Quebec residents going to ON med school

[Guest tutifruiti]

Money matters again:

 

Quebec residents are not allowed to get any student loans from the Quebec agency because medicine is considered by the ministry as a competitive programme. Moreover, if you have not stayed at least one year in ON, you are not elligible to get OSAP. As a result: we have to rely on bank loans with their high interest rates; we are not considered for the Millenium bursaries (which can be substantial). Is there a way to bypass the problem?

 

Thank you in advance!

 

Tin

[Guest therealcrackers]

Lines of credit.

 

Most of the major banks have specific packages tailored to professional students---we did a survey on these for the incoming class of 2006 for UWO Meds... most of them will give you an LOC at prime to prime +1, ranging from $60K at TDCT to $125K at the Royal Bank. Usually the payments are interest only until 6 months-2 years after you graduate. Take your offer of admission with you, and explain that you are a professional program student; although you may need a guarantor/co-signer, this is a MUCH better deal than a straight bank loan. You may want to call the national offices of the banks in question (je ne sais pas si les bureaux des banques au Quebec n'auraient pas les formes, ni l'experience), or wait 'til you try to find accomodation in the city of your chosen medical school, and talk to the loans officer at the branch closest to the med school. Best packages I've seen are at the Royal and B of Montreal (which is where most of my classmates have their LOCs, I'm at TDCT because all my other banking is there, and it's not too bad), but all the banks except National/Laurentian are at least courting some of this business... it depends on the relationship you can build with a banker at any one of the institutions. Good luck, et bienvenue en Ontario!

 

Graham UWO MEDS 1+

[Guest tutifruiti]

for the fast answer!