Canadians in US can access MD Financial

[xylem29]

Hey, just letting you all know that even if you're studying medicine in the US, you are still able to join the CMA and have access to MD Financial's financial package, LOC, etc.

 

No class backpacks though

 

I guess this doesn't matter for the peeps who don't plan on coming back to Canada but for those that are, this is pretty neat news.

[CAS]

what are the advantages of this, if you don't mind elaborating?

[schnauzr]

I was just going to ask the same thing.

MD Financial's line of credit interest is equivalent to other banks (at 4%).

What's this financial package?

[xylem29]

Well I figured that MD Financial is exclusive to CMA members, and they deal exclusively with physicians, residents, fellows, students alike. Thus, if RBC or the other Big 5 banks are going to be stricter next year wrt to asking for co-signers for your LOCs, then perhaps MD Financial will be less strict. I have no idea what the advantage is, I'm just speculating - maybe one of you who have an acceptance letter in hand can go and speak with an advisor and find out?

 

The co-signer requirement is a real downer, b/c typically it will be your parents no? Well, you'll need more than just $150K CDN to study in the US, this usually means that your parents will need to use their own LOC (usually home equity) as well but if they co-sign for your LOC, this will negatively impact their own LOC in some way (either they won't be approved or the amount will be a lot less).

 

If you come from a well off family and your parents have lots of money in savings, investments, etc then I guess this makes no difference.

[Alastriss]

That's very true xylem29. I think I wanna open this up to my forum buddies. Is it wrong to ask your parents for this much support? I mean the way I se it, if we end up going to a US school its because Canada didn't work out (which I see as our fault because we fell short: not enough interviews, didn't perform on the interview etc) or because we chose to go there (better experience, more opportunities, etc.) So is it fair to put the burden on our parents for choices we are responsible for, one way or another? I'm curious to see what you guys think. I would imagine you would want to bear the loan yourself and work to pay it off, using them only for cosigning purposes.

[ChicoMaki]

I've spoken extensively with my parents about this and it different for everyone. We reached an agreement that they would cover what they would in Canada and that I'd be responsible for the rest. They would cover for me if I couldn't, but I'd have to pay them back. I think its my parents way of ensuring that I don't cut them out.

 

I've applied to Cdn schools this year, (I'm in 3rd year) but if it doesn't work out, I know I'll be applying to the US next cycle and this makes it more of a viable option, especially since I want to come back to Canada to practice.