Guest rookiemeds Posted June 2, 2004 Report Share Posted June 2, 2004 Well the time has come to start thinking about finances... And I'm realizing that up to now I've been completely oblivious! I'm now eligible for OSAP, since I've been out of highschool for five years. Do most people try to get the max amount from them then use an LOC for the rest? Or do many people just skip the student loans alltogether and go for the LOC? As you can tell I am in the dark. Any help at all would be greatly appreciated! Link to comment Share on other sites More sharing options...
Guest UBClebronjames Posted June 2, 2004 Report Share Posted June 2, 2004 From my understanding you would want to max out your students loans (prov/federal) since there is no interest until you are done med school. LOC's on the other hand accumulate interest right when you withdraw a portion of the credit line. Best thing to do is talk to a med financial advisor to get the plan best for you. Also as a side note, I have heard that there is a maximum of 6 years that you can have students loans so that means if you have been taking out loans since first year of undergrad and have done 4-5 years of undergrad then you might only be eligible to have 1-2 years left of loans to cover med. I have heard of this happening from the financial advisor at UBC meds. Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted June 19, 2004 Report Share Posted June 19, 2004 Definitely get the maximum you can from your provincial and federal student loans. Then, and only then use your LOC for the remainder. Your government student loans are interest-free until 6 months after you graduate from med school (well, the government pays the bank the interest for you, but from your perspective, they're interest-free). LOC's start racking up interest from the moment you withdraw the money, and therefore you want to use your LOC's as sparingly as possible, because it'll just be that much more interest you need to pay off in the future. Maxing out on your student loans is also usually a criteria to be eligible for maximum bursaries during medical school. These bursaries can be substantial (several thousand dollars per year, every year), but you may not be eligible for them (or at least, the big ones), if you aren't drawing the maximum amount on your government student loans at the same time. Ian Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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