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countryboy14

Applied, Interviewed, But With Usd/cad, Can I Even Afford It?

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Question for current US MD candidates:

 

So I've applied to a number of US MD schools and had a few interviews which I felt good about, but now I'm having pretty serious doubts about how paying for all of this is going to go since the current USD/CDN= 1.33. It would just really suck if I were accepted and but then had to be relegated to the Caribbean because US MD was too expensive. Ontario is a possibility where I stand, but I can't depend on it.

 

I understand that Canadian banks can give me LOC up to $275,000 CAD, that OSAP can help a bit (anyone know how much?), and I've got a small parental contribution that's meager in comparison with what I'll need.

 

For instance, one of the schools I interviewed at has listed tuition/fees + living expenses to be $85,000 USD/year. Now this would be okay if we USD/CAN was 1 or lower like during that lovely recession, but the current ratio is really making me worried since, since assuming that $275,000 CAD was the max LOC, my total expenses would far surpass it at $452,000.

 

I've accepted that if I go this route, I'm going to have massive debt, but are there other viable loan options for me to consider? Is multiple LOCs a thing? Is this published LOC limit a hard cut-off under these circumstances? How are current US MDs who don't have large contributions from parents/savings doing it?

 

Thanks!

 

 

 

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A lot of american schools give quite large scholarships ~10K/yr and there are also loan options based in the states. You can definitely call the school you have in mind whether their Canadian students are getting American loans. 

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A lot of american schools give quite large scholarships ~10K/yr and there are also loan options based in the states. You can definitely call the school you have in mind whether their Canadian students are getting American loans. 

I do not believe Canadian students (or any international students) are eligible for US Gov loans. Only US Citizens get them I believe. 

However, countryboy, doesn't hurt to ask!

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Are you sure it's as high as 275k? I thought I read that that is what you can get for studying medicine in Canada, and international study is actually lower, around 175k. I was under the impression that Canadian students generally need a solvent guarantor to get a LoC large enough to cover US MDs. Also congrats on getting interviews already. I only submitted a couple weeks after the earliest date but I haven't heard back from a single school yet.

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This is the exact reason I didn't apply to the US. I may not get in this year in Canada, but I can't stomach 400K in debt. I'm one human, and it's just not worth spending that on myself. I just can't do it. So I get that it's scary. I came really, really close to applying US but I knew I just couldn't do it in the end.

Maybe just take another year to decide? I figure maybe I'l rethink if I don't get in this year, but only one attempt at Canada to me, is to little effort to justify taking on an extra 200K debt. That's not a little debt. And it won't go away quickly

Again, this is just my perspective. I'm also coming from self- supporting through undergrad, and I can't get a co-signer for that much as my family has had some bumpy times. So I'll try Canda, and if not, I'll find another career. It doesn't mean you don't want to be a doctor 'bad enough' if you don't feel ok spending 400K to get there

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I suggest applying at least 3 times in Canada before going the US route (not including 3rd year undergrad applications).

In the end it is worthwhile going the US route if the Canadian route fails but you should have some confidence in your ability to succeed in medical school and on the qualifying exams.

Since VR/CARS is most highly correlated with success in this regard I suggest you do not go to the US if a very low VR/CARS (<8/125) is what is keeping you out of Canadian schools.

If you have a good GPA, high and balanced MCAT but just can't win the Canadian MD lottery then the US is a viable and reliable alternative.

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Thanks for the input, everyone. Since I'm this far already, I'm going to stick to it and try not to think about how I'll finance it until a real acceptance comes around. Also NotASerialKiller, the loan is that high- I did some more digging. 

 

Are there any current USMDs who can comment though?

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Thanks for the input, everyone. Since I'm this far already, I'm going to stick to it and try not to think about how I'll finance it until a real acceptance comes around. Also NotASerialKiller, the loan is that high- I did some more digging. 

 

Are there any current USMDs who can comment though?

 

Try messaging GGGsaint on these forums. They appear to have the most knowledge about the ins/outs of the US med school system as far as I know. Hope that helps.

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USMD MS1 here. I was fortunate enough to receive a partial scholarship for my school, but I started to think about how I would finance everything as I was choosing my school list. First, you need to find out what each school's financial requirements are for Canadians/internationals and whether any need- or merit-based aid is available to you. Some require you to put up all four years of tuition + living up front, while others will allow you to pay on a year-to-year basis, which will impact how you will be able to finance your schooling. My school allowed me to pay on a year-to-year basis, which made this process much easier.

 

My initial plan was to apply for a student LOC from a Canadian bank to cover most of the cost of attendance (TD seems to be the most generous), but you can't apply for one until you have an acceptance letter in hand and have a co-signer apply with you. Also, you can only take out a certain fraction of the total loan amount in the first year, which won't suffice if your school wants the full cost of attendance upfront.

 

I applied for a student LOC after I got my acceptance but I was denied because my parents who cosigned had too much outstanding debt. However, my parents were able to apply for a home equity LOC, which is what I am currently using in combination with my scholarship to pay for school.

 

If the student or home equity LOCs didn't pan out, I was going to try to find a US citizen relative/friend to cosign a private US loan, which would allow you to take out the full cost of attendance right away, but there are lots of caveats and disadvantages to taking out that much money in a private US loan. If I couldn't do that, I was just going to straight up ask people for money, but thankfully I didn't need to.

 

The bottom line is that you need to start planning and thinking about this now. I thought long and hard about how I was going to be able to afford to go to med school in the US. My strategy when I applied was to apply to every school that 1) interviewed/accepted Canadians in not insignificant numbers, and 2) offered need-based aid or merit scholarships to internationals, and I ended up getting accepted to a few schools that gave me money. If you're a competitive applicant and do your research, carefully select your schools, and start lining up banks or support from family/friends/relatives, then a USMD might be within the realm of possibility.

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I applied much in the same way as uncharted1114, which forced my hand towards higher tier private schools with a historical tendency to offer internationals merit and need based aid. Without this aid I will not be able to go. But I also applied because the interviews I have received will prepare me for Canadian ones if I do happen to receive them AND if I don't get into Canada this year and cannot afford to go to the US, the knowledge that I HAVE gotten in will help me stomach a future application (for the third time) in Canada.

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I do not believe Canadian students (or any international students) are eligible for US Gov loans. Only US Citizens get them I believe. 

However, countryboy, doesn't hurt to ask!

 

Yes -- this is true.. Fed loans are only available to permanent residents or citizens

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USMD MS1 here. I was fortunate enough to receive a partial scholarship for my school, but I started to think about how I would finance everything as I was choosing my school list. First, you need to find out what each school's financial requirements are for Canadians/internationals and whether any need- or merit-based aid is available to you. Some require you to put up all four years of tuition + living up front, while others will allow you to pay on a year-to-year basis, which will impact how you will be able to finance your schooling. My school allowed me to pay on a year-to-year basis, which made this process much easier.

 

My initial plan was to apply for a student LOC from a Canadian bank to cover most of the cost of attendance (TD seems to be the most generous), but you can't apply for one until you have an acceptance letter in hand and have a co-signer apply with you. Also, you can only take out a certain fraction of the total loan amount in the first year, which won't suffice if your school wants the full cost of attendance upfront.

 

I applied for a student LOC after I got my acceptance but I was denied because my parents who cosigned had too much outstanding debt. However, my parents were able to apply for a home equity LOC, which is what I am currently using in combination with my scholarship to pay for school.

 

If the student or home equity LOCs didn't pan out, I was going to try to find a US citizen relative/friend to cosign a private US loan, which would allow you to take out the full cost of attendance right away, but there are lots of caveats and disadvantages to taking out that much money in a private US loan. If I couldn't do that, I was just going to straight up ask people for money, but thankfully I didn't need to.

 

The bottom line is that you need to start planning and thinking about this now. I thought long and hard about how I was going to be able to afford to go to med school in the US. My strategy when I applied was to apply to every school that 1) interviewed/accepted Canadians in not insignificant numbers, and 2) offered need-based aid or merit scholarships to internationals, and I ended up getting accepted to a few schools that gave me money. If you're a competitive applicant and do your research, carefully select your schools, and start lining up banks or support from family/friends/relatives, then a USMD might be within the realm of possibility.

 

Mind if I ask where you were accepted?

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I applied much in the same way as uncharted1114, which forced my hand towards higher tier private schools with a historical tendency to offer internationals merit and need based aid. Without this aid I will not be able to go. But I also applied because the interviews I have received will prepare me for Canadian ones if I do happen to receive them AND if I don't get into Canada this year and cannot afford to go to the US, the knowledge that I HAVE gotten in will help me stomach a future application (for the third time) in Canada.

 

This is exactly my current situation. I had an interview at SUNY Upstate.. but so far lots of silence and 4 rejections.

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