sticky1 Posted December 7, 2010 Report Share Posted December 7, 2010 Hi. Just wondering how much debt does the average student has from undergraduate studies? Link to comment Share on other sites More sharing options...
rmorelan Posted December 7, 2010 Report Share Posted December 7, 2010 Hi. Just wondering how much debt does the average student has from undergraduate studies? It varies quite a bit but I believe the official answer was about 27,000. Link to comment Share on other sites More sharing options...
gb35 Posted December 7, 2010 Report Share Posted December 7, 2010 It varies quite a bit but I believe the official answer was about 27,000. Just to be clear, we are talking about undergraduate debt prior to medicine right? Just asking, since the MD is also technically an undergrad, and 27k seems low to me for med. Link to comment Share on other sites More sharing options...
future_doc Posted December 7, 2010 Report Share Posted December 7, 2010 yes, of course Link to comment Share on other sites More sharing options...
rmorelan Posted December 7, 2010 Report Share Posted December 7, 2010 Just to be clear, we are talking about undergraduate debt prior to medicine right? Just asking, since the MD is also technically an undergrad, and 27k seems low to me for med. oh yeah, just the standard undergrad which I assumed the question was referring to. There are two answers to med school debit - the first is it is not high enough to actually matter. Probably the most important practical response. It would be bizzard for someone not to be able to go because they couldn't arrange to pay for it. The second would be the actual number which I have heard wildly different values on, but 100,000 keeps cropping up. Still it depends a lot. Link to comment Share on other sites More sharing options...
gb35 Posted December 7, 2010 Report Share Posted December 7, 2010 Yeah, I've always just assumed that med school "costs what it costs" and since you're getting entry into a pretty secure job market (compared to a lot of things) you just go with it. Not like some BSc's where, if you do the whole thing on line of credit, your job prospects might not be that great if you don't do more school, and you might have a hard time managing your debt. Link to comment Share on other sites More sharing options...
rmorelan Posted December 7, 2010 Report Share Posted December 7, 2010 Yeah, I've always just assumed that med school "costs what it costs" and since you're getting entry into a pretty secure job market (compared to a lot of things) you just go with it. Not like some BSc's where, if you do the whole thing on line of credit, your job prospects might not be that great if you don't do more school, and you might have a hard time managing your debt. exactly - every attending I run into says the same thing, don't worry about the debit and just focus on the rest. Everything will come out in the wash. So far I will be about 32000 in the hole after 2 completed years so not to bad! That includes scholarships and OSAP loan forgiveness though. Link to comment Share on other sites More sharing options...
future_doc Posted December 7, 2010 Report Share Posted December 7, 2010 So far I will be about 32000 in the hole after 2 completed years so not to bad! That includes scholarships and OSAP loan forgiveness though. That is fantastic. Link to comment Share on other sites More sharing options...
itimebomb2 Posted December 9, 2010 Report Share Posted December 9, 2010 exactly - every attending I run into says the same thing, don't worry about the debit and just focus on the rest. Everything will come out in the wash. So far I will be about 32000 in the hole after 2 completed years so not to bad! That includes scholarships and OSAP loan forgiveness though. that's amazing! how did you do that?! Link to comment Share on other sites More sharing options...
Nutrition major Posted December 9, 2010 Report Share Posted December 9, 2010 I finished a four year BSc with $6,000 debt. Link to comment Share on other sites More sharing options...
Jochi1543 Posted December 9, 2010 Report Share Posted December 9, 2010 I think I had around 15 grand or so. Pales in comparison with my med debt. I carried a lot on my credit card, though, because I got shafted for loans with Alberta, so altogether it was probably 30K. Link to comment Share on other sites More sharing options...
apache Posted December 9, 2010 Report Share Posted December 9, 2010 hmm, i was at 32 after undergrad i think... which is prtty bad considering i bagged maybe 45 in scholarships and bursaries... im bad with money, lol Link to comment Share on other sites More sharing options...
rmorelan Posted December 10, 2010 Report Share Posted December 10, 2010 I finished undergrad with $0 debt. Now I've gone throught around $50K in first year med. wow! What are you buying up there Link to comment Share on other sites More sharing options...
Renin Posted December 11, 2010 Report Share Posted December 11, 2010 WELL........ Had to furnish my apartment fully for the first time since I was always in residence. Bought a car because campus / city is a bit isolated. So add in $500 month car payments and about $100 / month insurance. $1800 (!!!) in books Apartment with internet and cable and phone and utilities is about $1300 /month and had to start early (July) and pay 1st and last. (I'm living alone, too, so it's all mine to pay) Ditto-tastic ... bus is impractical. I forced myself to take the bus for the 1st two years of medical school and mooched rides like insane. Thank goodness for having good friends ... car is pretty much needed if you're in a small-medium sized city in which they don't understand how transit should run. Link to comment Share on other sites More sharing options...
rmorelan Posted December 11, 2010 Report Share Posted December 11, 2010 WELL........ Had to furnish my apartment fully for the first time since I was always in residence. Bought a car because campus / city is a bit isolated. So add in $500 month car payments and about $100 / month insurance. $1800 (!!!) in books Apartment with internet and cable and phone and utilities is about $1300 /month and had to start early (July) and pay 1st and last. (I'm living alone, too, so it's all mine to pay) Yeah I guess that would do it with tutition. I am in London, don't have a car yet and pay only 550 a month for my shared apartment. Sounds like a nice car and apartment though. Has to be silver lining there right? Link to comment Share on other sites More sharing options...
apache Posted December 12, 2010 Report Share Posted December 12, 2010 people are offering 250k??? which bank? It was a new Honda Civic and I shared a place right through undergrad so I was ready for a place of my own. My LOC is on a year by year basis (MD Financial) so I only got $40K from them and $18K from OSAP. MD told me to go back to them in the new year with a revised budget and they will advance me more. I prefer that to getting a $250K LOC up front and running out before I get through 4th year. Link to comment Share on other sites More sharing options...
future_doc Posted December 12, 2010 Report Share Posted December 12, 2010 RBC for one. Link to comment Share on other sites More sharing options...
Leon Posted December 13, 2010 Report Share Posted December 13, 2010 RBC for one. I thought the current absolute max was 200K ? Link to comment Share on other sites More sharing options...
BigM Posted December 13, 2010 Report Share Posted December 13, 2010 I thought the current absolute max was 200K ? It seems that you can negotiate above 200K with many of the institutions. Especially after you find out where you are doing your residency - some people will increase this and buy a house, etc. Link to comment Share on other sites More sharing options...
future_doc Posted December 13, 2010 Report Share Posted December 13, 2010 I thought the current absolute max was 200K ? Leon, mea culpa, you are correct about the 200k LOC. I did misspeak. However, BN that gives you what is needed every year and not a blanket amount at any time, will work with you and should you reasonably need more at a laater stage after the 200k has been exhausted, as the other posters says, the bank will let you increase it. I do not know the position of RBC or the other banks on this issue, but reasonably, market forces come into play, they wouold want to keep us as valued longterm customers, and if there is a true need based upon reasonableness and your history up to this point, I can see them working with us for the mutal advantage of client and bank. I reviewed and found posts from this summer as follows: August 5, 2010 RBC has increased its Professional Medical/Dental Student Credit Line to $200,000 still at prime with no annual restrictions on how much you can borrow. You have the option to defer principle payments until 12 months after completing residency/fellowship. Repayment of the LOC will be at prime as well which I know has been a issue of many discussions. You will also have the option to convert the Professional Student Credit Line into a Personal Credit Line (upon qualification) at prime once you have completed residency/fellowship. Along with the Professional Student Credit Line, students are entitled to free banking with unlimited transactions, RBC Rewards Gold Card with no annual fee, 12 free drafts and free Commission fee on Amex travelers cheques. As your Medical/Dental Specialist I will be your one point of contact, bringing your banking, credit and investment advice to one place. I will help with advice, support and access to financial solutions created just for you, through the ease of a phone call or email. If you have any specific questions please do not hesitate to contact me at 604-668-4300. To find a specialist in your area please click on the link http://www.rbcroyalbank.com/RBC:Sagl@o71A8cAByBu4MM/student/medical/specialists.html Thank you, David Tape RBC Account Manager Medical/Dental Specialist. Broadway and Cambie Vancouver, BC 604-668-4300 June 22, 2010 I'm in the process of finalizing a deal with TD (have been approved for the LOC, just have to go in and sign some final documentation). Here are the details: Interest Rate: Prime Maximum Limit: $200,000 Limit / Year: Up to 60,000 Repayment: Interest-only payments for up to 12 months after residency Co-signor: No Also, I changed my Student Account to a Select Service account. There are a number of benefits (to name a few: unlimited transactions, free personal cheques, safety deposit box, no fee for using a non-TD ATM ... and, most importantly, the fee for TD's top reward Visa cards -- TD Gold Elite, TD Platinum Travel or TD First Class Travel -- is waved). The only catch to the account is that you have to maintain a balance of $5,000 in order for the $24.95 monthly fee to be waved (prime interest on $5,000 is $125 annually). I definitely suggest people go in and speak with knowledgeable representatives from their current institutions before going through the hassle of switching banks. The TD information posted earlier in this thread is either inaccurate or outdated. Link to comment Share on other sites More sharing options...
rmorelan Posted December 13, 2010 Report Share Posted December 13, 2010 It seems that you can negotiate above 200K with many of the institutions. Especially after you find out where you are doing your residency - some people will increase this and buy a house, etc. You definitely can increase it at residency - some plans have that built right into the initial contracts actually when the loan rolls over - but at that point you are not really dealing with the professional student loans as you are no longer a student. This is why I never include that money on the upper limit of LOCs Link to comment Share on other sites More sharing options...
apache Posted December 13, 2010 Report Share Posted December 13, 2010 interesting, i negotiated mine up to 200 to invest and i thought it was the max, may retalk to them during res! It seems that you can negotiate above 200K with many of the institutions. Especially after you find out where you are doing your residency - some people will increase this and buy a house, etc. Link to comment Share on other sites More sharing options...
future_doc Posted December 13, 2010 Report Share Posted December 13, 2010 Depending upon timing and nature of investment, risky. GL! Link to comment Share on other sites More sharing options...
itimebomb2 Posted December 14, 2010 Report Share Posted December 14, 2010 When you include the OSAP that you get in med school, it's really hard to imagine why you really need 200k (let alone more than 200k). You'd have to be making a point of living an exorbitant lifestyle to spend that kind of money... 50k a year (when OSAP+bursaries pretty much pay your tuition) is a crap load to be spending. I really pity those people (med students) who think they're rich when they're not. Link to comment Share on other sites More sharing options...
Leon Posted December 14, 2010 Report Share Posted December 14, 2010 ^ I was more interested in funding US schools, hence the advantage of >200K. For Canadian schools, it's definitely more than enough Link to comment Share on other sites More sharing options...
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