Student Line of Credit For Professional Students

Many current Canadian students utilize the Student Line of Credit for Professional Students. These lines of credit are only open to people studying medicine, veterinary medicine, dentistry, etc. Medical students can secure up to a Cdn$ 150,000 student line of credit, and it is typically at an attractive interest rate because future physicians are a good credit risk. The line of credit offers the option to defer principal payments until 12 months after completion of residency.

The Student Line of Credit for Professional Students is available from the Royal Bank of Canada, Bank of Montreal, TD Canada Trust, and ScotiaBank. Details can be obtained from the respective bank websites as follows:

royal bank of canada www.rbcroyalbank.com
bank of montreal www.bmo.com
td canada trust www.tdcanadatrust.com

Canada Student Loan Program

For Canada Student Loans, those students who have been out of high school for four years do not have parental annual gross income as a factor in determining the amount of their loan. This is important, as many of students studying medicine in Ireland have completed a four-year undergraduate bachelor's degree at the time of entering medical school. The usual loan awarded is between Cdn$ 5,000 and Cdn$ 6,000 for each of the years in Ireland.

Quebec and Northwest Territories do not participate in Canada Student Loans directly. Instead, the federal government pays these provinces an equivalent amount, which they then distribute through a program similar to CSLP.

Please contact your provincial loan service center for details on applications, amounts available and program eligibility.

canada student loans program www.canlearn.ca