Financial Health

Loans, Awards and Bursaries

   The Faculty of Medicine has numerous awards, loans and bursaries which may assist you in meeting the financial constraints faced in the four years of medical school. The Awards Committee meets at the end of each academic year to distribute the monies available. Some awards are based on specific criteria and are awarded on that basis. The remaining awards are distributed on the basis of financial need, in order to fairly distribute the resources we have available to help. Ms. Mary Dray will be coordinating the awards process, by utilizing the information you provide in your application. Mary can provide any information or assistance regarding your eligibility. She has been helping students get through the financial burden imposed on them by medical school during her many years here and is an invaluable assistant to you. She can be reached in the Student Affairs office or by email. Please only apply for what you truly need as the money can be most fairly distributed that way. The financial assistance available through these funds is contributed in large part by former students and physicians, as well as other donors. We hope in your future life as physicians you would also consider support for the next generation of physicians, especially if tuition fees continue to behave as they have been! If you are experiencing unavoidable cash crunches, please come and see Ms. Mary Dray or Dr. June Harris and we will do our best to assist you.

Student Budget

   Budgeting involves a comparison between your expected income and resources (including student loans) with your total anticipated expenses. There may be a need to periodically reassess these two opposing factors and adjust as needed. The long-term goal is to complete medical school with a minimum of student debt load in order to enter your income-earning years without a debt which proves to be significant. With the increase in student fees over the past number of years this has become an important challenge.
   Developing and maintaining your student budget will be one of the most important things you do for yourself in the next four years.

What is a standard student budget?
   A standard student budget represents the total cost of attendance for the medical school that you are attending. This includes only expenses for YOU, not family members. You should have an idea of the expenses that directly involve you separately from those involving any dependents. Canada Student Loans takes the following categories into account when deciding upon your eligibility for support. This is calculated on the length of the academic year.

Allowed Costs

Expected Resources

Tuition

Pre-study Period Contributions

Books and Supplies

Study Period Contributions

Compulsory Fees

Other Assets

Room and Board

Local Transportation

Miscellaneous


M.D. Management will be providing sessions tailored to meet the different financial challenges for your four years in medical school. Ms. Kelly Budden will be doing large-group sessions for you regarding the financial assistance available through the medical school.

In addition, arrangements will be made for you to meet with Kelly in small groups and then individual appointments, if required. To be fully prepared for your meeting, please complete your Student Budget Worksheet before attending. If you have difficulty completing it, please contact your MD Advisor Attention: Tamara Stocks.


   Check out the following sites to help you with your Financial Health!

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