Canadians in the US

[M.Furfur]

I got accepted by an american school and this was like a dream come true. That was all I wanted in life and now that Im accepted Im starting to get 2nd thoughts. They are not about medicine as I have lots and lots of clinical experience and I know there is nothing on earth that I'd want to be other than a physician.
However Im to scared about how expensive my school is and if I will be able to pay my debts later on and also doubts about if I am good enough to do well in school.....
Has anyone been through this? any ideas about financial burden and how to get over this?

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[pattycanuck]

I got accepted by an american school and this was like a dream come true. That was all I wanted in life and now that Im accepted Im starting to get 2nd thoughts. They are not about medicine as I have lots and lots of clinical experience and I know there is nothing on earth that I'd want to be other than a physician.
However Im to scared about how expensive my school is and if I will be able to pay my debts later on and also doubts about if I am good enough to do well in school.....
Has anyone been through this? any ideas about financial burden and how to get over this?

Options:
1) Scotiabank, RBC, etc. Line of Credit (= or > $150k)
2) family loan, remortgage family home
3) if you know what you want to do specialty-wise (most shouldn't as they have not even experienced that specialty AS A DOCTOR/CLERK, but it is an option), approach a community - usually smaller rural town - to sponsor your education in part or full for a return of service contract (longer=more funds); some total incentives can generate close to $250k alone ... and that is without working. Dispensing of funds maybe over time or all at once then or at the start of your job. Remember, possibly heavy penalties can apply if you don't fulfill you obligations. These towns will most likely be looking for a FM doc so kudos if you want to go down this track.

Of note, once you graduate residency and start working, you should be able to clear your debt within five years. An example given to us at our academic residency days (lectures on how to run your FM practice and make it financially efficient) showed us that someone with a $150k liability can clear their debt in a FM in Ontario IF MANAGED well within about 2 years time. As well, it was indicated that if you couldn't clear a $150k debt in 5 years, then you shouldn't run a business/FM practice 🙄

Peruse some of the other topics in this and other international forums using the search function and see what other Canadians that go abroad are doing for their funds. US schooling is much more expensive, but at least you can start with this info as something.

Good luck!

PC

 

[companyofheroes]

Here's some more info for you:

Join your provincial medical association (Canadian Medical Association membership follows) for 5 bucks a year. This gives you access to $150K without a cosigner through the MD Financial (CMA financial management company). They will give you 50K your first year (at least that's what I got).

I am also collecting a BC student loan, and I got a ridiculously expensive private loan from TERI (the CANhelp loan).

I wouldn't worry too much about payback time. The physician shortage is only getting worse, and all sorts of places are offering incentives (ie FPs4BC is giving $100K to set up a practice in rural BC).

If it comes to it, you could join the military when you are done...their signing bonus is a cool $180K if you join right after medical school and enter a FP residency.

 

[pattycanuck]

Ah yes, I forgot about the MDM and Canadian Forces facts/options!👍

FYI: As an example, Belleville, Ontario is offering $150k for FPs, plus $50k with $10k moving for being a hospitalist/FP both over 5 years. Also, you may receive $15k over 4 years as it is an underserviced area. Of note, Canadian grads can also avail of a $40k free tuition grant over 4 years (not applicable to IMGs, and not sure if Americans grads are covered - most likely not). All of these are incentives only and not part of your normal earnings. Needless to say with the reinvention of Family practice in Ontario, I have heard many FPs starting to gross over $500k pa - hard to believe but true (more in the rural areas).

 

[redshifteffect]

Ah yes, I forgot about the MDM and Canadian Forces facts/options!👍

FYI: As an example, Belleville, Ontario is offering $150k for FPs, plus $50k with $10k moving for being a hospitalist/FP both over 5 years. Also, you may receive $15k over 4 years as it is an underserviced area. Of note, Canadian grads can also avail of a $40k free tuition grant over 4 years (not applicable to IMGs, and not sure if Americans grads are covered - most likely not). All of these are incentives only and not part of your normal earnings. Needless to say with the reinvention of Family practice in Ontario, I have heard many FPs starting to gross over $500k pa - hard to believe but true (more in the rural areas).

Australia has similar options for students willing to do their FM training in towns less then <100 000 in population. Rural practice incentive scheme offers $60 000 over the duration of your training on top of the salary (100k +) + depending on your zone you also get upto $20 000 of your salary tax free. This puts your taxes into the 30% range rather then the top tier. There are also usually community bonuses for FM residencies in particular areas. You also do not have to be a citizen/PR to apply for these incentives, just in the FM training program.

 

[McGillGrad]

haha...

come on... unless you feel that you're going to fail out, people will be throwing money at you for the rest of your medical school life....