bored Posted July 12, 2011 Report Share Posted July 12, 2011 How exactly does one get $350 000 to study at an american school for 4 years? and than after that, one would only earn $50 000 during residency which wouldnt be enough to pay it all off, and only after residency would the money start comming. So the $350 000 wouldnt be payed untill you are atleast at the age of 35.. That is Insane.. if someone acn shed some light on this matter, it would be appreciated! Link to comment Share on other sites More sharing options...
rmorelan Posted July 12, 2011 Report Share Posted July 12, 2011 How exactly does one get $350 000 to study at an american school for 4 years? and than after that, one would only earn $50 000 during residency which wouldnt be enough to pay it all off, and only after residency would the money start comming. So the $350 000 wouldnt be payed untill you are atleast at the age of 35.. That is Insane.. if someone acn shed some light on this matter, it would be appreciated! Cosigners basically as I understand it - usually one's parents. No Canadian bank will hand you that kind of money to go outside of Canada to school. Your timeline is about right, although for many it would be a bit earlier even with a fellowship etc. Link to comment Share on other sites More sharing options...
bored Posted July 12, 2011 Author Report Share Posted July 12, 2011 Cosigners basically as I understand it - usually one's parents. No Canadian bank will hand you that kind of money to go outside of Canada to school. Your timeline is about right, although for many it would be a bit earlier even with a fellowship etc. can one get two Line of Credits?? max is around $200 000 for one, still need a little bit more after that. dam this sounds a little too harsh lol Link to comment Share on other sites More sharing options...
rmorelan Posted July 12, 2011 Report Share Posted July 12, 2011 can one get two Line of Credits?? max is around $200 000 for one, still need a little bit more after that. dam this sounds a little too harsh lol You cannot hold two 200,000 LOCs in Canada - the banks do a credit check to ensure that doesn't happen (assuming they would let you take some even for a US school, they won't as I understand things). Many people that do go down to the US have other means of support, and some even are US citizens (seem to have run into a bunch of people with that lately). Yeah the cost of things down there is quite amazingly high. Painful Link to comment Share on other sites More sharing options...
moo Posted July 12, 2011 Report Share Posted July 12, 2011 You also got to take into account cost of living. Some cities are expensive, some are dirt cheap to live in. And after you graduate, you may have a lot of loans but if you live in a cheap city (most cities in the US are pretty cheap to live in now), it balances out. For instance, to buy a place in Metro Van is quite expensive. You can get something for much cheaper in most places in the US (still some places are more expensive than even Vancouver). Even a condo out here in Vancouver proper is running upwards of 400K now. 400K can get you a nice house in most US cities. Link to comment Share on other sites More sharing options...
AnxiousBoy Posted July 13, 2011 Report Share Posted July 13, 2011 If I can be debt free by 35, I will be veeeeeeeeeeeeeeeeeerrrrrrrrrrrrrrry happy! Link to comment Share on other sites More sharing options...
charmer08 Posted July 13, 2011 Report Share Posted July 13, 2011 Isn't the tuition fee $30 000- $50 000 per year? or am I looking at the wrong place... we look at the fee for non-residents right? Link to comment Share on other sites More sharing options...
bored Posted July 13, 2011 Author Report Share Posted July 13, 2011 Isn't the tuition fee $30 000- $50 000 per year? or am I looking at the wrong place... we look at the fee for non-residents right? that is where I am looking, for out of state students its around 50 k and then to add living and food and other stuff, it ends up being 75 k a year or something.. Link to comment Share on other sites More sharing options...
charmer08 Posted July 13, 2011 Report Share Posted July 13, 2011 that is where I am looking, for out of state students its around 50 k and then to add living and food and other stuff, it ends up being 75 k a year or something.. 50 k is for the most expensive schools... low tiers are cheaper. I looked at the living expenses... I think 20 k a year is a bit too much unless you decide to live on res. Link to comment Share on other sites More sharing options...
rmorelan Posted July 13, 2011 Report Share Posted July 13, 2011 50 k is for the most expensive schools... low tiers are cheaper. I looked at the living expenses... I think 20 k a year is a bit too much unless you decide to live on res. Guess there is still the interest on the loan - probably not going to be at prime on that LOC. Link to comment Share on other sites More sharing options...
Mithril Posted July 13, 2011 Report Share Posted July 13, 2011 If you come from a rich family, your parents can help pay off the principal you take out with the line of credit and the cost of living expenses. If you're not from a rich family but your family has a house, you can beg your parents to take out a second mortgage if they have a good credit rating to help pay for expenses. If you're not from a rich family and your parents don't own a house or have a bad credit rating...well, you're pretty screwed. Link to comment Share on other sites More sharing options...
AnxiousBoy Posted July 13, 2011 Report Share Posted July 13, 2011 My tuition rose from 35K when I started to 55K this year. The increase alone is more than the total tuition of Canadian universities! And judging from the tone of school and state officials (yes, i go to a state school), a modest yearly increase is to be expected (modest to them is 10% a year). Take in tuition, usmle exam + prep, books, equipments, residency apps, travel, loan interests, need for car (as my school requires it), and the fact that you don't wanna live like a 18 y.o. college kid anymore in your mid twenties, expect to budget around 85K in the current year, much more in the future. And no, I do not go to a "top" school to justify this ridiculous cost. Most canadians at my school seem to have rich parents except me. When trying to brainstorm financial idea, all i get is "I don't know. My parents take care of it". Bastards.... Link to comment Share on other sites More sharing options...
bored Posted July 13, 2011 Author Report Share Posted July 13, 2011 do we get anything from OSAP at all? Link to comment Share on other sites More sharing options...
jawn_doe Posted July 14, 2011 Report Share Posted July 14, 2011 OSAP probably wouldn't give more than 5-10k, no where near enough. I am able to get a 250k LOC pretty easily with my parents co-signing and the rest I can get from my parents who each have about a 100 LOC just sitting in their accounts. Luckily for me my parents own a house that's about 850k so that should be good enough collateral... I'm blowing all my savings just applying and when interviews roll around (hopefully!) it'll cost a lot to drive/bus/fly to them. Link to comment Share on other sites More sharing options...
charmer08 Posted July 14, 2011 Report Share Posted July 14, 2011 lol just saw wayne state is more expensive than some of the top tiers for non-residents Link to comment Share on other sites More sharing options...
ShootingStar Posted July 14, 2011 Report Share Posted July 14, 2011 sigh..... whatcanyadoeh. Link to comment Share on other sites More sharing options...
deathvvv Posted July 15, 2011 Report Share Posted July 15, 2011 Get into a Canadian school? Seriously though, going US for medicine is not advised if you expect to pay off your debts around the same time as the Canadian med kids. As a US graduated MD, you will take longer to pay off your debts compared to your Canadian counterparts. Dont get me wrong, you will eventually make a decent living. Its just that you gotta clip coupons for a few more years. At the end of the day, you gotta ask yourself, is that a price you are willing to pay to live your dream? Link to comment Share on other sites More sharing options...
jawn_doe Posted July 15, 2011 Report Share Posted July 15, 2011 I actually just got an email from one of the schools letting me know about the financial requirements for foreign students... They need to see $280K in escrow or LOC etc to cover tuition and living expenses Link to comment Share on other sites More sharing options...
deathvvv Posted July 15, 2011 Report Share Posted July 15, 2011 Is this SLU or NYMC by any chance? I actually just got an email from one of the schools letting me know about the financial requirements for foreign students... They need to see $280K in escrow or LOC etc to cover tuition and living expenses Link to comment Share on other sites More sharing options...
rmorelan Posted July 15, 2011 Report Share Posted July 15, 2011 I actually just got an email from one of the schools letting me know about the financial requirements for foreign students... They need to see $280K in escrow or LOC etc to cover tuition and living expenses Yeah have heard that is pretty common - they don't want anyone to drop out 3/4 of the way through due to lack of funds. Link to comment Share on other sites More sharing options...
charmer08 Posted July 15, 2011 Report Share Posted July 15, 2011 Yeah have heard that is pretty common - they don't want anyone to drop out 3/4 of the way through due to lack of funds. Yep they want 4 years of money from every international student they take Link to comment Share on other sites More sharing options...
blizzah Posted July 17, 2011 Report Share Posted July 17, 2011 Get into a Canadian school? Seriously though, going US for medicine is not advised if you expect to pay off your debts around the same time as the Canadian med kids. As a US graduated MD, you will take longer to pay off your debts compared to your Canadian counterparts. Dont get me wrong, you will eventually make a decent living. Its just that you gotta clip coupons for a few more years. At the end of the day, you gotta ask yourself, is that a price you are willing to pay to live your dream? Not everyone CAN get into a Canadian school, at least right away from undergrad. The majority of people I know who considered/attending med in the US are having it (at least a large portion) paid for by parents. Link to comment Share on other sites More sharing options...
drake19 Posted July 19, 2011 Report Share Posted July 19, 2011 How exactly does one get $350 000 That is Insane.. if someone acn shed some light on this matter, it would be appreciated! The poster from UWO'13 speaks the truth....your parents most likely. I'm currently at Chicago Medical School doing a M.Sc./M.H.A./M.D., I've recuperated alot of that tuition from working on my M.Sc./ M.H.A. and scholarships. One disadvanatge to being non-American / non-greencard holder is that you won't be able to work, (not exactly sure about scholarships), no financial aid. Most of my classmates borrow money from the financial aid office b/c the office knows they will regain it when the students become practicing M.D.s Link to comment Share on other sites More sharing options...
DubZteR Posted July 20, 2011 Report Share Posted July 20, 2011 The poster from UWO'13 speaks the truth....your parents most likely. I'm currently at Chicago Medical School doing a M.Sc./M.H.A./M.D., I've recuperated alot of that tuition from working on my M.Sc./ M.H.A. and scholarships. One disadvanatge to being non-American / non-greencard holder is that you won't be able to work, (not exactly sure about scholarships), no financial aid. Most of my classmates borrow money from the financial aid office b/c the office knows they will regain it when the students become practicing M.D.s Just to clarify .. you can work on campus or somewhere affiliated with your school on an F1. You will need to have your school draft you a letter stating that you need to be issued a SSN with your job offer and take this letter to the Social security administration office in your city. I would recommend getting a SSN early off as it opens up doors especially if you plan on staying in the US for residency. Link to comment Share on other sites More sharing options...
AnxiousBoy Posted August 1, 2011 Report Share Posted August 1, 2011 .... schools also offer their students temporary loans if you are really tight for money. Stanford and SUNY both had such resources when I was there. I do not consider 500 bucks as viable temporary loan... Link to comment Share on other sites More sharing options...
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