Show Me the Money!

The fundamental principle of the “University of Toronto Policy on Student Financial Support” states that no student offered admission to its programs will be unable to enter or to complete the program due to a lack of financial means.

Students from all economic backgrounds attend our school; some are fortunate enough to have family assistance, investments, and savings, while many rely on lines of credit, loans and bursaries to fund their educations. Regardless of financial background, there is lots of support available throughout the program to students who have questions or concerns regarding finances.

How ever you choose to pay for school, most students will accumulate a significant amount of debt at the end of 4 years. Remember that you are certainly not alone in this, and that upon graduation you are going to start making money! Generally, physicians are very well remunerated and you will be able to pay off your loans.

For more information on financial services please visit: Faculty of Medicine - Financial Aid

Funding Options

1) The Line of Credit (LOC)

Banks are quite happy to offer significant LOCs to students entering professional programs. It’s as simple as a trip to the bank with your confirmation of enrollment documents. The average LOC for Medical School is $150,000 - $200,000, sometimes with limits such as $40,000 per year of medical school. The money is readily accessible whenever you need it, and many financial institutions waive all other bank fees in order to secure your business. In addition, the lending institution will typically monitor the account to ensure that students aren’t spending too much too early.
CAVEAT: With any LOC, although you can borrow a lot of money at a comparatively low rate of interest, you start paying the interest as soon as you borrow any money. So be careful with your spending!!

2) Student Loans

These are provided by your Provincial Student Loan Department, and in some cases supplemented by the National Student Loan Department. Application is made to your provincial student loan department at the beginning of each school year. The Student Loan Department assesses your financial status, as well as your financial need, and lends money accordingly, up to a pre-determined maximum amount. The average total student loan per year is in the vicinity of $10,000 - $14,000. Fortunately, for students receiving assistance from the province of Ontario, any amount over and above $7000 is considered a grant, and so is non-repayable. Student loans differ from LOCs because you don’t pay interest on the money that you borrow while you are enrolled in full-time study. However, once your degree is completed you are required to make payments on the loan, plus a high rate of interest.

3) University of Toronto Advance Planning for Students (UTAPS)

The Faculty of Medicine at U of T is committed to assisting students financially as much as possible. The UTAPS program assists students based on financial need (as assessed by the Ontario Provincial Student Loan Department’s methodology). Assistance is available to students receiving OSAP as well as to students receiving loans from other provinces. http://www.adm.utoronto.ca/fa/UTAPS/default.htm

4) Scholarships and Bursaries

A variety of scholarships are awarded by the Faculty of Medicine at the University of Toronto, and also with provincial and national student loan programs. Some of the scholarships are for academic excellence, while others focus on an individual’s contributions or achievements in non-academic area in conjunction with needs assessments. Students who qualify for government assistance may be eligible for non-repayable grant assistance; these grants average approximately $6000, and historically over two-thirds of the class receive such assistance. http://www.facmed.utoronto.ca/English/Undergraduate-Medical-Program.html