You can pay for your education with a variety of sources including a line of credit, Federal and Provincial student loans and bursaries.
How do I get started?
- Become a member of the Canadian Medical Association (CMA). Join now!
- Complete a quick and easy to use debt assessment. It will provide a snapshot of your current financial health and be the starting point of your financial planning journey.
- Share these results with an MD advisor. Together with your MD advisor, you can build a financial plan that will support you throughout medical school, residency and into practice.
What are the benefits of an MD line of credit?
- You can borrow up to $200,000 by the end of residency in flexible annual increments.
- You can defer payment until 12 months after you complete residency or choose to pay some or all of the interest at any time.
Get the advice you need to keep your debt at a manageable level. Contact an MD advisor today.
Student loans, bursaries, scholarships
Contact your university to find out what student loans, bursaries and scholarships are available to you. Or learn more about the Canadian Medical Foundation.
The Canadian Medical Association's bursary program is designed to help students combat the ever-increasing costs of a medical education and avoid the heavy debt loads that too often accompany the commitment to our profession. Learn more...
Banking products are provided by National Bank of Canada's Partnership Branch through a relationship with MD Physician Services. Subject to credit approval by National Bank. Certain conditions apply.
The following medical students or residents are not eligible for this program: those studying part-time, attending a non Canadian school, enrolled under the Canadian Defence Medical Officer Training Plan (MOTP), Non Canadian citizen or non permanent resident. Medical students or residents belonging to one of the foregoing categories may be eligible for standard loans (with a qualified Canadian resident co-applicant). All loans are subject to credit approval by National Bank of Canada.
A statement of account is mailed every 30 days. There is no obligation of interest or capital payment during medical school or and residency. Interest will accrue during this period. Interest and insurance premium fees (if applicable) always appear on the monthly statement of account; and bear interest beginning at this time. It is possible to pay those fees if desired. No annual fees. No administration fees.
Examples of credit charges calculated over a 30 day period at the applicable interest rate as of April 1st 2011:
- Average balance
- Credit Charges (Interest rate 3.00% - No annual fees)
- $500.00
- $1.23
- $3,000.00
- $7.40
