment Share on other sites More sharing options...
Comprehensible Posted June 18, 2019 Report Share Posted June 18, 2019 I just finished first year. I came into it with no debt, about 15k savings from work last year and got a small entrance scolarship. Lived quite frugally. Currently at 10k government loans, 10k line of credit. Quote Link to comment Share on other sites More sharing options...
Compton Posted June 18, 2019 Report Share Posted June 18, 2019 On 6/16/2019 at 3:56 PM, IMislove said: I mean maybe if you’re wealthy or had a ton of savings, sure. That’s pretty much tuition alone, so if you’re not wealthy and don’t have savings, that’s not gunna happen. Think the average was around 150, but some can be higher and some lower. I had savings for first year, with no gov debt anymore, but that’s it, all LOC and gov loans/grants from here on out. Just don’t live well beyond your means e.g most expensive place + eating out often, and you should come out okay :). Can always talk to a financial advisor to make a plan too. My brothers class had <50% of students using a LOC paying for med school. Most people had parents funding it completely. On the other hand, the rest of the class had a LOC with a total debt being close to 175k. All i remember was those who had parents fund their education still qualified for OSAP grants (~10k per year) and would use it for personal luxuries without their parents knowledge...when it could have been better off given to those who actually needed the grant. Quote Link to comment Share on other sites More sharing options...
la marzocco Posted June 18, 2019 Report Share Posted June 18, 2019 1 hour ago, Compton said: My brothers class had <50% of students using a LOC paying for med school. Most people had parents funding it completely. On the other hand, the rest of the class had a LOC with a total debt being close to 175k. All i remember was those who had parents fund their education still qualified for OSAP grants (~10k per year) and would use it for personal luxuries without their parents knowledge...when it could have been better off given to those who actually needed the grant. Not surprised at all. Quote Link to comment Share on other sites More sharing options...
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