Dr. Brule Posted May 14, 2014 Report Share Posted May 14, 2014 Hi guys -- Does anyone know of a comprehensive article or something on the best way to finance med school? I know banks will give out generous loans, but are there (cheaper) alternatives? Link to comment Share on other sites More sharing options...
jmatt1122 Posted May 14, 2014 Report Share Posted May 14, 2014 I think the standard practice is just to apply for OSAP and cover the rest with LOC. UofT has a pretty good bursary program though, don't they? I remember them saying most students who are eligible for OSAP get a bunch of money from the school. Link to comment Share on other sites More sharing options...
Dr. Brule Posted May 14, 2014 Author Report Share Posted May 14, 2014 Okay thanks - good to know! I'll speak with the OSAP peoples at my school tomorrow. Link to comment Share on other sites More sharing options...
ralk Posted May 14, 2014 Report Share Posted May 14, 2014 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. Link to comment Share on other sites More sharing options...
jellybean321 Posted May 31, 2014 Report Share Posted May 31, 2014 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. Link to comment Share on other sites More sharing options...
jmatt1122 Posted May 31, 2014 Report Share Posted May 31, 2014 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). Link to comment Share on other sites More sharing options...
Aetherus Posted May 31, 2014 Report Share Posted May 31, 2014 Does anyone know if scholarships for Queen's were attributed during application, or will we be able to apply for these later? Link to comment Share on other sites More sharing options...
Silverwolf1277 Posted May 31, 2014 Report Share Posted May 31, 2014 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? Link to comment Share on other sites More sharing options...
jmatt1122 Posted May 31, 2014 Report Share Posted May 31, 2014 Is this automatically given along with the osap when you apply or is it a separate application for the grant part? Automatic. Link to comment Share on other sites More sharing options...
Savac Posted May 31, 2014 Report Share Posted May 31, 2014 Does anyone know if scholarships for Queen's were attributed during application, or will we be able to apply for these later? There's some stuff on SOLUS for scholarships/bursaries Link to comment Share on other sites More sharing options...
PLASTICSX Posted June 2, 2014 Report Share Posted June 2, 2014 There's some stuff on SOLUS for scholarships/bursaries I thought we had to apply for bursaries before the offers came out? Link to comment Share on other sites More sharing options...
Savac Posted June 2, 2014 Report Share Posted June 2, 2014 I thought we had to apply for bursaries before the offers came out? I honestly don't remember, lol Link to comment Share on other sites More sharing options...
Aetherus Posted June 2, 2014 Report Share Posted June 2, 2014 Yeah we did, was a general bursary form. There could still be other scholarships for entering students though (I think) Link to comment Share on other sites More sharing options...
Sarvish Posted June 2, 2014 Report Share Posted June 2, 2014 Do most people get grants for OSAP? My estimate was only for the maximum loan amount. My family income isn't super high either. Link to comment Share on other sites More sharing options...
Aetherus Posted June 2, 2014 Report Share Posted June 2, 2014 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! Link to comment Share on other sites More sharing options...
Sarvish Posted June 2, 2014 Report Share Posted June 2, 2014 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? Link to comment Share on other sites More sharing options...
Aetherus Posted June 2, 2014 Report Share Posted June 2, 2014 Not sure, hopefully we can apply next year and get a greater amount. Someone would have to confirm this however Link to comment Share on other sites More sharing options...
ygella Posted June 2, 2014 Report Share Posted June 2, 2014 Hey guys, isnt the condition that we need to be out of high school for 4 years and not have attended a post-secondary institute? Link to comment Share on other sites More sharing options...
Hockeynut Posted June 2, 2014 Report Share Posted June 2, 2014 Nope, just out of high school for four years. It had a massive impact on my amount of OSAP. Link to comment Share on other sites More sharing options...
Aetherus Posted June 2, 2014 Report Share Posted June 2, 2014 Can't complain because I got in after third year, but this killed my OSAP. Can I reapply for OSAP next year when my parents salary will no longer be considered? Link to comment Share on other sites More sharing options...
Hockeynut Posted June 2, 2014 Report Share Posted June 2, 2014 I never used OSAP before but I'm pretty sure you have to reapply each year anyways. So you should get way more next year. Link to comment Share on other sites More sharing options...
futurefamilydoc Posted June 2, 2014 Report Share Posted June 2, 2014 Can't complain because I got in after third year, but this killed my OSAP. Can I reapply for OSAP next year when my parents salary will no longer be considered? You apply every year for OSAP, so next year you should be fine. Link to comment Share on other sites More sharing options...
Starfish31415 Posted June 12, 2014 Report Share Posted June 12, 2014 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 ) 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 though i haven't checked his math tbh Link to comment Share on other sites More sharing options...
Sarvish Posted June 12, 2014 Report Share Posted June 12, 2014 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 ) 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 though i haven't checked his math tbh 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. Link to comment Share on other sites More sharing options...
Hintobean Posted June 12, 2014 Report Share Posted June 12, 2014 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). Link to comment Share on other sites More sharing options...
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