Banking advice and solutions for medical students

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Advice for medical students

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.

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Frequently asked questions

Anticipating your education costs is the first step in successfully managing your medical school finances. In addition to tuition fees, you’ll be budgeting for books and other miscellaneous expenditures. onboardMD^TM by MD Financial Management (MD) is the one platform designed for pre-med and medical students with everything you need to start, build, and navigate your career as a Canadian physician. The onboardMD^TM Browse tool can help you determine how much your medical school education will cost – you can find it on the app.

Download the app for free in the App Store, or on Google Play. Visit onboardMD.com to learn more.

There are a variety of funding sources available to you. 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.

Applying for a student loan and committing to such a large debt load can be nerve wracking! A Scotiabank Healthcare Specialist can provide advice to medical students on the benefits of the Scotia Professional® Student Plan line of credit, including the cost of borrowing, how interest is accrued, when you can withdraw the funds, and more information on your repayment options.

Learn how to finance your medical school education, read onboardMD's article.

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, and your Canadian Resident Matching Service (CaRMS) participation fees.

While you may not incur these expenses or be travelling in 2021 for your Match interviews, medical students who will be in their final year of medical school in 2022 should anticipate these costs and budget accordingly. 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.

For more information on how to budget for hidden costs of your final year of medical school, read MD’s article.

Accumulating debt with little or no opportunity to earn income in these years can seem overwhelming. Paying attention to your finances and scheduling regular check-ins with your Scotiabank Healthcare Specialist to discuss your financial goals 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.

Banking solutions for medical students

Scotiabank has worked with MD Financial Management (MD), to deliver the Scotiabank Healthcare+ Physician Banking Program^Δ with banking solutions designed to meet your unique needs as a medical student. In addition to the Scotia Professional® Student Plan Line of Credit as a medical student you can receive savings and rewards on personal banking solutions to help you manage your finances.

Scotia Professional® Student Plan Line of Credit

Up to $350,000 at Prime -0.25%¹ fully available at account opening
No payments required until you're finished residency, plus another two years repayment grace period²
Option to continue with a revolving line of credit post-schooling and residency
No annual fee

Scotiabank Preferred Package Chequing Account

Monthly account fee waiver (value of $16.95/month)
Unlimited free Interac e-Transfer^† transactions
1 free non-Scotiabank ABM withdrawal per month in Canada³
Earn points on every purchase with choice of reward program (SCENE® or Scotia Rewards®)⁴
No monthly fee on a U.S. Dollar Daily Interest Account⁵

Select one or both credit cards below to get a combined pre-approved credit limit of up to $10,000

Scotiabank Passport™ Visa Infinite* Card

Save the annual fee ($139 annual fee waived continuously for Scotia Professional® Student Plan customers⁶; customers not in Scotia Professional® Student Plan receive a first-year fee rebate only)
Earn up to 40,000 bonus Scotia Rewards® points in your first year⁷ (value of up to $400)
Earn up to 2X Scotia Rewards® points on eligible purchases⁸
Complimentary airport lounge membership including 6 free visits per year⁹ (value of $300)
No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)¹⁰and comprehensive insurances¹¹
Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances
To qualify, the customer must have a minimum annual income of $60,000 or a minimum household income of $100,000 or a minimum assets under management of $250,000

Scotiabank Gold American Express® Credit Card

Save the annual fee ($120 annual fee) rebated¹² or waived continuously¹³
For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year¹⁴ (value of up to $400)
Earn up to 5X Scotia Rewards® points on eligible purchases¹⁵
No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)¹⁶ and comprehensive insurances¹¹
Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances

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Scotiabank Advisor

To learn more, contact an Advisor or call Scotiabank Healthcare+ at 1-888-222-3918

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MD Advisor

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

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Terms and conditions

All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details

Registered trademarks of The Bank of Nova Scotia.

™

Trademark of The Bank of Nova Scotia.

American Express is a registered trademark of American Express. The Scotiabank Gold American Express® credit card program is issued and administered by The Bank of Nova Scotia under license from American Express

Visa Int./ Licensed User

†

Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.

MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.

To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions:

• Enrolled in a Canadian university medical degree program

• Has been accepted or is completing a medical residency in Canada

• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada

• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory

• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory

The annual interest rate will vary with Scotiabank Prime and, where applicable, the adjustment factor. Scotiabank Prime is the prime lending rate of Scotiabank published from time to time and is subject to change. We may also change the adjustment factor with prior notice. You can find the current Scotiabank Prime lending rate at https://www.scotiabank.com/ca/en/personal/rates-prices.html or by contacting Scotiabank 1(800) 4SCOTIA (1-800-472-6842)

While you remain in school and for 24 months after your residency program ends (the “Repayment Grace Period”) no payments will be required on your Scotia Professional Student Plan Line of Credit (the “Account”) so long as your balance does not exceed the credit limit on your Account but interest will continue to accrue during that Repayment Grace Period and is charged on any amount you borrow starting from the day you borrow until you pay that amount in full. See your Application Disclosure Statement we provide you or speak with your Scotiabank Advisor for more information about the repayment grace period and how interest is charged to your Account.

The Preferred Package account includes 1 free non-Scotiabank Interac⁺ ABM withdrawal within Canada per month. Access fee for each subsequent withdrawal at non-Scotiabank Interac⁺ ABMs will be charged $1.50 per withdrawal. Each cash withdrawal from non-Scotiabank Visa* or PLUS* ABMs will be charged $3.00 in Canada and the U.S. and $5.00 outside of Canada and the U.S. Account holders may still be charged a convenience fee by the other bank and ABM operator, not by Scotiabank.

Scene®* ScotiaCard® debit card: Earn 1 SCENE point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your Scene®* ScotiaCard® debit card. Other conditions and limitations apply. Visit www.scotiabank.com/scene for complete details.

General information: A card must be connected to a SCENE membership in order to earn and redeem SCENE points. SCENE points accumulated using a card will be updated within 2-3 days. SCENE points can only be redeemed at participating Cineplex Entertainment theatres, online at www.scene.ca for other points offers (or rewards).

Passport ScotiaCard® debit card: Earn 1 Scotia Reward Point for every $5 you spend on debit purchase transactions including Interac Flash and Visa Debit transactions from an eligible account using your Passport ScotiaCard® debit card. Other conditions and limitation apply. Visit scotiarewards.com for complete details.

The primary account holder of the Preferred Package qualifies for a monthly fee waiver on a Scotia® U.S. Dollar Daily Interest Account. The primary account holder on the Preferred Package account can be either the primary or joint account holder on the Scotia® U.S. Dollar Daily Interest Account to qualify. If the primary account holder of the Preferred Package had a Scotia U.S. Dollar Daily Interest Account prior to activating a Preferred Package the fee waiver will apply to the bill cycle following the activation of the Preferred Package. Limit of one (1) Scotia® U.S. Dollar Daily Interest Account per Preferred Package account. Both accounts must be in good standing.

If you open a new Scotiabank Passport Visa Infinite credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Student Plan customer and provided the Account remains open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account. All other fees and charges applicable to the Account continue to apply. Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

For a limited time, become a new Scotiabank Passport Visa Infinite credit cardholder and earn a one-time 30,000 Scotia Reward point bonus with your first $1,000 in everyday eligible purchases if made within the first 3 months (the “Bonus Offer”). Bonus Offer ends July 1, 2021. Conditions apply - see 1 belowfor further details. Bonus Offer may be changed, cancelled or extended and cannot be combined with any other offers.

Plus, as a Scotiabank Passport Visa Infinite credit cardholder you are always eligible to earn an annual 10,000 Scotia Rewards point bonus when you spend at least $40,000 in everyday eligible purchases annually on your Scotiabank Passport Visa Infinite account. Conditions apply - see 2 below for further details.

Rates and Fees: The current annual fee for the Scotiabank Passport Visa Infinite credit card (“Account”) is $139 for the primary card, $0 for one additional supplementary card and $50 for each additional supplementary card thereafter.

The current preferred annual interest rates for this Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change.

1) Bonus Offer Description and Conditions: To be eligible for the Bonus Offer, you must have at least $1,000 in eligible purchases posted to your new Scotiabank Passport Visa Infinite credit card account (“Account”) in the first 3 months from the Account open date. Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. The 30,000 Bonus Offer points will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days following the qualifying $1,000 in eligible purchases being posted to your Account within 3 months from the Account open date, provided the Account is open and in good standing at time of payout. The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. Bonus Offer applies to new Accounts only opened by July 1, 2021.

Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the Bonus Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Bonus Offer.

2)Annual Bonus Point Conditions: As a Scotiabank Passport Visa Infinite credit cardholder you can earn an annual Scotia Rewards point bonus starting at 10,000 Scotia Rewards points when you make at least $40,000 in eligible purchases annually on your Account each year (12-months). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. Annual period starts from the Account open date and resets every 12 months thereafter. You will earn 2,000 bonus Scotia Rewards points for every additional $10,000 in Purchases thereafter in that same year, after the $40,000 annual spend has been reached.

The Annual bonus Scotia Rewards points will be credited within approximately 2-3 business days after you have met the $40,000 annual spend threshold on the Account and within approximately 2-3 business days after you have met each additional $10,000 annual spend threshold on the Account, provided your Account is open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholders(s) is not in breach of the Revolving Credit Agreement that applies to the Account.

You will earn 2 points per $1 on the first $50,000 in purchases made on your Scotiabank Passport Visa Infinite account (the “Account”) annually at the following: purchases made at merchants classified in the Visa credit card network as: Grocery Stores and Supermarkets; Eating Places and Restaurants, Drinking Places, Fast Food Restaurants; Entertainment including Motion Picture Theaters, Theatrical Producers, Ticket Agencies, Bands, Orchestras, Miscellaneous Entertainers; Railroads, Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Railways, Taxicabs and Limousines, Bus Lines, Transportation Services (Not Elsewhere Classified). Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by the credit card network in another manner, in which case this added benefit would not apply. The annual spend calculation for the $50,000 maximum threshold is calculated annually from January 1st to December 31st each year.

You will earn 1 point per $1 on purchases made on the Account after the 2 points per $1 / $50,000 annual spend maximum is reached and on all other purchases made on the Account.

Scotia Rewards points are only awarded on purchases. Scotia Rewards points are not awarded for cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions), returns, refunds or other similar credits, card payments, fees, interest charges or other charges. Scotia Rewards points must be redeemed within 60 days of Account closure or they will be deleted permanently. If your Account is not in good standing, the accumulated Scotia Rewards points are not eligible for redemption. See the Scotia Rewards program terms at www.scotiarewards.com for more information.

Priority Pass™ membership is for the Primary Cardmember on the Scotiabank Passport Visa Infinite account. It includes access to airport lounges participating in the Priority Pass program. Certain terms, conditions and exclusions apply. Unless cancelled, Priority Pass membership automatically renews on its anniversary date. Priority Pass membership will be cancelled if your Scotiabank Passport Visa Infinite Card is cancelled. Lounge visits are counted on a per person per visit basis (e.g. Lounge access by a Cardmember and one accompanying guest will count as two (2) visits). The first 6 lounge visits for the primary Cardmember per 12-month cycle from date of enrolment are complimentary. Beginning with the 7th visit for the primary Cardmember, lounge visits are subject to a per person per visit charge of $32 USD (this per visit fee is subject to change by Priority Pass). For complete Priority Pass terms and conditions, please visit http://www.prioritypass.com. Priority Pass membership and services are provided by a third party and offered through Visa Canada. The Bank of Nova Scotia and Visa, and each of their affiliates, are not responsible for the Priority Pass membership or services.

Scotiabank will not charge you Foreign Transaction Fees on foreign currency transactions, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the application disclosure statement for your new Card. This fee relates to the 2.5% mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Application Disclosure Statement for this Card for full details.

Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.

If the customer accepts the Scotia Professional Student Plan Line of Credit, the credit card fee rebate will be fulfilled as fee waivers.

If you open a new Scotiabank Gold American Express credit card account (“Account”) you will receive an annual fee waiver (“Annual Fee Waiver”) each year for as long as you are a Scotia Professional Student Plan customer and provided the Account remains open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Waiver regardless of the number of accountholders on the Account. All other fees and charges applicable to the Account continue to apply. Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

For a limited time, open a new Scotiabank Gold American Express credit card account (“Account”) and earn a 30,000 Scotia Reward point bonus with your first $1,000 in everyday eligible purchases if made within the first 3 months. Plus, earn a bonus 10,000 Scotia Rewards points when you spend at least $7,500 in everyday eligible purchases on your Account in your first year. Conditions apply - see below for further details. Offers apply to new Accounts only opened by August 31, 2021. Offers may be changed, cancelled or extended and cannot be combined with any other offers.

Offer Description and Conditions: To be eligible for the 30,000 bonus Scotia Rewards points (the “30,000 Point Bonus”), you must open a new Account by August 31, 2021 and have at least $1,000 in eligible purchases posted to your new Account in the first 3 months from the Account open date. To be eligible for the 10,000 bonus Scotia Rewards points (the “10,000 Point Bonus”), you must have at least $7,500 in eligible purchases posted to your new Account in your first year (12 months) from the Account open date. Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges.

The 30,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after the qualifying $1,000 in eligible purchases being posted to your Account within the first 3 months from the Account open date, provided the Account is open and in good standing at time of payout. The 10,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after you have met the $7,500 annual spend threshold on the Account, provided your Account is open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. Bonus Offer applies to new Accounts only opened by August 31, 2021.

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

Rates and Fees: The current annual fee is $120 for the primary card and $29 for each additional supplementary card.

The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions).

All rates, fees, features and benefits are subject to change.

You will earn the accelerated Scotia Rewards points (5X or 3X as applicable) under the Scotia Rewards Program (the “Program”) if you make purchases in Canadian currency only. For purchases that are made in foreign currency, you will only earn 1 Scotia Rewards point for every $1 charged to the Scotia American Express credit card a (the “Account”) once that foreign currency has been converted into Canadian dollars.

We will not charge you Foreign Transaction Fees on foreign currency transactions, including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency onversion” as described in the Disclosure Statement you received with your Card. This fee relates to the mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Disclosure Statement for this Card for full details. Rates and fees are subject to change.