Paying back Canada student loans during residency?

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

wstcoastgrl

Junior Member
10+ Year Member
5+ Year Member
15+ Year Member
Joined
Jan 19, 2005
Messages
15
Reaction score
0
I'm a Canadian citizen who has just finished med school here in the US after doing undergrad in Canada. I'm now faced with repaying my Canadian and provincial student loans once my residency starts next month, since they apparantly cannot be deferred until after residency/fellowship training.
Is there anyone else out there in a similar situation--trying to make $800/month payments on a resident's salary is next to impossible for me and I'm looking for advice. Are there any programs (Canadian or American) at banks or private agencies that can help out? I can't seem to find any other than the Access Group residency loan (which I have already gotten). I do not have an American co-signer for another loan to cover these payments. :scared:
Any help at all would be much appreciated!
Thanks.

Members don't see this ad.
 
Apply for a professional student LOC from a bank (Royal Bank). They offer up to 150K for medical students and you only have to pay interest on the principle until you complete residency. Also, the interest rate is at prime which is lower than what the government loans are.
 
How much interest per month would be required for a loan in the amount of 150k? Just interested to know.
 
Narkose said:
How much interest per month would be required for a loan in the amount of 150k? Just interested to know.

I know with BMO or RBC it's prime...5.75%.....and they say it's $30K a year...but you can pretty much get what you want!
 
Top