Funding for Canadians?

[drpopeye]

A Canadian friend was telling me he is having difficulties getting funding despite getting admitted to an Aussie med school.

Things have changed since I went through med school in Aus. I used CanHelp and Royal Bank. However, now it sounds like CanHelp doesn't exist anymore and the tuition levels in Aus are so high that the Royal Bank loans will not cover them.

How do people pay for med school now? (I mean the few that don't have big savings or family members supporting them)

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[Phloston]

A Canadian friend was telling me he is having difficulties getting funding despite getting admitted to an Aussie med school.

Things have changed since I went through med school in Aus. I used CanHelp and Royal Bank. However, now it sounds like CanHelp doesn't exist anymore and the tuition levels in Aus are so high that the Royal Bank loans will not cover them.

How do people pay for med school now? (I mean the few that don't have big savings or family members supporting them)

I'm a third-year med student at UQ. I had two Canadian housemates my first year. One had a rich family and paid it all upfront. The other could only get something like $80,000 for all four years here. Considering tuition is 50k/yr + living expenses = 70-80k/yr, his family was using their life savings to pay for it, on top of the max loans.

 

[rayjay]

You can get your max amount from your province (assuming he/she already doesn't have loans through them). BC gives you a max of $60,000 (~15,000 per year), that's what I'm on. RBC will also give you the professional student line of credit (my parents co-signed since I'm going out of the country). This was $150,000 which will not cover everything but they did say I have the option of coming back in 3rd year and requesting more which is an option for your friend.

Cheers

 

[Uzr]

CIBC covers $200 K I think. Would have to find the difference through another loan. The CIBC interest is ridiculous.

Scotia Bank has a great program if you're studying in Canada, you don't even have to pay it back till you get a residency and the interest is low but they have nothing going if you're studying abroad unless the program doesn't exist in Canada.