mademadeit Posted April 21, 2009 Report Share Posted April 21, 2009 How's everyone paying for medical school? Have any of you applied for a line of credit yet? Which bank is best? Any student loans?? I'm sooooooo lost! Link to comment Share on other sites More sharing options...
justletmein Posted April 21, 2009 Report Share Posted April 21, 2009 How's everyone paying for medical school? Have any of you applied for a line of credit yet? Which bank is best? Any student loans?? I'm sooooooo lost! You can apply for student loans... most banks offer similar package to med students in terms of LOC ... just do a search on the forum there is lots of info but chances are the banks will come to your school and try to sell you their products. Favorites are RBC and MD Financial (part of National Bank) Link to comment Share on other sites More sharing options...
Luna Posted April 22, 2009 Report Share Posted April 22, 2009 Hey guys, I had a meeting today with someone at RBC to open a line of credit, and he was really helpful. If you have any questions, PM me. Also, if any of you is thinking of opening a LOC at RBC, let me know and we can share the $100 referral bonus!!! The interest is at prime, which is 2.25% now. Link to comment Share on other sites More sharing options...
THX Posted April 22, 2009 Report Share Posted April 22, 2009 Are you guys also planning on receiving provincial loans as well? Link to comment Share on other sites More sharing options...
dan0105 Posted April 22, 2009 Report Share Posted April 22, 2009 I figure I am going to sell my body to science... or to interested individuals on the street. Link to comment Share on other sites More sharing options...
avenir001 Posted April 22, 2009 Report Share Posted April 22, 2009 I figure I am going to sell my body to science... or to interested individuals on the street. <33333 Link to comment Share on other sites More sharing options...
AMmd Posted April 22, 2009 Report Share Posted April 22, 2009 <33333 omg she's baaaaaaack! Link to comment Share on other sites More sharing options...
dan0105 Posted April 22, 2009 Report Share Posted April 22, 2009 don't scare her away this time. Link to comment Share on other sites More sharing options...
anonymouse Posted April 22, 2009 Report Share Posted April 22, 2009 Heya, I checked at a couple of places and Pierre-Pascal at RBC (on sherbrooke) was incredibly helpful and knowledgeable about the credit line but told me that I would need a co-signer. I figured I would hear the same thing from the other banks but decided to check out MD Financial anyway - spoke to Sarah Lowden - she was also extremely helpful and knowledgeable and I was able to get a credit line without a co-signer. So even though most banks have similar products, make sure you shop around to find the best fit for you. One thing I really liked about MD financial was that as a resident, all of your student loans will go into re-payment status (prime +2%) - but with MD financial you can apply (as a resident) for up to $220 000, and move your student loans onto your credit line. That way you're not paying back the principle on your student loans with your paltry resident salary AND you're paying reduced interest rates. The whole thing happened pretty quick too - about two weeks from first meeting/application until I can access the credit line. Also definitely apply for quebec student loans - if you meet the maximum need requirements you'll be eligible for ~$5000 loan per year (you're not paying interest on this while in medical school) and on top of that they give you about $15 000 in bursary!! that's free money!! Quebec is the BEST place to study medicine - fo sho. Link to comment Share on other sites More sharing options...
justletmein Posted April 22, 2009 Report Share Posted April 22, 2009 ... you dont get 15K in bursary but yes the quebec student loan program is generous and paired with the government-subsidized tuition makes us very lucky. You wonder why there are still ridiculous student protests over raising tuition by 50$. Link to comment Share on other sites More sharing options...
ontariostudent Posted April 22, 2009 Report Share Posted April 22, 2009 ... you dont get 15K in bursary but yes the quebec student loan program is generous and paired with the government-subsidized tuition makes us very lucky. You wonder why there are still ridiculous student protests over raising tuition by 50$. Do you know if OOP students studying in Quebec are eligible for Quebec loans? Link to comment Share on other sites More sharing options...
THX Posted April 23, 2009 Report Share Posted April 23, 2009 Heya, I checked at a couple of places and Pierre-Pascal at RBC (on sherbrooke) was incredibly helpful and knowledgeable about the credit line but told me that I would need a co-signer. I figured I would hear the same thing from the other banks but decided to check out MD Financial anyway - spoke to Sarah Lowden - she was also extremely helpful and knowledgeable and I was able to get a credit line without a co-signer. So even though most banks have similar products, make sure you shop around to find the best fit for you. One thing I really liked about MD financial was that as a resident, all of your student loans will go into re-payment status (prime +2%) - but with MD financial you can apply (as a resident) for up to $220 000, and move your student loans onto your credit line. That way you're not paying back the principle on your student loans with your paltry resident salary AND you're paying reduced interest rates. The whole thing happened pretty quick too - about two weeks from first meeting/application until I can access the credit line. Also definitely apply for quebec student loans - if you meet the maximum need requirements you'll be eligible for ~$5000 loan per year (you're not paying interest on this while in medical school) and on top of that they give you about $15 000 in bursary!! that's free money!! Quebec is the BEST place to study medicine - fo sho. I think the amount they offer is closer to 11,000 with 3000 being bursary. I could be wrong though. Link to comment Share on other sites More sharing options...
Hatchepsout Posted April 23, 2009 Report Share Posted April 23, 2009 Do you know if OOP students studying in Quebec are eligible for Quebec loans? No, it's only for Quebec residents. If you are an OOP student, I think you can apply for the federal program though. Link to comment Share on other sites More sharing options...
Hatchepsout Posted April 23, 2009 Report Share Posted April 23, 2009 Does anyone knows about getting a mortgage as a medical student (i.e. without any income)?!? Is that possible? Link to comment Share on other sites More sharing options...
justletmein Posted April 23, 2009 Report Share Posted April 23, 2009 I think the amount they offer is closer to 11,000 with 3000 being bursary. I could be wrong though. Yeah that soundsabout right. I think the full amount is somewhere around 11-12 K with around 25% being bursary, the rest interest-free loan. I'm pretty sure you get a little bit more in your clerkship years... of course everything depends on the number of credits. Can't ontario students apply for OSAP even if they study out of province? Link to comment Share on other sites More sharing options...
justletmein Posted April 23, 2009 Report Share Posted April 23, 2009 Does anyone knows about getting a mortgage as a medical student (i.e. without any income)?!? Is that possible? It won't be possible unless you are buying a house WITH someone who has an income, or unless you have a cosignor. Link to comment Share on other sites More sharing options...
anonymouse Posted April 23, 2009 Report Share Posted April 23, 2009 Yeah that soundsabout right. I think the full amount is somewhere around 11-12 K with around 25% being bursary, the rest interest-free loan. I'm pretty sure you get a little bit more in your clerkship years... of course everything depends on the number of credits. Can't ontario students apply for OSAP even if they study out of province? I just checked using the assessment calculator (http://www.afe.gouv.qc.ca/en/logicielCalcul/simulateur.asp) and the max loan is $4860 with a max bursary of $14758 - but that's basically for independent students who are not living at home and made little to no income prior to starting med school. Quebec is super generous! Link to comment Share on other sites More sharing options...
THX Posted April 23, 2009 Report Share Posted April 23, 2009 I just checked using the assessment calculator (http://www.afe.gouv.qc.ca/en/logicielCalcul/simulateur.asp) and the max loan is $4860 with a max bursary of $14758 - but that's basically for independent students who are not living at home and made little to no income prior to starting med school. Quebec is super generous! How did you get that? I can't seem to get more than 14,400 with only 4100 being a bursary. edit: I am able to get a larger bursary if I change a few things around, but not as high as what you have. What's the trick? Link to comment Share on other sites More sharing options...
anonymouse Posted April 23, 2009 Report Share Posted April 23, 2009 How did you get that? I can't seem to get more than 14,400 with only 4100 being a bursary. edit: I am able to get a larger bursary if I change a few things around, but not as high as what you have. What's the trick? You can budget about $1300 per semester for travel (public transit plus 2 trips "home") You can try saying that you'll be in school for fall, winter, and summer semesters (because technically we will be in school for atleast half of the summer semester).Also, make sure you unclick all of the "I will be living with my parents" boxes... Link to comment Share on other sites More sharing options...
justletmein Posted April 23, 2009 Report Share Posted April 23, 2009 You can budget about $1300 per semester for travel (public transit plus 2 trips "home") You can try saying that you'll be in school for fall, winter, and summer semesters (because technically we will be in school for atleast half of the summer semester).Also, make sure you unclick all of the "I will be living with my parents" boxes... Chances are you will not be considered 'full time' in the summer. Check with current mcgill students, sometimes they screw you on the credits and it makes a BIG difference in the amounts Link to comment Share on other sites More sharing options...
Hatchepsout Posted April 23, 2009 Report Share Posted April 23, 2009 You can budget about $1300 per semester for travel (public transit plus 2 trips "home") You can try saying that you'll be in school for fall, winter, and summer semesters (because technically we will be in school for atleast half of the summer semester).Also, make sure you unclick all of the "I will be living with my parents" boxes... They won't give you money for travel. This is only for people who live very far from where they go to school and need to use a car to go to school everyday. For example, you live with your parents in a very small town and need to drive an hour and a half to school because there is no public transportation existing where you live. So that doesn't apply to big cities and suburb areas. Link to comment Share on other sites More sharing options...
anonymouse Posted April 23, 2009 Report Share Posted April 23, 2009 They won't give you money for travel. This is only for people who live very far from where they go to school and need to use a car to go to school everyday. For example, you live with your parents in a very small town and need to drive an hour and a half to school because there is no public transportation existing where you live. So that doesn't apply to big cities and suburb areas. It depends - you can definitely account for a monthly metro pass - which can be $65 per month, times 11 months. And under special transportation costs it says that if you are a student without a parental contribution, or not living with your parents, you can claim the amount for 2 return flights home. Up to a total amount of $1314 per semester Link to comment Share on other sites More sharing options...
Dr Chill Posted April 23, 2009 Report Share Posted April 23, 2009 guys are med/dent students considered under undergrad studies or doctorate studies in the first section of calculator?? or later that we fill out the forms? When should we fill out the forms for 2009-10 academic year? Link to comment Share on other sites More sharing options...
justletmein Posted April 23, 2009 Report Share Posted April 23, 2009 guys are med/dent students considered under undergrad studies or doctorate studies in the first section of calculator?? or later that we fill out the forms?When should we fill out the forms for 2009-10 academic year? MD is considered undergraduate. You can start the application process in May I think, but not 100% sure about that. Link to comment Share on other sites More sharing options...
justletmein Posted April 23, 2009 Report Share Posted April 23, 2009 It depends - you can definitely account for a monthly metro pass - which can be $65 per month, times 11 months. And under special transportation costs it says that if you are a student without a parental contribution, or not living with your parents, you can claim the amount for 2 return flights home. Up to a total amount of $1314 per semester Special transportation costs If there is no ground transportation between your home and the educational institution you attend in Québec, you are allowed the cost of two return trips by air in economy class between your home and the nearest ground transportation. ..... be careful .... Link to comment Share on other sites More sharing options...
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