Consolidating medical school loans canada

17-Jan-2017 18:16

Most banks offer substantial lines of credit at prime to medical residents.

These lines usually require payments of interest only during the residency term, but additional payments can be made as your financial circumstances allow.

With All-In-One Banking™, you can combine your chequing, high-interest savings, loans and mortgages within a single line of credit banking solution that gives you greater convenience and lower interest costs.

The Resident Loan Interest Relief Program (RLIRP) was negotiated as part of the 2008 Physician Services Agreement to provide eligible residents with financial assistance during a critical time of professional development.

When you borrow money, you agree to pay it back with interest over time.

With a loan, you know it will be paid off over a specific period of time with fixed payments.

You need to consider things like whether taking a line of credit to consolidate loans could restrict your access to credit in case of an emergency.

There are also potential tax implications of forfeiting student loan status.

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While you can’t control costs such as tuition fees, you can better manage your debt by learning more about budgeting, borrowing and strategies for lowering debt.

Consolidation will simplify the repayment process and will reduce your required monthly payments.

You should compare the lines of credit offered by each of the major banks as there are usually differences in the borrowing limits, conditions and repayment terms.

If you took out both federal and provincial loans, they will automatically consolidate if you live in: These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you'll only have one loan to repay anyway.

These include: In all remaining provinces, you could apply for both federal and provincial loans with one application, but these student loans will not be consolidated upon graduation.

While you can’t control costs such as tuition fees, you can better manage your debt by learning more about budgeting, borrowing and strategies for lowering debt.

Consolidation will simplify the repayment process and will reduce your required monthly payments.

You should compare the lines of credit offered by each of the major banks as there are usually differences in the borrowing limits, conditions and repayment terms.

If you took out both federal and provincial loans, they will automatically consolidate if you live in: These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you'll only have one loan to repay anyway.

These include: In all remaining provinces, you could apply for both federal and provincial loans with one application, but these student loans will not be consolidated upon graduation.

Consolidation means you can stretch the time it takes to repay your loans.