How to finance international medical school

[nilinav]

I am a Canadian student applying to medical schools in the caribean. How can I finance my education? I don't have a cosigner for a bank loan.

[medigeek]

I am a Canadian student applying to medical schools in the caribean. How can I finance my education? I don't have a cosigner for a bank loan.

 

Don't do it. The carribean is a dead end. I don't believe you really have much option unless you go to a cheaper school, in which case your odds of ever becoming a practicing doctor will be defined as: x --> 0

[kylamonkey]

If you can't pay for it outright, then you can't afford to go. Sorry to say.

 

Spend a few years getting your application on track to go to a school here.

[Head Squeeze]

Same question if school is American or Irish?

[A-Stark]

For financing or whether to go?

 

If the US school is LCME-accredited (and, increasingly, AOA-accredited), then you'll be paying more but will be treated like a CMG in CaRMS. So that's definitely an option.

 

Ireland is perhaps as bad as the Caribbean, maybe a bit better match rate (maybe), but even more expensive.

[Lonney]

Drugs (Like in a breaking bad)

[medigeek]

If you can't pay for it outright, then you can't afford to go. Sorry to say.

 

Spend a few years getting your application on track to go to a school here.

 

Bank loans are fine in north america. For the US you need a cosigner to get the amount (200k, sometimes 250k) and require that the cosigner have a relatively high income and stable job (close to 100k/year with minimal risk of being laid off). They also look at the person's assets and how much debt they have, and obviously need a very good credit rating.

 

If you're the average family, then a collateral agreement is required on top of the cosigner.

[leviathan]

I graduated from Saba where tuition is relatively inexpensive (about 100k for the full program), but my loans are more than double that due to living expenses, flights, licensing exams, costs of interviews in Canada and the US, etc etc. There's simply no way you can get financing to attend any school outside of Canada without a co-signer. Take that as a blessing in disguise and work hard to get into a Canadian school, or consider a different career in health care.

[rmorelan]

Bank loans are fine in north america. For the US you need a cosigner to get the amount (200k, sometimes 250k) and require that the cosigner have a relatively high income and stable job (close to 100k/year with minimal risk of being laid off). They also look at the person's assets and how much debt they have, and obviously need a very good credit rating.

 

If you're the average family, then a collateral agreement is required on top of the cosigner.

 

and that loan does have an impact on the co-signer - I think it is best to basically imagine them in of themselves being the only one with the loan. It ties up their credit, and they cannot just go out get more etc.

 

Not to say that isn't done of course! Just that I think people often minimize the actual impact on them of carrying a 200-300K loan for a long time (school+residency etc)

[leviathan]

and that loan does have an impact on the co-signer - I think it is best to basically imagine them in of themselves being the only one with the loan. It ties up their credit, and they cannot just go out get more etc.

 

Not to say that isn't done of course! Just that I think people often minimize the actual impact on them of carrying a 200-300K loan for a long time (school+residency etc)

 

My parents were looking at buying real estate in the states, but they couldn't because their credit is tied up into my loan. So it does affect the co-signer, not to mention it puts pressure on you not to mess up! I'm trying to see if I can transfer the loan fully into my name now that I'll be starting residency and making an income, but I'm not sure if it's possible.

[medigeek]

and that loan does have an impact on the co-signer - I think it is best to basically imagine them in of themselves being the only one with the loan. It ties up their credit, and they cannot just go out get more etc.

 

Not to say that isn't done of course! Just that I think people often minimize the actual impact on them of carrying a 200-300K loan for a long time (school+residency etc)

 

What do you mean exactly?

[medigeek]

My parents were looking at buying real estate in the states, but they couldn't because their credit is tied up into my loan. So it does affect the co-signer, not to mention it puts pressure on you not to mess up! I'm trying to see if I can transfer the loan fully into my name now that I'll be starting residency and making an income, but I'm not sure if it's possible.

 

You need to take risks to succeed. The risk of failure is pretty low for the average person but I'd imagine owing a lot of money with more than just youself on the line would motivate you to study virtually all the time. So the risk of failure could be minimized.

 

But if you're the guy with a bio degree and you're looking at a 250k loan to make 300k/year in the future vs. hunt for 35k/year jobs with your bio degree.... the loan option is the way to go.

[KennethToronto]

You need to take risks to succeed. The risk of failure is pretty low for the average person but I'd imagine owing a lot of money with more than just youself on the line would motivate you to study virtually all the time. So the risk of failure could be minimized.

 

But if you're the guy with a bio degree and you're looking at a 250k loan to make 300k/year in the future vs. hunt for 35k/year jobs with your bio degree.... the loan option is the way to go.

 

Bad Advice!

 

I wouldn't borrow a dollar to go to the Carrib / Ireland / or Australia. It's just not worth it. Not even CLOSE to being worth it. Your comments play into that same well of insecurity of premeds these for profit schools prey on: "get a MD at our school or else your life is over!!! These gazillion dollar loans mean nothing! You'll be rolling in riches after med school!!"

 

Unfortunately, there's a huge disconnect between what these schools are telling you and what the reality is. There are just as many things you can do with your education (and probably more flexible, more interesting) than basically signing your life away going for a island MD. There is so much crap that flows on you from M-1 onwards that I'm sure their marketing materials won't tell you and you have the faintest clue about.

 

http://www.nytimes.com/2011/01/09/business/09law.html?pagewanted=all

For an idea of how your $250k investment will turn out, look no further than law schools in the US. Don't think med school will be any different.

[HC8]

I am a Canadian student applying to medical schools in the caribean. How can I finance my education? I don't have a cosigner for a bank loan.

 

Don't listen to people who say carrib is a dead end. As long as you go to one of the "top" carrib schools and work hard enough you can become a doctor. I personally know many students who are now employed after their 4 years of carrib education. The road is definitely harder but not a dead end

[souljaboy]

Don't listen to people who say carrib is a dead end. As long as you go to one of the "top" carrib schools and work hard enough you can become a doctor. I personally know many students who are now employed after their 4 years of carrib education. The road is definitely harder but not a dead end

 

The US will likely not have IMG places available by the time OP graduates. They will have about a 20% chance of getting a residency spot in Canada and are competing with a people who have the same ideas about coming back to Canada. If you want to work hard then work hard to get into a Canadian or American school, because international schools is becoming a dead end for a lot of people.

[nonstop]

My 2 cents:

 

Try Dent->Opt->Phys.Assist.->OT/PT or Vet if you're into animals, before considering the Caribbean. Personally, I'd rather be a school teacher than risk the Caribbean. It's not that no one ever becomes successful after attending a Caribbean med school; there are success stories, but the probability is so low. Besides, it is unlikely that you will get into higher specialities so if you're in it for the money then it's a bad choice.

[OMGITWONTFI]

My 2 cents:

 

Try Dent->Opt->Phys.Assist.->OT/PT or Vet if you're into animals, before considering the Caribbean. Personally, I'd rather be a school teacher than risk the Caribbean. It's not that no one ever becomes successful after attending a Caribbean med school; there are success stories, but the probability is so low. Besides, it is unlikely that you will get into higher specialities so if you're in it for the money then it's a bad choice.

 

Dent in Canada is really only easier to get into compared to med if you have a high gpa/average. Whereas some med schools may be more lenient when it comes to gpa, dent schools tend to place a huge emphasis on this aspect. Don't forget to try for pharmacy!!!

[medigeek]

Bad Advice!

 

I wouldn't borrow a dollar to go to the Carrib / Ireland / or Australia. It's just not worth it. Not even CLOSE to being worth it. Your comments play into that same well of insecurity of premeds these for profit schools prey on: "get a MD at our school or else your life is over!!! These gazillion dollar loans mean nothing! You'll be rolling in riches after med school!!"

 

Unfortunately, there's a huge disconnect between what these schools are telling you and what the reality is. There are just as many things you can do with your education (and probably more flexible, more interesting) than basically signing your life away going for a island MD. There is so much crap that flows on you from M-1 onwards that I'm sure their marketing materials won't tell you and you have the faintest clue about.

 

http://www.nytimes.com/2011/01/09/business/09law.html?pagewanted=all

For an idea of how your $250k investment will turn out, look no further than law schools in the US. Don't think med school will be any different.

 

lolwut

 

I was talking about US schools.

[rmorelan]

What do you mean exactly?

 

there is simply a max amount of credit anyone can have based on their assets and income. The cosigning of this loan would consume a large fraction of what available credit your parents would have to use and/or lock down some of their most important assets. It would also do so potentially for a very long time - medical school + residency etc.

 

So as someone pointed out they have dreams of buying more real estate, they many not be able to. Buying anything on credit actually.

 

They want to move and upgrade the house, they may not be able to. Even changing a job may be more complex as the loan may be secured on the house.

 

Home equity loan, starting a new business, co sign anything else, all maybe no.

 

The interest they will get charged on things may rise - they carry more debit = they are a bigger risk = more interest due. Interest payments on the loan are due often each money - that means their cash flow is impacted, and what if the interest rates rise at some point in the next say up to 10+ years and they have a downturn in employment?

 

My point I guess is people seemed to make it sound like there was little to no effect of your parents etc taking on a 300K cosigned loan - there is a huge impact of that. I have considerable respect of a parent that is willing to take on that risk and now of several cases where banks rejected the loan application as well even when they were willing.

[future_doc]

I am a Canadian student applying to medical schools in the caribean. How can I finance my education? I don't have a cosigner for a bank loan.

 

I believe that you are in a no-go situation as no Canadian bank in their right mind would grant you a loan to finance this education without a solvent cosigner who is backed with an excellent credit history, significant unencumbered assets, a good job and who is in good health. You might come back to Canada with a medical degree and obtain fulltime employment as a taxi driver, which risk is most unappealing to our banks.

 

Executive Summary: You are spinning your wheels and wasting your time. You are far far better off doing a 2nd undergrad and applying as a competitive candidate in Canada.

[Slashsev]

stay away from any international medical school...

 

do some research,

 

google osteopathic medical doctors, DO,

 

in the USA there are 2 doctors, MDs and DOs

 

who are identical--

same as DMD vs DDS

 

put some effort into what you do before forking over 500K and not having a future..

[missmathematics]

DO and Md are not identical. Never have been and will not be.

 

I do agree with you that 500k is not worth it to go through school internationally.

[medigeek]

DO and Md are not identical. Never have been and will not be.

 

I do agree with you that 500k is not worth it to go through school internationally.

 

Their pay checks are similar lol.

[medigeek]

there is simply a max amount of credit anyone can have based on their assets and income. The cosigning of this loan would consume a large fraction of what available credit your parents would have to use and/or lock down some of their most important assets. It would also do so potentially for a very long time - medical school + residency etc.

 

So as someone pointed out they have dreams of buying more real estate, they many not be able to. Buying anything on credit actually.

 

They want to move and upgrade the house, they may not be able to. Even changing a job may be more complex as the loan may be secured on the house.

 

Home equity loan, starting a new business, co sign anything else, all maybe no.

 

The interest they will get charged on things may rise - they carry more debit = they are a bigger risk = more interest due. Interest payments on the loan are due often each money - that means their cash flow is impacted, and what if the interest rates rise at some point in the next say up to 10+ years and they have a downturn in employment?

 

My point I guess is people seemed to make it sound like there was little to no effect of your parents etc taking on a 300K cosigned loan - there is a huge impact of that. I have considerable respect of a parent that is willing to take on that risk and now of several cases where banks rejected the loan application as well even when they were willing.

 

Yea I agree, but for people with stable jobs/life styles it's a viable option.

 

With a success rate of ~95% it's a solid risk to take when the difference is your kid's life being a constant struggle to pay the bills vs. being a solid doctor.

[KennethToronto]

Yea I agree, but for people with stable jobs/life styles it's a viable option.

 

With a success rate of ~95% it's a solid risk to take when the difference is your kid's life being a constant struggle to pay the bills vs. being a solid doctor.

 

Stop setting up this false dichotomy of it's either being unemployed and paycheck to paycheck vs. doctor because the real world isn't like that.