Finances
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The fundamental principle of the “University of Toronto Policy on Student Financial Support” states that no student offered admission to its programs will be unable to enter or to complete the program due to a lack of financial means.
Students from all economic backgrounds attend our school. Some are fortunate enough to have family assistance, investments, and savings, while many rely on lines of credit, loans and bursaries to fund their educations. Regardless of financial background, there is support available throughout the program to students. However you choose to pay for school, most students will accumulate a significant amount of debt by the end of four years. Remember that you are certainly not alone in this, and that upon graduation you are going to start making money! Generally, physicians are very well remunerated and you will be able to pay off your loans. For more information on financial services please visit: Faculty of Medicine - Financial Aid Funding Options. For most students, the first source of funding to consider are federal and provincial student assistance programs. Most provinces use an integrated application process that allows you to access both federal and provincial programs using one application. Students may qualify for loans and/or grant funding issued by their home province. In most situations, it is necessary for students to apply for and receive government loan funding in order to be considered for grant assistance provided by the Faculty of Medicine. Students should submit their applications for government loan assistance as early as possible after acceptance in order to ensure that funding is available in early September.
Students who qualify for government assistance may be eligible for grant assistance from the Faculty of Medicine. The Faculty of Medicine's financial aid program is needs-based and designed to ensure that the students with the most demonstrated financial need receive the highest level of financial support. You are expected to access all income sources available to you to fund your medical education, e.g. personal assets and summer savings, parental and spousal contributions, government student loans, grants and external scholarships. If there is a shortfall between your resources and the cost of attending medical school, you should consider applying for Faculty of Medicine Grant Funding. In addition to the grant program outlined above, the faculty also offers bursary opportunities for students with higher than average financial need. You can find out more about these programs by visiting the Student Financial Services web pages at the following URL: http://www.md.utoronto.ca/financialaid.htm The Faculty of Medicine also offers a number of academic scholarships and awards, most of which do not require an application. Additional details can be found at the following URL: http://www.md.utoronto.ca/admissions/finance/awards.htm |
Medical School and living in Toronto or Mississauga is expensive, but worth it... Please see the fee schedule for tuition and living cost estimates here. There is also a great example of a typical funding scenario. Fortunately, U of T is committed to helping reduce student debt! Our financial team at U of T is excellent at discussing your individual concerns and helping you navigate through your financial planning! Specific details will be presented to you during your interview day. |
