Finances
Medical school can be overwhelming as there is a lot to manage, including living arrangements, security checks, immunization records, and more. Among the many important tasks, financial education is important for success in the future. Many students rely on a combination of personal savings, parental support, government loans, and lines of credit to help cover their expenses.
Learn about student financing options
Consider applying for scholarships, bursaries, and government student loans every year:
- Scholarships and bursaries do not require repayment.
- Government student loans are interest-free during your studies. After graduation, loan relief options may be available depending on your province, residency specialty, and location.
Student aid options include Manitoba Student Aid and Federal Student Aid.
University Bursaries
Bursaries offered by the University of Manitoba are based on financial need and do not require repayment. Applications can be submitted through Aurora, with a deadline of October 1st each year. Some available bursary options include: General U of M Bursaries ($100-$1,000 each), Max Rady College of Medicine Bursary Funding (Total: $200,000-$300,000), and Special travel bursaries.
Awards and Scholarships
Students may apply for various internal awards and scholarships based on criteria such as academic performance or other specific requirements. These include: Specialty awards, Travel awards, and MMSA awards.
Medical Student Line of Credit
A Line of Credit (LOC) is a flexible borrowing option offered by major banks to medical students, with limits ranging from $350,000 to $400,000. These LOCs have a discounted compound interest rate of prime - 0.25%, with no interest charged until the funds are used. It is recommended to have a thorough conversation with your bank to discuss important questions, such as: How does the LOC work? Is it the right fit for me and my needs? How do I access LOC funds? Are there annual borrowing limits? When do repayments start after medical school? It is recommended that students choose the bank that best suits their needs, as each bank offers similar but differing programs for its medical student line of credit.
Other Programs
Other funding opportunities include the Emergency Loan Program and the Aboriginal Medical Student Financial Assistance Program (AMSFAP).
Insurance
- Disability Insurance: Consider purchasing disability insurance to cover living expenses if you are unable to attend school due to illness or injury. Doctors Manitoba offers a discounted disability insurance plan for students.
- Tenant Insurance: Protect your belongings with tenant insurance if you are renting a house or apartment.
- Life Insurance: Generally not needed unless you have significant assets or dependents.
For more information on Doctors Manitoba disability insurance, contact Mark Venton at mventon@doctorsmanitoba.ca or 204−985−5846.
Budgeting
It is recommended to create a personal budget starting in Year 1 to help manage expenses and minimize debt. Revisit your budget regularly and make adjustments as needed. Financial advisors can help with planning debt minimization during school and repayment strategies after residency. For guidance, contact the Rady College of Medicine financial counsellor, Wendy Schultz, PhD, CPA, CA.
