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Independent student guide · Published May 2026 · Reviewed August 2026
I maintain this guide as an unpaid, independent volunteer project. It reflects my experience as a U of T medical student and information reviewed for the Class of 3T0. It is not an official University of Toronto or Temerty Faculty of Medicine website. Details can change, so confirm requirements, dates and policies through the official sources linked on this page.
Student-created finance guide
Funding four years
of medical school.
Start with what medical school costs, identify the funding available to you, then decide whether a Professional Student Line of Credit belongs in your plan.
No bank affiliation or endorsement. I am not paid or compensated by any bank listed here. Compare written offers and confirm fees, rates and lending terms directly with each institution.
Official Information First
Start with the Faculty and University sources.
This guide adds student context around the numbers. Use these official pages to confirm fees, aid and deadlines.
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Current MD fees
Tuition and ancillary fees for the current academic year, direct from the Faculty.
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Financial aid
Faculty grants, bursaries and financial-counselling information.
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Payment and deferral deadlines
Current dates from U of T Student Accounts.
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Understanding your fees
How deposits, the minimum payment to register and the remaining balance differ.
The Numbers
What Year 1 costs.
Choose your campus and student category.
Campus
Student category
The U of T MD Program does not admit international applicants. The categories below therefore reflect the current domestic fee schedule.
Tuition$23,550.00
Incidental + ancillary fees$2,535.05
Housing varies widely. Replace the example with your expected rent or residence cost.
$26,085.05
2026–27 tuition and compulsory fees for the campus and category selected above.
Official Faculty source
Tuition and compulsory fees are from the Faculty Current Fees page for 2026–27 and were verified in July 2026. The total above is the published school cost for the selected campus and domestic fee category. Housing is separate.
Books and equipment are separate from tuition. The Faculty lists $1,000 as a planning estimate for 2026–27. Add it to your personal budget if it is useful, but it is not included in the tuition-and-fees total above.
Four-year total estimate
Use your calculator result
There is no single verified amount that students borrow. Your result should reflect current tuition, your own living costs, funding and the interest assumptions selected above.
The Line of Credit
How medical student lines of credit work.
The five banks below publish different limits, rates and repayment terms for medical students. Compare the written agreements carefully, not just the advertised limit or sign-up offer.
Bank prime rate shown
4.45%
Prime rates are set by individual banks and may change during training. Figure checked July 27, 2026 against the linked lender pages.
Common published medical rate
4.20%
Prime − 0.25% is currently published by Scotia, RBC, TD and BMO. CIBC advertises rates as low as Prime − 0.25%. Approval and final terms vary.
These rates are variable. Your rate is tied to the lender's prime rate and may change during training. Confirm the current rate, payment treatment and post-graduation terms in writing before signing. Rate figure checked July 27, 2026 against the linked lender pages.
Scotiabank
Scotia Professional Student Plan
Limit
Up to $400K
Rate
Prime − 0.25%
Grace
Residency + 24 mo
Official page · checked Jul 2026
2026 Scotia advisor: $375K opening limit described
RBC
Royal Credit Line for Med Students
Limit
Up to $400K
Rate
Prime − 0.25%
Grace
Confirm agreement
Official page · checked Jul 2026
View RBC medical offer ↗CIBC
Professional Edge Student
Limit
Up to $400K
Rate
Prime − 0.25%
Grace
Up to 24 mo interest-only
Medicine-specific CIBC table · checked Jul 2026
View CIBC terms ↗TD
Medical, Dental & Veterinary Student LOC
Limit
$400K max
Rate
Prime − 0.25%
Grace
School/residency end + 24 mo
Official page · checked Jul 2026
View TD terms ↗BMO
Medical Student LOC
Limit
$400K
Rate
Prime − 0.25%
Grace
2 yrs
Official page · checked Jul 2026
View BMO terms ↗
Rates and bonuses change frequently. Always confirm current offers directly with each bank before signing anything.
LOC Estimator
Estimate your med school costs.
Plug in your situation to get a rough sense of how much you may draw on your LOC and what that could look like over time. These are planning estimates. Verify current tuition through the University and confirm LOC terms directly with the bank.
Interest rate
%
Illustrated LOC rate: bank prime (4.45%) − 0.25% = 4.20%. Variable rates move when the lender changes its prime rate.
%
Compare rate: Prime (6.00%) − 0.25% = 5.75%
Interest treatment
Illustrates interest calculated on cumulative borrowing without charging interest on previously added interest. This reflects a 2026 Scotia advisor's explanation, not a term stated on Scotia's public page; confirm it in your written agreement.
Years to estimate
Year 1
Estimating your LOC balance after Year 1.
Residency length
3 years
Interest continues to accrue during residency. This assumes interest-only payments; your principal stays fixed.
Living and commuting costs (excluded until you add them)
Annual program costs (tuition + optional add-ons)
Funding & non-loan resources (add if this applies to you)
Compare LOCs
Compare professional student lines of credit
Choose the banks you are considering and compare the same questions across each one. Publicly available terms are separated from information I was given by advisors, since promotions and individual approvals can change.
How I prepared this comparison
I met with an advisor from each bank in 2026 and asked the questions below. I then compared their answers with the banks' public webpages, which I rechecked on July 27, 2026. Information available only through an advisor is labelled.
Before you sign
Get the important terms in writing.
If an advisor tells you something different from the public page, ask which term will appear in your agreement.
How much you can borrow, how it's released, and what it costs you.
| Question | Scotiabank | RBC | CIBC | TD | BMO |
|---|---|---|---|---|---|
| Total limit & annual release | Up to $400,000 officially. A 2026 Scotia advisor described an opening limit of $375,000, staged as $100K in Year 1, $200K cumulative in Year 2, $300K in Year 3 and $375K in Year 4. This is advisor-reported; confirm your approved limit and route to the published maximum in writing. | Up to $400K, with up to $100K available in Year 1. RBC's public page says students apply once; confirm later-year access and any increase at residency entry. | Up to $400K in CIBC's medicine-specific table. Annual access and approval remain subject to enrolment, credit history and CIBC's lending criteria. | Up to $400K Up to $100K available in Y1; total limit depends on program of study. |
Up to $400K officially, with up to $115K in Year 1 and continued access during residency for up to seven years. A 2026 BMO advisor described $95K annual increments in Years 2–4; confirm that release schedule in writing. |
| Rate structure | Prime − 0.25% = 4.20% today (variable). No fixed-rate option. | Prime − 0.25% = 4.20% today (variable). | As low as Prime − 0.25% (variable). Confirm the approved rate. | Prime − 0.25% is the published medical-student rate (variable). | Prime − 0.25% = 4.20% today (variable). Calculated only on what you draw. |
| When interest accrues | A 2026 Scotia advisor described interest as calculated on borrowed principal without interest on previously added interest while room remains. This is advisor-reported: confirm the calculation and payment treatment in writing. | Begins immediately. Calculated daily, charged monthly. | Interest accrues when money is borrowed. CIBC publishes interest-only payments while in school and for up to 24 months after graduation or residency. | Interest accrues on borrowed amount. No principal payments until 24 months after leaving school or residency. | BMO publishes interest-only payments while in school. Confirm how interest is calculated and charged in the agreement. |
| In-school payments | Scotia officially publishes no required payments while the balance remains below the credit limit, although interest accrues. A 2026 Scotia advisor said accrued interest is added to available credit and must be paid directly if there is no room left. Confirm that treatment in writing. | A 2026 RBC advisor described accrued interest as being taken automatically from available credit, increasing the balance. This payment treatment is not stated on the public medical-student page reviewed; confirm it in your agreement. | CIBC publishes interest-only payments while in school and for up to 24 months after graduation or residency. Confirm how that wording applies to your training path and agreement. | Interest-only payments during school and residency. No principal payments required during this period. | BMO publishes interest-only payments while in school. Its page does not establish where those payments must come from, so confirm the payment method and whether interest can be drawn from available credit. |
What happens after graduation and how flexible the terms are.
| Question | Scotiabank | RBC | CIBC | TD | BMO |
|---|---|---|---|---|---|
| Grace period | Scotia publishes no payments until residency is completed plus two years. Confirm fellowship treatment and what happens to the product afterward. | RBC's public page confirms continued access after graduation but does not publish a universal principal-repayment trigger. A 2026 RBC advisor described no mandatory principal-payment timeline; confirm the binding trigger in your agreement. | Up to 24 months after graduation or residency of interest-only payments, according to CIBC's public page. Confirm how the timing is applied in your agreement. | 24 months after leaving school or residency before principal payments are due. | Interest-only payments continue for two years after graduation. BMO's public page says principal repayment begins afterward; confirm the repayment amount and schedule in the agreement. |
| Residency / fellowship terms | Scotia publishes no required payments through residency and for 24 months afterward while the balance remains below the limit. Interest continues to accrue. Confirm fellowship treatment and how accrued interest is charged. | A 2026 RBC advisor said the LOC remains open through residency and can remain interest-only. RBC's public page confirms continued access after graduation and a resident limit of up to $425K; confirm payment treatment in writing. | CIBC publishes interest-only payments during school and for up to 24 months after graduation or residency. Confirm how CIBC applies that period to your training path. | TD publishes interest-only payments during residency, with principal deferred until 24 months after leaving school or residency. | LOC continues through residency. Interest-only payments throughout the full financing period (up to 7 years total, including school + residency). |
| After conversion to Personal LOC | Confirm the post-residency product, rate, limit and minimum payment in writing. | A 2026 RBC advisor described an ongoing personal LOC option with interest-only minimum payments; otherwise a ten-year repayment schedule may apply. This is advisor-reported and must be confirmed in the signed agreement. | Confirm the post-residency product, rate and repayment schedule in writing. | To be confirmed at appointment. | BMO says principal repayment begins after the two-year post-graduation interest-only period. Confirm the resulting product, payment and amortization schedule in writing. |
| If you don't convert in time | Confirm the amortization period and conversion deadline in writing. | A 2026 RBC advisor described a ten-year repayment schedule if the ongoing personal LOC option is not used. Confirm the conversion window and trigger in writing. | Confirm the conversion and repayment trigger in writing. | Principal payments begin 24 months after leaving school or residency, regardless. | Principal repayment begins after the two-year post-graduation interest-only period. Confirm whether any conversion options or deadlines apply. |
| Early repayment penalties | Confirm in the agreement. | Confirm in the agreement. | To be confirmed. | To be confirmed. | Confirm in the agreement. |
Who qualifies, what's needed, and how long it takes.
| Question | Scotiabank | RBC | CIBC | TD | BMO |
|---|---|---|---|---|---|
| Co-signer required? | A 2026 Scotia advisor said no co-signer is normally required and described possible limit reductions above $60K in government loans or $25K in outside revolving credit retained. These thresholds are advisor-reported; approval remains subject to Scotia's lending criteria. | RBC publishes no co-signer for most applicants. Limited credit history or study outside Canada may still result in one being required. | CIBC says qualified applicants studying at a Canadian school do not require a guarantor, although limited credit history may result in one being required. | No co-signer needed for Canadian medical/dental/veterinary students at Canadian schools. | Approval and any co-signer requirement depend on BMO's lending criteria. Confirm for your application. |
| Documents needed | A 2026 Scotia advisor requested an enrolment letter showing the program, program length, full name and school, plus standard identification. Confirm the current checklist. | RBC publicly accepts proof such as an enrolment letter, tuition receipt or an acceptance letter showing the tuition deposit. Confirm the current document list before the appointment. | A 2026 CIBC advisor requested proof of enrolment and the tuition deposit. Confirm the current document checklist before the appointment. | Standard proof of enrolment and ID. Confirm exact list at appointment. | Proof of enrolment + standard ID. Confirm full list at appointment. |
| Approval timeline | Processing time varies. Ask what documents are needed and when funds would become available. | Processing time varies. Ask what documents are needed and when funds would become available. | To be confirmed. | To be confirmed at appointment. | Standard LOC lending and approval criteria apply. Confirm exact timeline at appointment. |
| Mid-program adjustments | A 2026 Scotia advisor described staged annual access. Confirm the schedule, review requirements and route to the published $400,000 maximum. | RBC officially publishes up to $400K for eligible students, up to $425K for residents and no need to reapply after residency. Annual access remains subject to qualification and proof of progression. | Confirm annual access and whether another review is required. | Apply just once for credit and have it for as long as you're in school. Limit scales with program of study up to $400K. | BMO publishes up to $115,000 in first year and up to $400,000 total. Confirm later-year access and review requirements. |
How the loan converts when you finish school and start practice.
| Question | Scotiabank | RBC | CIBC | TD | BMO |
|---|---|---|---|---|---|
| Residency conversion | Scotia's public page describes no payments until residency is completed plus two years. Confirm fellowship treatment, access and rate. | RBC publishes continued access after graduation and up to $425K for residents. A 2026 RBC advisor described the LOC as remaining open with interest-only minimums; confirm the binding payment terms in writing. | CIBC publishes interest-only payments during school and for up to 24 months after graduation or residency. Confirm how the timing applies to your program. | LOC continues through residency. Interest-only payments throughout; principal deferred 24 months past residency end. | BMO publishes continued access during residency within its stated financing window. Confirm the exact period and payment treatment. |
| Post-residency conversion | Scotia describes repayment beginning after residency plus two years. Ask which product follows and whether its rate, limit or payment calculation changes. | A 2026 RBC advisor described an ongoing personal LOC option with the same rate and limit, or a ten-year repayment schedule if it is not used. Confirm the available conversion, deadline and terms in writing. | Confirm the post-residency product, rate and repayment schedule in writing. | Principal repayment begins 24 months after leaving school or residency. Conversion to physician credit product to be confirmed at appointment. | BMO's public page says principal repayment begins after two post-graduation years of interest-only payments. Confirm the amount, frequency and amortization schedule in the agreement. |
| Physician transition | Scotiabank Healthcare+ in partnership with MD Financial offers ongoing physician banking. | Confirm the physician-transition options with RBC. | Confirm the physician-transition options with CIBC. | To be confirmed at appointment. | To be confirmed at appointment — ask about BMO's physician credit products. |
Insurance is separate from the LOC decision. Coverage, exclusions, eligibility and cost depend on the policy. Get the policy documents before deciding.
| Question | Scotiabank | CIBC | TD | RBC / BMO |
|---|---|---|---|---|
| Available during med school | Optional products may be available through Scotia or MD Financial. Confirm eligibility, cost and whether coverage is tied to the LOC. | Optional products may be available. Confirm eligibility, cost and whether coverage is tied to the LOC. | To be confirmed at appointment. | RBC: Confirm available products and eligibility. BMO: Optional creditor-insurance products are advertised. Read the certificate, exclusions and cost before deciding. |
| Life insurance | Not required. Available optionally via MD Financial. | To be confirmed. | To be confirmed at appointment. | RBC: Confirm available products and eligibility. BMO: Life coverage may be available through optional creditor insurance. Confirm the insured amount and exclusions. |
| Disability insurance (residency+) | Ask an appropriately licensed advisor how coverage would work during residency and what exclusions apply. | Ask an appropriately licensed advisor how coverage would work during residency and what exclusions apply. | To be confirmed at appointment. | RBC: Confirm available products and eligibility. BMO: Disability-related creditor insurance may be available. Confirm eligibility, benefit limits and exclusions. |
| Hardship protections | Ask what support may be available and what documentation would be required. | Ask what support may be available and what documentation would be required. | To be confirmed at appointment. | To be confirmed at appointment. |
Promotions change quickly. Treat this row as a reminder to check, not as a current offer sheet. Open the bank's official page and read the eligibility, expiry date and product conditions.
| Question | Scotiabank | CIBC | TD | RBC / BMO |
|---|---|---|---|---|
| Sign-up bonus | Scotia currently advertises a bundled Healthcare+ offer. Check the official page for the current value, eligibility and required products. | Check CIBC's current student and professional-student offers. | TD was advertising a time-limited medical-student offer when checked. Verify the current offer and deadline. | RBC and BMO were advertising time-limited offers when checked. Verify the current amount, deadline and conditions on each official page. |
| Bundled benefits | Compare the chequing account, credit cards and fee waivers separately. Confirm how long each waiver lasts. | Compare bundled accounts, cards and fees separately. | Compare bundled accounts, cards and fees separately. | Compare bundled accounts, cards and fees separately. Promotional savings rates are temporary. |
Speaking with a specialist
Use each bank's official medical or professional-student page to request an appointment. Bring this question list, then ask for the final limit, rate, payment treatment and post-graduation terms in writing.
How to Negotiate
What to compare before choosing a bank.
The promotion may get your attention, but the written agreement determines what you are actually getting. Take the time to compare the details below.
Ask how the LOC works over time
Confirm how interest is calculated, when payments begin and whether your access changes during residency.
Write down what you were promised
Bonuses, grace periods and rate adjustments should appear in writing. Do not rely on a verbal promise.
Look at the extras separately
Decide whether the bundled credit cards and insurance products are actually useful to you.
Take your time
A promotion that expires soon should not rush you into a borrowing agreement that may follow you for years.
Aid & Bursaries
Check every source of support before drawing from an LOC.
Even if you expect to use an LOC, check whether you qualify for government grants, Faculty bursaries or other non-repayable support. Students from outside Ontario should apply through their home province or territory.
OSAP
OSAP may include loans and grants. Use the current OSAP application and U of T instructions.
Your provincial or territorial program
Apply through your home jurisdiction. The process and deadlines will be different from OSAP.
Faculty bursaries, grants and awards
Some opportunities require a separate application. Watch official MD Program and academy messages.
External scholarships and awards
These can have early or very specific deadlines. Confirm eligibility directly with the funder.
Timing varies each year. Apply early enough for assessment and any required documents to be processed before registration. Use current government, Faculty and Student Accounts pages rather than last year's dates.
A good first appointment
Talk to the MD Program's Financial Counsellor.
The MD Program's Financial Counsellor can help you understand aid, bursaries, budgeting and funding gaps. The service is free and confidential. You do not need to wait until there is a crisis to book.
How to connect with the Financial CounsellorU of T's Policy on Student Financial Support states: “No student offered admission to a program at the University of Toronto should be unable to enter or complete the program due to lack of financial means.” Ask the Financial Counsellor how the policy and available supports apply to you.
Tuition Payment
How are you paying tuition?
Student Accounts publishes the official registration and payment deadlines each year. The steps differ depending on whether you are waiting for government aid or paying another way.
Tuition deposit
Paid after accepting your offer. It is credited toward your fees; it is not a second charge on top of tuition.
Minimum payment to register
Pay this amount—or complete an approved deferral—by the registration deadline so your status can change from INVIT to REG.
Remaining balance
Being registered does not mean the full balance is paid. Check ACORN for any amount still owing and the deadline that applies.
Use your current ACORN invoice for the amount that applies to you. For the University's full explanation, read Understanding Your Fees .
Reading the amount on your ACORN invoice:
ACORN may show several subtotals for each term instead of one obvious Fall or Winter number. The annotated example shows which lines to add and how they reconcile to the session total.
Use it as a reading aid, then confirm the headings and required payment on your own current-year invoice because labels and fees can change.
File a tuition fee deferral on ACORN.
If eligible government funding is still pending, you may be able to request a tuition fee deferral through ACORN. A deferral is not automatic.
1
Wait for your OSAP assessment to finalize.
2
Check eligibility and file through ACORN before the current registration deadline, following Student Accounts instructions.
3
Confirm your registration status in ACORN and check whether any balance remains after funding is applied.
Exact dates vary by year. Check Student Accounts' important-dates page and watch your @mail.utoronto.ca inbox for reminders.
Worth checking: receiving a government-aid assessment does not itself complete registration. If you are relying on a deferral, confirm that the request was accepted and your ACORN status has changed.
Cited Sources
Where to verify.
The Faculty's authoritative pages on tuition, aid, and debt management.
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Current Fees
The Faculty's tuition and ancillary fees page. Updated each academic year.
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Finances & Awards
Full overview of awards, scholarships, bursaries, and government aid.
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Financial Aid
Application processes for need-based aid through the Faculty.
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Debt Management
Faculty resources for managing student debt. including the Financial Counsellor.
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Tuition Fee Deferral (UofT Student Accounts)
Step-by-step on requesting a deferral if you have OSAP or other government aid.
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Important Dates & Deadlines
Official current-year tuition payment, deferral, and refund deadlines from the University Registrar.
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Temerty Faculty of Medicine Grant
A need-based program for eligible MD students, separate from entrance bursaries. The 2025–26 program-wide email set a September 30, 2025 deadline and listed specific eligibility criteria; Admissions Bursary recipients were reviewed automatically. Watch your @mail.utoronto.ca inbox for the current cycle.
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OSAP — Ontario Student Assistance Program
Government of Ontario portal. Application opens here each spring.
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UofT Student Financial Support Policy
"No student offered admission to a program at the University of Toronto should be unable to enter or complete the program due to lack of financial means."