Figure8s Posted June 16, 2007 Report Share Posted June 16, 2007 I looked around for another relevant discussion, but couldn't find one. I was wondering how everyone is planning to pay for medical school? I have applied for osap, but beyond that I am not quite sure where to head. I have heard of a line of credit from a bank, but I'm not quite sure what they are or how they work. Can someone please enlighten me? Thank you! Link to comment Share on other sites More sharing options...
silverjelly Posted June 16, 2007 Report Share Posted June 16, 2007 http://www.premed101.com/forums/showthread.php?t=20972 http://www.premed101.com/forums/showthread.php?t=22138 http://www.premed101.com/forums/showthread.php?t=16448 http://www.premed101.com/forums/showthread.php?t=21882 http://www.premed101.com/forums/showthread.php?t=21840 From the Med School Orientation 101 sub-forum Link to comment Share on other sites More sharing options...
Figure8s Posted June 16, 2007 Author Report Share Posted June 16, 2007 Thanks silverjelly. Is there any information specific to the University of Ottawa? For example, bursaries or loans through the University? Link to comment Share on other sites More sharing options...
silverjelly Posted June 16, 2007 Report Share Posted June 16, 2007 All I could find was the website they gave us in our admissions package PDF. http://www.med.uottawa.ca/medweb/st_portal/English/financial.htm Anybody else have more information? Link to comment Share on other sites More sharing options...
JayP Posted June 17, 2007 Report Share Posted June 17, 2007 All I could find was the website they gave us in our admissions package PDF. http://www.med.uottawa.ca/medweb/st_portal/English/financial.htm Anybody else have more information? You will get emails and such regarding all the bursaries and awards you can apply for when you start. No need to worry about this stuff yet, you still have lots of time, so enjoy yourself I think the route that most people take is to max their OSAP amount so they don't get charged interest on this money till residency, and then live off the LOC. I'd have a look at the National Bank line of credit through MD Management (and CMA). I am switching over to them because it is designed specifically for medical students and I think they will do alot more than CIBC is doing for me right now. Link to comment Share on other sites More sharing options...
Kirsteen Posted June 17, 2007 Report Share Posted June 17, 2007 Hi there, Unless a student is independently wealthy or can borrow from family most take out a line of credit to finance medical school. Most banks will offer packages to students entering a professional program so it is a good idea to shop around and see which bank will offer a package that will best meet your needs (these packages often include the LOC, a lower-interest Visa card, and various other accounts). When you apply for a LOC the funds are generally made available quite quickly, i.e., within a few days. OSAP is a great idea as well, for a few reasons. Firstly, many awards/bursaries (although I don't know those offered by UofO specifically) are made available to students with financial need or who are specifically using OSAP. One such bursary is the Millennium Bursary, which is $3,000 and given to eligible candidates annually. (Not bad to receive $12,000 of free money over the four years.) The other needs-based awards will often request that the student send proof of debt, including the amount of money owed to OSAP. So if you've taken out an OSAP loan, then it can be used quite constructively to obtain additional funding. CHeers, Kirsteen Link to comment Share on other sites More sharing options...
psych2011 Posted June 19, 2007 Report Share Posted June 19, 2007 Hi Congratulations MEDS2011. I agree with Kirsteen, apply for OSAP you'll get plenty of bursaries. You must however live in Ottawa and not on the Quebec side like me (Hull-Gatineau). To be eligible to the various other "automatic" faculty of medicine scholarships you also need to receive OSAP loans. Also apply for a line of credit. You should get the prime rate (currently at 6%). To borrow money during med school at UO won't cost you anything as he university has an "interest relief bursary" for you. You only have to apply for it every year - it's a simple form that you attach with a bank statement. I would advise against getting a TD LOC because they require you to pay the interest from your cheque account rather than leaving the interest accumulate within the LOC. I have had much luck with the National Bank with whome I was able to negociate the best mortgage rate. They really want to get your business so they are ready to give you plenty of bonuses... but you have to ask for it !!! You can email me for more info. Don't worry about books or sthetoscopes yet! You'll get the best deals at the Jan-Feb med sale. As for housing, I am giving some suggestions in the discussion board of the MEDS11 facebook website. Have a good summer!! Tin Link to comment Share on other sites More sharing options...
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