How to fund

[filter105]

Hello,

 

sorry it might be a repeated question...but I just wanted to clarify my understanding with differences in funding system between two provinces.

 

1. OSAP has a cap of $7000 to be paid back no matter how much your loan ends up being (usually less than $15,000?), but also the loan is not enough to cover the tuition therefore students NEED to get LOC. Typically grant is ~2000? No other funding source available?

 

 

2. Alberta student aid loans are little more than OSAP (>20,000) however unlike OSAP there is no cap, so you have to pay EVERYTHING back. Grant is very limited, typically less than 2000 - for low income only. However less money borrowed using your LOC.

 

 

 

I thought the student aid in general had same rule, but it seems if you have OSAP, you end up with less loan because the province covers majority of it as a form of grant while for Alberta student aid, there is no grant nor cap, however loan is generous and tuition is cheaper, so you don't really need LOC?

 

 

 

Thank you.

[Real Beef]

I would recommend getting a LOC even if you dont think you need it. It is cheap money and you may find that you need it in the future ... i.e. your car breaks down, you have a kid during medical school, you need $5000 for CaRMs.

 

If you dont get a LOC at the beginning of medical school you wont be able to get the full amount if you change your mind mid-way through the later years. It is good to have as a back up and you should always have way more on hand than "just enough" because life tends to show you that life is more expensive than you expect.

 

Beef

 

Hello,

 

sorry it might be a repeated question...but I just wanted to clarify my understanding with differences in funding system between two provinces.

 

1. OSAP has a cap of $7000 to be paid back no matter how much your loan ends up being (usually less than $15,000?), but also the loan is not enough to cover the tuition therefore students NEED to get LOC. Typically grant is ~2000? No other funding source available?

 

 

2. Alberta student aid loans are little more than OSAP (>20,000) however unlike OSAP there is no cap, so you have to pay EVERYTHING back. Grant is very limited, typically less than 2000 - for low income only. However less money borrowed using your LOC.

 

 

 

I thought the student aid in general had same rule, but it seems if you have OSAP, you end up with less loan because the province covers majority of it as a form of grant while for Alberta student aid, there is no grant nor cap, however loan is generous and tuition is cheaper, so you don't really need LOC?

 

 

 

Thank you.

[future_doc]

You need a LOC. It is there for a reason.

[rmorelan]

You need a LOC. It is there for a reason.

 

Yeah it is required unless you are getting some pretty heavy support from parents etc. The average LOC debit according to the CMA by the way is 160K at the end of medical school as per their last presentation I went to - which was Thursday. That includes people who rolled their OSAP etc into the LOC at the end of medical school.

[BoyInTheBubble]

If you dont get a LOC at the beginning of medical school you wont be able to get the full amount if you change your mind mid-way through the later years.

 

You can get the full amount at any time.

 

Some banks have a limit on per year spending (which is reason to avoid them). You can get access to 250 000 from RBC, for example, in days. Which is an insane amount to blow, so use it wisely.