The ultimate guide to financing your medical school education

The ultimate guide to financing your medical school education

Every year, nearly 3,000 students enter Canada’s 17 medical schools. Many of them – perhaps including you – have dreamed for years of bettering the world through their practice of medicine.

Yet your dreams of practising medicine probably didn’t include the high cost of getting there. The median debt for medical school graduates is $100,000, with 41% of students reporting debt of $120,000 or more, according to the Association of Faculties of Medicine of Canada .

Add this to undergraduate education debt – $28,000 for the average Canadian university graduate – and you are looking at a hefty sum you’ll likely have to start paying back once you’re no longer considered a student.

Less than $20K 8.5%
$20K to The Canadian Medical Hall of Fame Award , for instance, provides $5,000 to one medical student from each Canadian medical school, while the Canadian Federation of Medical Students-MD Financial Management Leadership Award offers $2,000. From 2017 to 2021, the CMA Foundation is giving an $8,500 bursary and a $15,000 award to every medical school in Canada.

Bursaries tend to have application deadlines in the late fall or winter, so make sure you look for these and get your applications in early. More