Financial Aid

Medical school and residency are expensive and can become a source of stress, particularly for students who have been in University for over 6 years. If you have received government financial aid during your studies and you feel overwhelmed by your accumulated debt, we suggest you schedule an appointment with the Financial Aid & Awards office to explore your options.

Students with financial need can apply for government financial aid. There are programs in all provinces that provide interest-free loans to students.

• If you are an Ontario resident, loans are available through OSAP.
• If you are from another province or territory, please check out the website that corresponds to you.
• Students in the Canadian Forces should look at the paid education section of the Canadian Forces website.

Please note that being eligible for and claiming government financial aid is generally a condition for some bursaries.

Many students take out a line of credit (LOC) to help pay off debt while studying in medical school. However unlike government loans, LOCs accumulate interest. Most banks have a professional student LOC designed for medical students in the amount of $150,000-$200,000. We recommend that you visit the bank of your choice for more details and to find the best rate.

Like all other Ontario medical universities, the University of Ottawa is affiliated with a banking institution. Please visit the National Bank of Canada's website for more information on their medical student LOC

Students who are waiting for a loan certificate and/or a bursary cheque may be eligible for an emergency fund from the University of Ottawa. Please contact the Financial Aid and Awards Office for more information.

After medical school, many students are overwhelmed by the debt accumulated from student loans. To add to this, starting or running a medical practice is also very expensive, taking into account all the overhead cost. The Resident Loan Interest Relief Program and CanLearn’s Repayment Assistance Plan are available to help you start paying off your student debt.

Finance your education!
There are numerous scholarships, bursaries, and awards available to medical students.

• Scholarships are awards that recognize scholastic achievement.
• Bursaries are awards given to students with financial need.
• Awards encompass all other awards that are not scholarships or bursaries. There are often specific criteria required to receive the award.
   

Internal Scholarships
The Financial Aid and Awards Office provides a lot of information on scholarships and bursaries. They offer comprehensive information about eligibility criteria, selection criteria, application procedures, and deadlines.

The Faculty of Medicine’s curriculum is unlike that of other undergraduate programs, given that no classes are scheduled in the afternoon, providing students with time for self-study. We recommend that you take advantage of this opportunity to focus solely on academics, rather than obtain employment. This will help to ensure your success in the medical program.

During the summer, many students work to help finance their medical studies. The Faculty of Medicine provides employment opportunities for students in the medical program.

• There are summer research studentships and innovation in medical education studentships available to first and second year undergraduate medical students.
• For both programs, students must submit applications in early March.
• Each studentship pays roughly $5,000 over 10 weeks of work.
• The student must present a poster of their project in the early fall.

Career Development Centre has some more information on employment opportunities.

Discounts 
A number of medical organizations provide discounts and benefits for medical students and practicing physicians. The following list summarizes all discounts for medical students from the OMSA, OMA, CFMS, CMA, and CFPC. 
 

Each organization’s website has more detailed information:

It is advisable to invest in insurance coverage early on in your medical career. There are special insurance plans for medical students provided by the OMA and CFMS.

The OMA offers to medical students:

• Student rates on auto, home, and office/clinic insurance
• Accidental death and dismemberment insurance
• Disability income insurance
• Extended health care and dental insurance
• Life insurance

The CFMS has partnered with Kirkham & Jack to provide 25% off disability insurance.

Please visit each organization’s website for more information.