Consolidating medical school loans canada
Many financial planners, bankers and accountants mistakenly advise residents not to refinance government student loans as the interest is tax deductible.
Most medical students expect to incur debt by the end of their education.
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.
Up to 60 percent of the cost of your education may have come from federal student loans administered by the Canada Student Loan Program.
If you needed more financial assistance, you may have explored provincial or territorial loans.
And there are loan forgiveness programs that you may qualify for.
Contact MD Financial Management or call by the end of residency in flexible annual increments to help you effectively manage and consolidate your debt.
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.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.You may receive correspondence from the government regarding student loan consolidation, and it's also important that you understand that process and what it means to you.The possibility of Student loan consolidation depends on the province or territory in which you live.