Students

Medical school loans

[OP]
Newbie
Nov 2, 2019
2 posts

Medical school loans

I am in a tough situation with paying for my school tuition. I am currently enrolled in a Carribean school and have 2 tuitions left to pay. The previous 8 tuitions were paid in full. I calculated the average cost for me to graduate from my current standpoint including my tuition, living expenses, Step 2 exam fees, and residency applications coming out to be roughly $60,000 US dollars.

My family helped finance my education up until now but are struggling to continue to do so. I am grateful for everything they have done to allow me this opportunity to pursue this dream but I am now at risk of being kicked out because of my tuition situation. I am performing really well in school and have scored a fairly competitive grade in Step 1.

I don't have any loans but was hoping to get a student line of credit or some equivalent. I wanted to do this before leaving to medical school as a safety net in case a situation like this would arise but my mother convinced me not to and confidently reassured me she would be able to pay for the costs of my education. I deeply regret that decision now.
Went to RBC while I was in Canada because I found they provide great loan services for students in professional schools. Found out I needed a co-signer which is where I got stuck. I asked family and friends to help co-sign but no one was willing to do it, which I completely understand because it is a large responsibility.

I reached out to my finance department at school for suggestions and the best advice they could provide was to try applying for OSAP and scholarships. I have not used OSAPs serviced before but will attempt to contact them. I know I won't receive enough to cover the cost of my education but it would definitely be helpful for basic living expenses. In terms of scholarships, I have yet to find any that I qualify for.
I did some research on student private loan companies and most seem to be in the US. They require you to be a US citizen or permanent resident which I am neither. I don't know of any in Canada.
I am making this post to reach out for advice. Especially if anyone has gone or knows someone who has had a similar situation. Not sure what to do at this point. It is something that consumes my thoughts daily.
7 replies
Deal Fanatic
Jan 21, 2014
5059 posts
2683 upvotes
Did you try different banks? like Scotiabank or TD? Scotia has very competitive rate and neither require co-signer though that was for med school in Canada
[OP]
Newbie
Nov 2, 2019
2 posts
I tried CIBC but haven’t contacted scotia or TD. General consensus I got was that co signer is required if you go to school outside of Canada but I can try searching online or calling to see what they say.
Deal Fanatic
Jan 21, 2014
5059 posts
2683 upvotes
I don’t know the situation with your family but if they have supported you 80% of your journey, it’s kind of wasted if you have to drop out now when you are so close to complete. At least if they co-sign the LOC, you just pay the minimum each month then it’s not much of a burden as long as you honor the debt. I knew couple of people sold their houses or took out a huge mortgage to finance their children attending med schools in the Caribbean islands
Sr. Member
Jan 1, 2015
547 posts
438 upvotes
Toronto, ON
mkl38s wrote: Did you try different banks? like Scotiabank or TD? Scotia has very competitive rate and neither require co-signer though that was for med school in Canada
In Canada is the keyword. Carribean schools are considered as higher risk for obvious reasons.
Deal Fanatic
Jan 21, 2014
5059 posts
2683 upvotes
OP, if it's anything similar to Canadian med school system, you will spend quite a bit more money in the last year too, 16 weeks electives plus travels for interviews, etc. Your best hope is to convince your parent(s) to co-sign you for a loan. Because the incomplete rate is high and chances of coming back to Canada are very small, I doubt if any of the banks will provide you a loan without a co-sign. Good luck OP, I hope you can find a solution to your issue
Deal Expert
Feb 29, 2008
24755 posts
3055 upvotes
Montreal
FrugalConsumer wrote: In Canada is the keyword. Carribean schools are considered as higher risk for obvious reasons.
Yup

https://www.scotiabank.com/healthcare/c ... dents.html

The fine print:
To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions:

• Enrolled in a Canadian university medical degree program

• Has been accepted or is completing a medical residency in Canada

• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada

• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory

• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory

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