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Banking advice and solutions for medical students

You're focused on your medical training, let us focus on your financial well-being

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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. onboardMDTM 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 onboardMDTM 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 ProgramΔ 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)10 and 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

Ready to talk?

Find the right Advisor for your personal needs.

Scotiabank Advisor

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

MD Advisor

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