Affording Medical School (for Canadian Premeds & Medical Students)

[@BreakingBadDebt]

ADDITIONAL RESOURCES BY SCHOOL: 1)UBC mdprogram.med.ubc.ca/student-resources/financial-support/ mdprogram.med.ubc.ca/student-resources/financial-support/sources-of-funds/awardbursarygrantscholarship-funding/ 2) Uof Alberta, Uof Calgary www.ualberta.ca/medicine/programs/medical-students-association/student-resources/awards-finances cumming.ucalgary.ca/mdprogram/current-students/financial-aid/MedicalSchoolCosts cumming.ucalgary.ca/mdprogram/financial-aid/bursaries-loans/bursaries 3) Uof Saskatchewan medicine.usask.ca/students/undergraduate/student-affairs.php#iconbulletsFinancialResources 4) Uof Manitoba umanitoba.ca/faculties/health_sciences/medicine/education/careers/financialaid.html 5) Ontario Med Schools www.schulich.uwo.ca/learner-equity-wellness/services/financial_assistance.html mdprogram.mcmaster.ca/students/student-resources md.utoronto.ca/financial-aid uoftscholarships.smartsimple.com/ex/ex_viewreport.jsp?key=&token=%40HwoGSxocZERdRRtfQRxZQ11SZV1zH3pgEw~~ www.queensu.ca/studentawards/financial-aid/specific-student-groups/school-medicine med.uottawa.ca/undergraduate/students/student-affairs/program-pillars/financial-guidance/financial-aid www.nosm.ca/education/md-program/financial-assistance/ 6) McGill www.mcgill.ca/medadmissions/prospective/financial-aid 7) Dalhousie, Memorial medicine.dal.ca/departments/core-units/student-affairs/financial-support/scholarships-bursaries-awards.html cdn.dal.ca/content/dam/dalhousie/pdf/faculty/medicine/departments/core-units/admissions/Dont-Panic-Guide-Class-of-2018-Part-2a.pdf www.med.mun.ca/StudentAffairs/Financial-Support/Awards,-Bursaries-Scholarships.aspx

[@anie-christianemayombi8473]

Hey Dr. Steph! Thank you for creating this video! I am an RPN and currently in my last year of BScN and I am stuck between furthering my education to become an NP or MD! I plan on studying for my MCAT summer of 2023 and write it summer 2024! In the meantime, I will continue to work as a nurse (this time RN)

[@BreakingBadDebt]

Good luck! Both careers are great - I work closely with NPs all the time!

[@musicenthusiast19]

Is this 2.45% interest rate per year or per month? If you get 350 CAD debt in April 10 2024, how much will you owe in April 10 2025?

[@mateofarfan8254]

Hey Steph, thanks very much for putting this together! A very informative talk. I just had a question - Regarding the 30% of income towards rent figure - I've often heard that quoted for individuals making full-time income, but would that still apply to medical schools whose primary source of income is grants/scholarships/research stipends? Let's assume the following scenario: I'm an incoming MS1 (2020) with a 10K entrance scholarship, and I acquire a 5K studentship for the summer of 2021, that would equate to 15K of Income between Sept 21 - Sept 22'. 30% of 15K = 4500$ / 12 months = 375.00$ /month for rent. This is quite a low number, especially considering the avg. rents in most larger cities in Ontario (not to even begin to speak of Toronto..). Am I off on this assessment, could you care to clarify? Thank you!

[@BreakingBadDebt]

Hi Mateo, that's a good question! For students, the way landlords would think about it is based on how much money you have access to, not necessarily your earning potential as not all students have a job. See calculations below: So let's say you have a $350K Line of Credit and for ease of calculations, no entrance scholarship or studentships: $350K/4 years = $87500 30% of $87500 = $26250 $26250/12 months = $2189.50

[@kholoudelsafy]

Hi. Thank you so much for your brief and amazing lecture. I am a mom of two kids and we’re a low income family. I want to pursue medical school because that is my real passion and love and I can’t get it out of my mind even though I got a masters in engineering. But I am too scared tot the financial burden. How will I afford it and support my kids living as well. it seems impossible .. I just feel like I have to give up my love and dream and work something I don’t like just because of money! This is not fair all schools should be affordable to students Do you have any advice you can give me please😊 thank you

[@BreakingBadDebt]

Hi Kholoud, thank you for your kind message. Sending you some encouragement to apply! When you get into medical school, there are multiple sources of funding students use: OSAP/Government grants, Bursaries & Grants, Scholarships, part time job, and a Line of Credit to help cover their expenses. There are lots of parents who are also medical students, and they are a good source for advice as well. Definitely drop by the financial aid office to speak about how we can help you afford medical school.

[@kholoudelsafy]

Thank you so much for the encouragement! I really appreciate it and I will do that because it seems to be for me the right thing to do . Thanks again