Finances

[victorias]

This has probably been discussed many times before and I have been looking though previous posts on this matter. I am in a bit of a dilemma with my situation.

 

I am a non traditional student with a graduate degree and work experience. I am preparing for the MCAT and looking to apply to medical school in the next cycle (June 2017 for US, Fall 2017 for Canada). I want to apply broadly so looking mostly at schools in Ontario (3-4 schools depending on MCAT score) and US (possibly 15-20 schools).

 

On second thought I am debating whether or not to apply to the US mainly because of finances. I have savings that I can use for application fees, interviewing costs like travel etc but I am not sure how I would be able to pay for the tuition costs if accepted. I have looked into OSAP but that would not be enough. I don't have any family members that would be able to co sign or lend me money for school. 

 

I really want to do medicine - I have tried other options already including graduate school and working but my heart is still in medicine. I have a decent GPA, good graduate productivity, publications, reference letters etc. But given that it is so competitive to get in at a Canadian school, I want to apply broadly and willing to go anywhere in Canada or US. I am already older than the traditional pre-meds so I really don't have that luxury of time to apply multiple times persistently.

 

Can someone who has gone to a US school or knows more about the finances regarding this give me some advise? Possibly a break down of costs, possible financial aid (if US schools have anything for Canadians) etc would be helpful. Should I be looking at US schools or just stick to Canada?

[uncharted1114]

There are a small handful of top-tier private schools that offer need- or merit-based aid to Canadians, which means that you have to be a competitive applicant to even consider them (generally a 3.8+ GPA, 97th+ percentile MCAT, etc.) If you did get into one of these schools, the amount that you could get for financial aid will vary depending on your own personal financial situation as well as the school's policies and resources. Some schools use the unit loan system, where you are required to take out loans as part of your financial aid package but those loans are essentially capped (the loan is either provided by the school or you have to show that you have an loan at a bank). Other schools don't have a set threshold for their loans so the proportion of grants vs loans in your package can vary. I attend a US school and I posted about this in another thread in case you haven't seen it: http://forums.premed101.com/index.php?/topic/91077-financial-aid-at-a-top-20-school-in-america-for-canadians/?p=1009715

[JohnGrisham]

I wouldn't bother applying to US schools, as you have already stated you dont have the means to pay. If you were competitive for the top tiers that do give big aid, you'd probably get into Canada anyways.

[JohnGrisham]

Stick with Canada first for at least 2 real attempts and then apply to US

[JohnGrisham]

Focus and ace the MCAT.

[deathvvv]

Dont try US schools if you can't afford tuition. Its 4 years of your life and as a non-trad your lifetime earning trajectory is already shortened by 5-10 years because you started later. With the high exchange rate and debt, it makes little sense from a financial POV. Also, you don't want to be stuck in a situation where you run out of bank LOC and personal savings by your fourth year

[victorias]

There are a small handful of top-tier private schools that offer need- or merit-based aid to Canadians, which means that you have to be a competitive applicant to even consider them (generally a 3.8+ GPA, 97th+ percentile MCAT, etc.) If you did get into one of these schools, the amount that you could get for financial aid will vary depending on your own personal financial situation as well as the school's policies and resources. Some schools use the unit loan system, where you are required to take out loans as part of your financial aid package but those loans are essentially capped (the loan is either provided by the school or you have to show that you have an loan at a bank). Other schools don't have a set threshold for their loans so the proportion of grants vs loans in your package can vary. I attend a US school and I posted about this in another thread in case you haven't seen it: http://forums.premed101.com/index.php?/topic/91077-financial-aid-at-a-top-20-school-in-america-for-canadians/?p=1009715

 

 

Thanks! I have read you other post. Do you know how finances would work for mid-tier schools?

You mentioned that you got some need based scholarships at other schools - are you a US citizen or resident? or are these scholarships available to Canadians as well? 

[JohnGrisham]

Thanks! I have read you other post. Do you know how finances would work for mid-tier schools?

You mentioned that you got some need based scholarships at other schools - are you a US citizen or resident? or are these scholarships available to Canadians as well? 

Do not expect scholarships for american schools, it is the very minute exception and not the norm - especially for internationals.

 

Again, do NOT apply unless you can already cover the full Cost of Attendance and buffer for interest.

[uncharted1114]

Thanks! I have read you other post. Do you know how finances would work for mid-tier schools?

You mentioned that you got some need based scholarships at other schools - are you a US citizen or resident? or are these scholarships available to Canadians as well? 

I was a Canadian citizen when I applied, and I applied to 10 schools that gave need-based aid to internationals, 7 schools where international students were eligible for merit scholarships, and 1 school where the 4-year escrow requirement was waived specifically for Canadians. All of those schools are arguably top-tier. Unfortunately, need-based aid is almost non-existent for mid-tier schools, and if it does exist, the amounts given are probably very low. 

 

Honestly, I don't think it's always true that it's easier to get into a Canadian school compared to a top-tier American school, especially since most Canadian schools care mostly about numbers whereas the American admissions process is more holistic. Personally, I knew that given my GPA breakdown (mediocre freshman year dragged me down), I would have been out of the running for many Canadian schools right from the start, so I didn't even both applying through OMSAS. But I attended a top US undergrad college and had a great MCAT score and great extracurriculars to back up my application, so I knew that overall, I was competitive for many top-tier American schools. I also know of a few other Canadians now attending top US medical schools (on financial aid) who had a hard time applying through the Canadian system but had great success with American schools.

 

This isn't to say that you should ignore the other advice given in this thread--you haven't really provided any stats where anybody can judge your candidacy, you haven't taken the MCAT yet so you don't know how competitive you'll be for either Canadian or American schools, and no matter what, you have to be very realistic about which schools you apply to. Notice how I didn't apply to any school that didn't have the possibility of at least some kind of need- or merit-based aid, because you don't want to end up in a situation where you have no Canadian acceptances and your only American acceptance is requiring you to put $350K USD in escrow before you matriculate. And even if you do get into a school that does give you some kind of aid, it might not be enough to make attending the school financially smart or feasible. My advice would be to first take your MCAT and then think long and hard about where you might be competitive, and if you think you have a shot at a top US school that gives aid, then you can revisit threads like these for advice.