How to fund medical school life?

[rmorelan]

Ok so Western is not replying to my request to be considered for a bursary. Are there any bursaries awarded through the government of Ontario, or other places? I am quite lost with this. It seems I am not eligible for a loan from my current province, Quebec, because I would be studying in Ontario.

 

Not replying? The main bursary application which all students can apply for would not be open for months. You apply online through your student account when it opens. You could also apply for work study I suppose in the same section Bursaries are usually issued mid year for those ones.

[dazzle]

Not replying? The main bursary application which all students can apply for would not be open for months. You apply online through your student account when it opens. You could also apply for work study I suppose in the same section Bursaries are usually issued mid year for those ones.

 

And say I have missed some important deadline (worst-case scenario), I could apply next year for the bursary or financial aid (to be considered for years 2-4)?

[rmorelan]

And say I have missed some important deadline (worst-case scenario), I could apply next year for the bursary or financial aid (to be considered for years 2-4)?

 

well a) you haven't for the standard bursary - no one can apply for those yet and not only can you apply for years 2-4 you HAVE to apply each year for them in order to receive them. The bursaries are based on financial need and someone situation could change, so they insist on reapplication.

[dazzle]

Just learned that one has to have been living 12 months in Ontario to qualify for OSAP. Means I'm not eligible for my first 2 years. I booked an appointment with a financial advisor at UWO (who are also responsible for OSAP since UWO is a public university) but don't expect miracles. This has been irritating as hell. My home province does not provide loans and grants to students going to other provinces to study med.

[duck_season]

Sucks. Perhaps you would qualify for more financial need-based scholarships now? Sorry to hear about your situation but at least Western guarantees you won't have to drop out because of financial reasons

[rmorelan]

Just learned that one has to have been living 12 months in Ontario to qualify for OSAP. Means I'm not eligible for my first 2 years. I booked an appointment with a financial advisor at UWO (who are also responsible for OSAP since UWO is a public university) but don't expect miracles. This has been irritating as hell. My home province does not provide loans and grants to students going to other provinces to study med.

 

Yeah that is an annoying aspect of OSAP. I really should point that out more.

 

You will be fine of course but still, annoying - why by the way 2 years? By fall 2014 you will be in the province for 12 months.

[dazzle]

Yeah that is an annoying aspect of OSAP. I really should point that out more.

 

You will be fine of course but still, annoying - why by the way 2 years? By fall 2014 you will be in the province for 12 months.

 

Not at the time of application which is June/July... I am guessing this is what counts.

 

There are Western bursaries left now... I am hoping I get more now but bah, I'm really bummed. It is not said on the OSAP application, maybe somewhere in finer print.

[rmorelan]

Not at the time of application which is June/July... I am guessing this is what counts.

 

There are Western bursaries left now... I am hoping I get more now but bah, I'm really bummed. It is not said on the OSAP application, maybe somewhere in finer print.

 

No one said you had to apply for OSAP in June/July - you can apply for it in Sept of 2014 as well (or even later) - wouldn't that give you enough time?

[dazzle]

"To get OSAP for full-time students:

 

you need to have always lived in Ontario or

Ontario is the last province you lived in for 12 months in a row without being a full-time postsecondary student."

 

Oh FML...

[dazzle]

This is understandable though. If I was an Ontarian I wouldn't fund non-Ontarians either. The problem is rather with my home province.

[tbear]

well a) you haven't for the standard bursary - no one can apply for those yet and not only can you apply for years 2-4 you HAVE to apply each year for them in order to receive them. The bursaries are based on financial need and someone situation could change, so they insist on reapplication.

 

I'm a little confused. I filled out the Bursary Application (as part of the requirements for the Schulich Scholarship) and submitted it on April 2. I've already received an e-mail from Western informing me that I received an Admission Bursary. Is this a fluke or are you talking about another bursary?

[rmorelan]

I'm a little confused. I filled out the Bursary Application (as part of the requirements for the Schulich Scholarship) and submitted it on April 2. I've already received an e-mail from Western informing me that I received an Admission Bursary. Is this a fluke or are you talking about another bursary?

 

Ha - there are no flukes in the system

 

As I understand it there is admission funding and then just plain school wide funding - these may be connected. In my first year I applied for the latter in August. I applied for it in every August in fact for the four years I was there. Now if you already got bursary funding for the year I would suspect it would effect any further funding you could get but it is a separate bursary process you can apply through later on.

[Let'sGo1990]

I'm doing my OSAP application right now and it's asking me to list my assets as of May 14th. The problem is, I paid off a sizable debt recently (i.e. after May 14th). If, for ex, I used $15000 to pay for that debt, would I still have to report that under my assets on the form? In other words - I'd be reporting money I no longer have? edit: the money was from a mutual funds account. not sure if that matters.

 

My second concern is that it's asking me where I'll be living during the academic year. I was under the impression that OSAP no longer took living arrangements into consideration once you've been out of high school for four years and I wasn't anticipating this to be asked. I'm a little bit worried that this will bite into how much they give me and that the amount will be substantially different than what the OSAP estimator gives me.

[future_doc]

You need to answer truthfully and let the chips fall where they may.

[rmorelan]

I'm doing my OSAP application right now and it's asking me to list my assets as of May 14th. The problem is' date=' I paid off a sizable debt recently (i.e. after May 14th). If, for ex, I used $15000 to pay for that debt, would I still have to report that under my assets on the form? In other words - I'd be reporting money I no longer have? edit: the money was from a mutual funds account. not sure if that matters.

 

My second concern is that it's asking me where I'll be living during the academic year. I was under the impression that OSAP no longer took living arrangements into consideration once you've been out of high school for four years and I wasn't anticipating this to be asked. I'm a little bit worried that this will bite into how much they give me and that the amount will be substantially different than what the OSAP estimator gives me.[/quote']

 

Technically FD is right - this is the problem with OSAP - it has crazy rules about debit vs assets vs income. You could owe a million dollars and have 10K in assets and they ignore the debit and focus on the assets only. It is just how it works.

 

On some level I don't think that is the spirit of the law as it were with the OSAP rules but effectively that is how it works.

 

I don't think the housing situation will effect you much actually - but having 15K in "assets" will certainly.

[dazzle]

^^That is indeed crazy. What the hell are thinking (or lack thereof)?

 

If the money is gone though, does that still qualify as an asset?

 

 

 

How are the Western bursaries? Are they awarded on a competitive or need-based basis? What is typically the amount a med student can get from Western alone (not OSAP)?

[Let'sGo1990]

Technically FD is right - this is the problem with OSAP - it has crazy rules about debit vs assets vs income. You could owe a million dollars and have 10K in assets and they ignore the debit and focus on the assets only. It is just how it works.

 

On some level I don't think that is the spirit of the law as it were with the OSAP rules but effectively that is how it works.

 

I don't think the housing situation will effect you much actually - but having 15K in "assets" will certainly.

 

Could you elaborate on why you don't think the housing situation will matter that much? Do you have a rough estimate of how much I could expect to lose?

[ellorie]

They are need based - but given the age and financial status of most medical students, unless your parents are still helping you, you qualify.

 

I tend to get a 3-4k bursary per year.

[dazzle]

They are need based - but given the age and financial status of most medical students, unless your parents are still helping you, you qualify.

 

I tend to get a 3-4k bursary per year.

 

 

the alternative to parents helping is taking 200k LOC I guess? Hmm, will have to look into this. It's scaring me a bit but I know this is the norm for many...

[ellorie]

Hah well if you have a choice, go for it. I didn't exactly have one - I'm supporting myself.

 

It's scary at first but what are you going to do? Give up being a doctor because of fear of debt that is, logically, manageable on a physician's salary?

 

Also bear in mind that with student loans you won't be carrying TOO much on your LOC until the student loans go into repayment. I have about 7k on mine right now and the rest is in my interest free student loans until I graduate.

[rmorelan]

Could you elaborate on why you don't think the housing situation will matter that much? Do you have a rough estimate of how much I could expect to lose?

 

That 3-4K seems to be about the norm. Not insignificant at all.

 

OSAP is never enough anyway - unless you are gifted a lot of money everyone pretty much has an LOC.

 

...and it is 250K now pretty much as well. Still even at 200K it is more than enough, the main drawbacks to no OSAP is the loss of the grants and the small amount of interest you have to pay. Annoying certainly, not fatal though.

 

Oh and don't forget that 9K you get in 4th year to help with CARMS. Ha - for some who didn't have away electives and interviewing relatively close by (quite possible for family med, which is a huge chunk of the class) that money is simply extra.

[rmorelan]

^^That is indeed crazy. What the hell are thinking (or lack thereof)?

 

If the money is gone though, does that still qualify as an asset?

 

 

 

How are the Western bursaries? Are they awarded on a competitive or need-based basis? What is typically the amount a med student can get from Western alone (not OSAP)?

 

It is technically what you had at the time the application requests it. They are simply thinking that OSAP is some form of social assistance and pretty much all social assistance works that way. I think that is more than a bit silly but that is still how they worked it out.

[dazzle]

Hah well if you have a choice, go for it. I didn't exactly have one - I'm supporting myself.

 

It's scary at first but what are you going to do? Give up being a doctor because of fear of debt that is, logically, manageable on a physician's salary?

 

Also bear in mind that with student loans you won't be carrying TOO much on your LOC until the student loans go into repayment. I have about 7k on mine right now and the rest is in my interest free student loans until I graduate.

 

Unfortunately I don't qualify for student loans. But this has been helpful, thanks. I am looking to see whether I can calculate how much interest I would accumulate each year.

 

Why do people take out 200 or even 250k if they don't need that much. Isn't that additional interest they'll have to pay back in the end? Say students only need 170k, for example, why would they accept to take the 250k? And if Scotia loans 50k per year, does that mean the yearly interest is lower to pay?

 

Do you know around which figure are situated current yearly interest rates right now?

[rmorelan]

Unfortunately I don't qualify for student loans. But this has been helpful, thanks. I am looking to see whether I can calculate how much interest I would accumulate each year.

 

Why do people take out 200 or even 250k if they don't need that much. Isn't that additional interest they'll have to pay back in the end? Say students only need 170k, for example, why would they accept to take the 250k? And if Scotia loans 50k per year, does that mean the yearly interest is lower to pay?

 

Do you know around which figure are situated current yearly interest rates right now?

 

You only pay interest on the amount you currently use. So if you take out say 40K to pay tuition and live on you only pay interest on that 40K. As you advance in the number of years the amount you use up increases and you pay more and more interest but never more than you actually use. Hence there is no disadvantage to having a larger amount unless you lack the self discipline not to use it basically. The larger amount though has a few minor advantages - in theory there is flexibility and often the LOC can roll over in the future to a professional LOC at some places. Not exactly earth shattering

 

Scotia gives out 50K standard as they believe that is more than enough to pay for everything - I think they are right. Worst case you can ask them for more and they usually do give that as well but 50K is still well above the estimates for the total cost for the year (and again there bursaries etc that make it even more so)

 

Currently interest rates are at 3%. They will eventually rise - we are at over all historical lows. Assuming you take out the maximum amount from scotia immediately ( horrible over estimatations - you would take it out gradually over time after tuition, you won't need 50K) you would pay just a bit over 1500 for the entire year. Of course that amount will increase the following year to using the same assumptions to over 3K and so on. Just a rough example that is not computing it to the penny.

[bordeaux]

Unfortunately I don't qualify for student loans. But this has been helpful, thanks. I am looking to see whether I can calculate how much interest I would accumulate each year.

 

Why do people take out 200 or even 250k if they don't need that much. Isn't that additional interest they'll have to pay back in the end? Say students only need 170k, for example, why would they accept to take the 250k? And if Scotia loans 50k per year, does that mean the yearly interest is lower to pay?

 

Do you know around which figure are situated current yearly interest rates right now?

 

When you are approved for your loc you are given a "global" limit of usually $200 or $250k depending on bank. They all have different terms as to how they allow it to be disbursed and whether or not they subtract outside debt from the global limit. You only pay (or accrue depending again on bank) interest on the amount of that limit you use. For example, I have scotia, my global limit is $200k, they allow me to tap into $50k each year, and after first year I have used about $40,000 of it so that's the amount I am accruing interest on. I usually pay the interest each month but you don't have to with scotia, it just gets added to the balance owing. I will now give them a letter of good standing from Schulich for next year and they will make $100k total avail to me, $40k of which is already in use.

 

So for the interest calculation, to keep it simple, if my $40k balance never changed going forward I'd pay 3% per year in interest or $1200 a year which is of course about $100 a mth. That amount obv goes up as I use more of the loc.

 

Haha sorry rmorelan I see I was typing while u were posting basically same thing.