LOC and Government Loands

[bikekp]

Hi Everyone,

 

I know that there are a lot of forms on this, but I was just wondering if anybody has both a LOC and using government loans? I'm not totally sure if I want to practice in a rural family, but as far as I know they only forgive government loans, but I would have to start paying those back during residency. So should I just stick to a LOC only, or would it be better to max out government loans and then make up the difference with a LOC? If I choose to specialize, I feel like having government loans and paying them off will be a challenge.

 

I will have BC student Aid, not OSAP. (I wish I was from Alberta because then they extend your interest free period into residency...)

 

Thanks!!

[rmorelan]

Hi Everyone,

 

I know that there are a lot of forms on this, but I was just wondering if anybody has both a LOC and using government loans? I'm not totally sure if I want to practice in a rural family, but as far as I know they only forgive government loans, but I would have to start paying those back during residency. So should I just stick to a LOC only, or would it be better to max out government loans and then make up the difference with a LOC? If I choose to specialize, I feel like having government loans and paying them off will be a challenge.

 

I will have BC student Aid, not OSAP. (I wish I was from Alberta because then they extend your interest free period into residency...)

 

Thanks!!

 

pretty much everyone used the government loans as they can due to the interest relief aspect as student. Then if necessary they use the LOC to pay off the government loans due to the lower interest rate and greater flexibility (with a government loan you have to pay as a resident - in theory if it is the LOC you don't until you are done residency etc).

 

Plus as you mention there is the somewhat changing landscape of advantages that some government loans may have. Maybe you can use them, maybe you cannot but it doesn't matter. There is no downside, but there are advantages so yeah you max the government loans.

[bikekp]

Awesome, thanks for your response. I can get through 1st year with out any loans or LOCs, and until next year my parent's income will be a huge factor in student loans. But I guess will be pulling the $12,000 out from student aid bc for 2-4th year.

[rmorelan]

Awesome, thanks for your response. I can get through 1st year with out any loans or LOCs, and until next year my parent's income will be a huge factor in student loans. But I guess will be pulling the $12,000 out from student aid bc for 2-4th year.

 

sure I am not as aware of the BC student loan process - in ontario by the time you are in medical school you are basically outside of their concern about your parents income. Surprised BC is still worrying about that for you but meh that is governments. Bottom line is do whatever you can to max out the governments loans whenever you can etc

[benhc911]

a couple things about government assistance and LOCs, this from a NOSM perspective, but also from an OSAP perspective.

 

Applying to OSAP is a pre-req to be eligible for NOSM bursaries (of which most people get a bit of money), I imagine it would similarly apply for BC support.

 

Government support generally doesn't charge interest until you are done education, and while some programs extend this until residency, you can pay it off with your LOC at that point if they dont. If you put it all on your LOC it will be accruing interest immediately.

 

People who are approved for OSAP often get a portion of their funding as a "grant" that they don't have to pay back - perhaps BC has something similar?

 

there are other reasons that are less significant... but I think these are enough to make it worth applying.

[bikekp]

BC unfortunately doesn't have any grant money unless you have a disability or are aboriginal. I have enough for 1st year to get by without either student loans or LOC, but I guess then I will be applying to SABC next summer. So no NOSM bursaries for me this year (but I also don't need them). I have a couple of scholarships from UofC to start this year though.