| 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
scotiabank www.scotiabank.com
Canada Student Loan Program
All four Irish medical schools participating
in the Atlantic Bridge Program are
approved institutions for the Canada
Student Loan Program (CSLP).
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.
When receiving a Canada Student Loan,
there is an expectation that students
work during their pre-study period
(summer break), and that they contribute
a portion of this income to their
education costs.
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.
Some special need circumstances, such
as disability or very low income,
may also qualify for Canada Study
Grants (in which money does not need
to be repaid), though these are quite
rare.
canada student loans program www.canlearn.ca
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