Funding Ot/pt Studies

[cashmere]

Does anyone know the best way to fund grad studies (LOC/loans/OSAP)? I'm slightly overwhelmed and don't know where to being looking.

[Boa]

I have a similar question; is it a good idea to work part time during grad school? I doubt I would be able to pay rent + tuition fees with student loans...

[laudable]

According to the most physio school websites, you cannot work while in physio school due to the demanding nature of the course but really, it depends on the individual. If you think you can handle all the pressure, then definitely you can work. 

I think most people use student loans since most banks have a special loan for professional programs. You can look into it.

[Mokes]

Working during PT/OT is not recommended as it's as full-time as it gets. That said, I know a few people who have done it, and while they were super stressed, they made it work.

Have you guys looked into taking out student lines? Most banks offer up to ~$50 000 over two years for MPT/MOT programs. Not ideal since you rack up interest (usually prime + 1%), but you don't have to pay that until after graduation most places.

Essentially the idea is that with a professional degree, you'll be all but guaranteed stable income in the future, so they don't stress about not getting paid back (thus they can lend you more money).

[ITRoller]

Banks do give LOCs to professional students, but be careful where you go: TD doesn't consider PT/OT a professional program and will barely give you enough to cover tuition alone. RBC is fantastic, so if you go the LOC route, I'd talk to them first! You do pay interest while you're in school, but only on what you use. I.e. if you use $2000 you pay interest on $2000, nothing more. You don't make principal payments until 12 months after you've graduated (that time period varies bank to bank). 

[laudable]

Banks do give LOCs to professional students, but be careful where you go: TD doesn't consider PT/OT a professional program and will barely give you enough to cover tuition alone. RBC is fantastic, so if you go the LOC route, I'd talk to them first! You do pay interest while you're in school, but only on what you use. I.e. if you use $2000 you pay interest on $2000, nothing more. You don't make principal payments until 12 months after you've graduated (that time period varies bank to bank). 

I agree. RBC is great. I have a LOC with them. same terms and its for my undergrad