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Finances
Medical school is expensive. But money should never be a factor in your decision to apply. Tuition alone costs approximately $15,000 per year, not the kind of money that most people have available to them. As well, there are the very real costs of books and equipment as well as travel expenses, rent, food, parking, internet, phone, and a professional wardrobe. It will be next to impossible to have a job during medical school, and although some people are able to work during the first 2 summers, many chose to use the time to do research or extra clinical work to increase their chances of being accepted into the residency program of their choice. But do not fear, although these expenses are large, they are not insurmountable and money is available for you.
Sources of money:
1) Student Loans
Canadian Student loans
Provincial Student Loans:
OSAP (ontario)
Nova Scotia Student Loans
Newfoundland Student Loans
Newbrunswick Student Loans
Quebec Student Loans
Manitoba Student Loans
Saskatchewan Student loans
Alberta Student Loans
BC Student Loans
These are usually quite generous. If you have been living away from your parents for at least 4 years (as most people have by the time they start medical school) their income will not be taken into account when calculating the amount of loan available to you. As well, because of the size of the loan, you will likely be eligible for the Canada millennium bursary. If you need a car for medical school, see if you can keep it in your parent's name instead of your own because part of the cost of the car will be held against the amount of loan you are eligible for. You will need to start paying off your debt when you start residency, except if you do your residency at Memorial in Newfoundland.
2) Bursaries from your medical school. To receive a bursary, most often you must have applied to Canada Student Loans and provincial student loans. So even if you think you will not receive anything from these loans, it is worth applying for so you are eligible for bursaries. You have to claim bursaries as income when you do your taxes.
3) Banks. Banks want to give you a large loan to get you through medical school.
Bank of Montreal
tdcanadatrust
Scotia Bank
RBC
Unless you have a rich uncle who saved up just so you could go to medical school, you will likely need to apply for a line of credit with a bank. Because you are in medical school, you will often only be charged prime (as opposed to prime plus 1 or 2) as interest. These lines of credit can hover around $150,000, and you are charged interest on the amount that you take out. Most people I know had to take out a line of credit to make it through medical school, the Canadian and Provincial loans only really cover tuition, if that.
The bottom line:
Money really is there to get you through medical school. There is no reason why only those with money already should be applying. Do not let money issues stop you from pursuing this dream. Things will be tighter for you if you have a partner or children, but hopefully will not be impossible. If you already have student debt, you will be able to put the payments for it on hold while you are enrolled full time in a university program.
The caveat:
Just because you have a large line of credit available to you, you must still be cautious with your spending. Interest adds up quickly. When you graduate from medical school you will be making a starting salary that works out the equivalent of minimum wage per hour for the first year. You may want part of your line of credit to be available to help make a down payment on a house or help you with expenses during your first year of residency. You will be making payments on your student loans during this year as well. If you think you need one, get a financial advisor. The Canadian Medical Association has financial advisors available to all medical students as part of their membership. These financial advisors do not represent any particular bank or lending institution, and their sole purpose is to help doctors manage their money. They will be able to give you unbiased advice regarding finances.