Loans for US Medical Schools

[COMSA-premed]

Placeholder post for discussion on LOCs, provincial/federal loans, and other associated funding.

 

1. Professional Line of Credit - Most major banks.

 

Pros: Higher limits, generally $200-250k, can get a higher limit if you have a strong cosigner/family history with the bank

Cons: Interest accrues immediately on what you borrow, however payments while in school are limited to what you borrow.

 

2. Provincial/Federal Student Loans: Ex. OSAP, StudentAidBC,

Ex.

Province Lifetime Max Link

------------------------------------

 

Alberta $150,000 http://alis.alberta.ca/et/fo/studentsfinance/students-finance.html

BC $50,000 https://studentaidbc.ca/

Ontario $15,000/yr * International schools receive less per week http://www.ontario.ca/education-and-training/how-get-osap

 

So on and so forth

 

Pro: Interest doesn't accrue until you are out of school.

Con: Depending on province, it may not be much comparatively to Bank LOC

 

3. Other sources of funding

1. Prior career savings

2. Parental/Spousal Support

3. Bursaries and scholarships

 

Feel free to post any other sources that you personally have researched and are aware of.

[COMSA-premed]

http://www.ontario.ca/education-and-training/maximum-amounts-aid

 

This may provide a bit of insight for Ontario students, to note the difference in funding dependent on where the school you are attending is located.

[andy_ac1992]

Thank you. Im pretty new to using forums and wanted to ask if aacomas used the AMCAS grading system. I ask because I read on their site they use a standardized A A- B+ B B- C+ C corresponding to 4.0 3.7 3.3 3.0 2.7 2.3.

 

At my school ( I go to York) we have A+ A B+ B C+ C and in the AMCAS both A and A+ are 4.0 but I'm not sure how that works with aacomas. Does anyone know or could someone start a thread on this?

 

Thank you.

[COMSA-premed]

You can check out the AACOMAS application instructions on their site, and they indicate their structure. Generally speaking, you input the course letter grade as it is indicated on your transcript into the AACOMAS application and they convert that to the numerics.

 

A/A+ = 4.0

A-=3.7

B+=3.3

B=3.0

B-=2.7

C+=2.3

C=2.0

C-=1.7

 

Your transcript has the necessary scales on them, and AACOMAS may/will take them into account, generally the above is what is used though. Read the application instructions and they should provide the definitive answer.

[andy_ac1992]

Thanks so much for your help I really appreciate it.

[COMSA-premed]

Not a problem, feel free to post any information you find that others in your shoes may find interesting back here; re: loans. Thanks!