Advice for Students

You’re focused on your medical career. Let us focus on your financial well-being.

Medical school can be expensive, and managing your finances can also be stressful. You deserve specialized advice and answers to your questions to help you navigate this important chapter in your career. We break down some of the top questions pre-med and medical students ask.

You're focused on your training. Let us focus on your financial well-being.

Learn More Banking Solutions for Students

Banking Solutions for Students

You're focused on your training. Let us focus on your financial well-being.

Learn More Banking Solutions for Students

Frequently Asked Questions

Anticipating your education costs is the first step in successfully managing your medical school finances. In addition to tuition fees, you’re budgeting for books, any travel costs, and miscellaneous expenditures. OnboardMD is a go-to digital hub for pre-med and medical students to help you navigate your journey to becoming a practising physician. The onboardMD browse tools provided by MD Financial can help you determine how much your medial school education will cost.

 

Visit onboardMD.com.

 

There is a variety of funding sources available to you. First, you should try to explore the sources you don’t need to repay — scholarships, bursaries and government grants. Eligibility and application deadlines vary depending on the university and province, so start your research early. Unfortunately for most students, these sources won’t cover the entire cost of medical school, and you may need to borrow such as through a government loan or student line of credit. Before applying for any financial aid, consult an advisor to help you get the most out of your funding options.

 

Your MD Advisor* can provide you with their experience and expertise to guide students in their financial decisions through medical school and beyond.

 

To learn more about how to fund your education, read The ultimate guide to financing your medical school education.

 

As you prepare for your final year of medical school, you should anticipate some extra expenses, including your away rotations/electives, your Medical Council of Canada Qualifying Examination (MCCQE) Part 1 exam fee, Canadian Resident Matching Service (CaRMS) participation fees, and travelling to your match interviews.

 

CaRMS could have you travelling all over the country during a two- to four-week period to interview for residency programs, and you may need to budget anywhere from $3,500 to $10,000 (Cdn.) for airfare, accommodation, food, attire and incidentals. Learn more about the hidden costs of your final year of medical school.

Accumulating debt with little or no opportunity to earn income in these years can seem overwhelming. Paying attention to your finances, with regular check-ins, will go a long way to help you finish medical school with a level of debt you are comfortable with and that you can start to repay when you begin to earn an income.

 

MD Advisors work with thousands of students to help them plan their budgets and monitor their progress throughout medical school. They also understand the student life cycle and can help you to predict future expenses and how they will impact your overall debt levels. That can help you to worry less about finances and focus more on your education. 

Already an MD client and want to talk about your financial plans? Contact your MD Advisor or visit MD.ca

To learn more about the banking solutions available to you call a representative at 
1-888-222-3918 or book an appointment with an Advisor.