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Paying for medical school


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The basic strategy for paying for med school is pretty straight-forward. Go down the following list in order until you've met your financial obligations

 

1) Get as many scholarships/bursaries possible (it's free money)

2) Use saved money (any saved funds cut into your OSAP, so use it up if you've got any)

3) OSAP (part grant, so more free money; loan portion has 0% interest until graduation)

4) LOC from a major bank (should comfortably covers any remaining expenses, has lowest interest rate you will ever get)

 

Basic timing of this is to minimize the balance of your LOC, especially early on, to minimize interest payments until graduation. At graduation, OSAP starts charging interest, which has a higher rate than the LOC, so most people simply pay off OSAP using their LOC.

 

There's not really a "cheaper" way to do this, since our LOCs charge interest at the prime rate, which is as good as anyone will realistically get.

 

If you have a source of outside funding, like very rich parents, that's about the only alternative. That'll keep your debts low, but it's not an option for most of us and isn't all that necessary even for those who have it available.

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  • 3 weeks later...
I know this May be an obvious question, but do you have to be from Ontario to apply for OSAP? What if you're from another province but will be going to school in Ontario.

 

Yes. OSAP is only for people from Ontario (or have lived in Ontario for a certain period of time without being in school). You'll have to apply to your home province's student assistance program.

 

Full requirements from OSAP site:

You must be an Ontario resident in order to be eligible for COISL. To be considered an Ontario resident, you must meet one of the following residency criteria:

 

You have always resided in Ontario, or

Ontario is the last province you resided in for 12 consecutive months without being a full-time postsecondary student.

In certain circumstances, you can meet Ontario residency requirements on the basis of the residency of your spouse (if applicable) or parent(s) (if applicable). You must fill out the OSAP application to determine whether your residency can be based on that of your spouse or parent(s).

 

If you have never resided in any Canadian province for 12 consecutive months in which you were not a full-time postsecondary student, you may be eligible for assistance in Ontario. If you wish to determine if you are eligible for financial assistance, contact the financial aid office at the Ontario postsecondary institution you plan to attend to discuss your situation. You may be required to provide a history of your (and your spouse or parent(s), if applicable) residency in Canada as well as documentation that confirms your date of entry into Canada (e.g., Canadian Immigration Record, Permanent Resident Card, or Protected Persons Status Document).

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3) OSAP (part grant, so more free money; loan portion has 0% interest until graduation)

4) LOC from a major bank (should comfortably covers any remaining expenses, has lowest interest rate you will ever get)

 

 

Is this automatically given along with the osap when you apply or is it a separate application for the grant part?

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Sarvish, both of us got in after third year so our parents income is taken into consideration (have to be out of highschool for 4 years minimum so that is not taken into consideration). This lowers our osap alot!

 

That explains it, thanks! I guess we'll get the grants next year then?

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  • 2 weeks later...

Considering that most, if not all, med students have similar financial situations once they're considered independent (read: broke, in debt, and not much time in the summer to work :P ) does this mean that most people get around the same grant/loan amounts? If so, could someone from previous years tell me roughly how much this is?

 

Someone on the western boards apparently did the math and concluded that working can actually be to your disadvantage :confused: though i haven't checked his math tbh :D

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Considering that most, if not all, med students have similar financial situations once they're considered independent (read: broke, in debt, and not much time in the summer to work :P ) does this mean that most people get around the same grant/loan amounts? If so, could someone from previous years tell me roughly how much this is?

 

Someone on the western boards apparently did the math and concluded that working can actually be to your disadvantage :confused: though i haven't checked his math tbh :D

 

 

I don't know the exact amount, but there's a certain point where every dollar you make subtracts the same amount from your grant amount so you're essentially working for no good reason and why people recommend not working.

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In most cases (certain exceptions): OSAP will give you up to $12 240 depending on your financial information for a 2 term study period BUT the maximum that you will ever have to pay back is $7300. (Both of these amounts are higher for Mac students since they are in school year-round.)

 

The income you get from working a summer job might reduce your OSAP funding in such a way that they give you less than the maximum but you still have to pay back the $7300; however, I don't think it would be a dollar for dollar decrease. Just as a quick note: other scholarships and bursaries have the same effect on your funding.

 

I think the best way to approach the job quandary is to look for something to do--paid or volunteer--that is applicable to your future career. (i.e. maybe don't go back to your barista job but if there's a research project you could help out with it might be worthwhile).

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