Temerty Faculty of Medicine ↗ MD Program ↗
Section 03 · Finances

Funding four years
of medical school.

A practical breakdown of the Professional Student Line of Credit landscape, what tuition and living expenses actually cost in Toronto, and the bursaries and government aid most students underuse.

Not financial advice Written by upper-year students summarizing what's worked. For decisions involving credit products or your specific situation, talk to a financial advisor or the Faculty's Financial Counsellor.
Last verified Faculty Year 1 fee schedule, Scotia, CIBC, TD, and BMO LOC terms · April 2026. Prime rate confirmed 4.45%. RBC partially populated.
On this page
  1. What it costs
  2. The Student LOC
  3. Bank Q&A
  4. Bank comparison
  5. Monthly budget
  6. OSAP & bursaries
  7. Tuition payment & deferral
  8. Where to verify
The Numbers

What four years actually costs.

Tuition is the headline number. Living expenses, equipment, exam fees, and electives travel add up to nearly as much. The figures below are pulled from the Faculty's published Year One fee schedule.

Year 1 total · Ontario domestic

$25,417

St. George campus. Tuition + incidental + ancillary. Mississauga campus runs ~$580 higher.

+ Living & equipment (Year 1)

$18,577

Faculty's published budget: $1,000 books/equipment + $17,577 living. Many students spend more.

Four-year total estimate

$200–250K

Tuition + living + electives + exam fees, with annual increases. Most domestic students borrow $250K–350K to cover the gap.

Year 1 fee schedule — by campus and student type

Ontario domestic Non-Ontario domestic International
St. George campus
Tuition (Year 1) $23,090 $27,510 $97,350
Incidental + ancillary $2,326.88 $2,326.88 $2,326.88
UHIP (intl. only) — — $756
Total payable, Year 1 $25,416.88 $29,836.88 $100,432.88
Mississauga campus (MAM)
Tuition (Year 1) $23,090 $27,510 $97,350
Incidental + ancillary $2,904.84 $2,904.84 $2,904.84
UHIP (intl. only) — — $756
Total payable, Year 1 $25,994.84 $30,414.84 $101,010.84
Additional Year 1 budget items (per Faculty)
Books and equipment $1,000
Living expenses (rent, food, other) $17,577
Additional total $18,577

Incidental fees include Hart House, Athletics, Health Services, U of T Students' Union, Medical Society, and Student Services Fee. Updated July 2024.

Source: Faculty Current Fees page ↗. Numbers are updated each summer — this page tracks the most recently posted figures, but always confirm against the Faculty source before acting on them.

The Line of Credit

The Professional Student LOC, decoded.

Most MD students fund their education primarily through a Professional Student LOC. Five major Canadian banks offer it. The terms are similar but not identical — and the differences add up over four to seven years.

Prime rate today
4.45%
All major Canadian banks (RBC, TD, BMO, Scotiabank, CIBC, National). Bank of Canada policy rate held at 2.25% on April 29, 2026 — next decision June 10, 2026.
Med student LOC effective rate
4.20%
Prime − 0.25% (Scotia, RBC).

Scotiabank

Scotia Professional Student Plan

Limit $375K max
Rate Prime − 0.25%
Grace Residency end + 24 mo

✓ Verified · April 2026

Apply with Scotiabank ↗

RBC

Royal Credit Line for Med Students

Limit Up to $400K
Rate Prime − 0.25%
Grace LOC maintained

✓ Cohort Q&A · 2024

Apply with RBC ↗

CIBC

Professional Edge Student

Limit $400K max
Rate Prime − 0.25%
Grace Residency end + 24 mo

✓ Cohort Q&A · 2026

Apply with CIBC ↗

TD

Medical, Dental & Veterinary Student LOC

Limit $400K max
Rate Prime (variable)
Grace School/residency end + 24 mo

✓ Per TD product page · 2026

Apply with TD ↗

BMO

Medical Student LOC

Limit $400K
Rate Prime − 0.25%
Grace 2 yrs

✓ Per BMO rep · 2026

Apply with BMO ↗

Rates and bonuses change frequently. Always confirm current offers directly with each bank before signing.

Side-by-Side

Six categories, eighteen questions.

Reorganized from the original cohort question set. Scotiabank, CIBC, and BMO fully populated from rep interviews. TD populated from official product page. RBC partial.

Verified — direct from a Scotia rep

The Scotiabank, CIBC, and BMO columns reflect answers received from each bank’s healthcare specialist in 2026. TD is sourced from the official TD product page. RBC is partially populated from the cohort Q&A — flagged inline as To be confirmed.

Cohort advice

Don't be afraid to challenge the bank.

Multiple cohort members have had reps confidently quote incorrect terms — only backing down once the student pulled up the bank's own website or pointed to a competitor's published rate. Doing your due diligence and double-checking does not hurt; the table above exists for exactly this reason. Bring this comparison to your appointment, and if a rep tells you something that contradicts what you've read, ask them to walk through the source with you.

01 · Loan structure

How much you can borrow, how it's released, and what it costs you.

Question Scotiabank RBC CIBC TD BMO
Total limit & annual release $375,000 max
Annual ceilings: $100K (Y1), $200K (Y2), $300K (Y3), $375K (Y4).		 Up to $400K ($100K/year). Additional funding available on request. $400,000 max
Increases incrementally each year (you don't get full access in Y1). Re-approval not needed in subsequent years.		 Up to $400K
Up to $100K available in Y1; total limit depends on program of study.		 Up to $400K
Released incrementally: $115K (Y1), $95K/yr (Y2-4). Continues through residency for up to 7 years total. Outside student loans may reduce the limit.
Rate structure Prime − 0.25% = 4.20% today (variable). No fixed-rate option. Prime − 0.25% = 4.20% today (variable). Prime − 0.25% = 4.20% today (variable). Prime = 4.45% today (variable). Verify exact rate at appointment. Prime − 0.25% = 4.20% today (variable). Calculated only on what you draw.
When interest accrues Calculated monthly and added to the balance. Simple interest only — interest is not charged on previously-added interest while you have room under your limit. Begins immediately. Calculated daily, charged monthly. Interest begins to accrue 24 months after residency graduation. Until then, only interest from active borrowing applies. Interest accrues on borrowed amount. No principal payments until 24 months after leaving school or residency. Interest cannot be capitalized. Monthly interest must be paid as charged — it does not compound into the principal balance.
In-school payments No payments required as long as you have room under your annual limit — interest is auto-added to the balance. Once you hit your limit, you'll need to make interest payments in cash to keep accruing. Monthly interest is mandatory and auto-debited. Compounds onto principal if not paid in cash. Only interest on borrowed amount is required, until 24 months after residency graduation. LOC structure continues through residency. Interest-only payments during school and residency. No principal payments required during this period. Interest-only payments required while in med school. Cannot defer or roll into principal — must be paid in cash each month.

02 · Repayment & flexibility

What happens after graduation and how flexible the terms are.

Question Scotiabank RBC CIBC TD BMO
Grace period 2 years post-residency / fellowship to convert your Student LOC to a Personal LOC at the same Prime − 0.25% rate. If not converted, you enter formal repayment. LOC is maintained. No fixed timeline for principal payments. 24 months post-residency before full interest accrual on the LOC begins. 24 months after leaving school or residency before principal payments are due. Years 1–2 post-grad: interest-only continues. Year 3: minimum payment becomes 1% of outstanding balance, then escalates each year (see official BMO repayment schedule).
Residency / fellowship terms Same as in school — interest auto-adds to balance if you have room under your limit. If at limit, interest payments required in cash. Yes, indefinitely. Interest-only payments through residency / fellowship. LOC continues through residency. Interest-only on borrowed amount; full repayment timeline begins 24 months post-residency. Same interest-only treatment continues through residency. Principal not due until 24 months after residency ends. 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 Minimum payments stay interest-only on an ongoing basis. Same Prime − 0.25% rate, same limit, line stays open indefinitely. Not applicable — LOC remains lifelong without a forced conversion event. Post-residency, the LOC remains as a Personal LOC at the same terms. To be confirmed at appointment. Per BMO standard repayment schedule: 1% (Y3), 1.5% (Y4), 2% (Y5), 2.5% (Y6), 4% (Y7), 7% (Y8+) of outstanding balance, or $100/month minimum — whichever is greater.
If you don't convert in time 10-year repayment kicks in automatically after the 2-year window closes. n/a n/a — no forced conversion event. Principal payments begin 24 months after leaving school or residency, regardless. n/a — repayment schedule auto-applies after Year 2 post-grad.
Early repayment penalties None. None. To be confirmed. To be confirmed. None.

03 · Eligibility & approval

Who qualifies, what's needed, and how long it takes.

Question Scotiabank RBC CIBC TD BMO
Co-signer required? No co-signer required. Approval can be reduced if you carry >$60K in government student loans, or if outside revolving credit limits you want to keep open exceed $25K. Not for Canadian medical students. Possibly. Co-signer or guarantor may be required depending on credit profile. Minimum 650 credit score; otherwise a guarantor is needed. Approval considers credit score and income capacity. Must be a PR or Canadian Citizen — not available to temporary students. No co-signer needed for Canadian medical/dental/veterinary students at Canadian schools. Typically not required if you can demonstrate full-time or part-time employment, OR an existing income source (investment income, rental income).
Documents needed Enrollment letter (with program, length, full name, school) + standard ID. Signed enrollment letter confirming program, length, full name, and school. Proof of enrolment and tuition deposit required. Standard proof of enrolment and ID. Confirm exact list at appointment. Proof of enrolment + standard ID. Confirm full list at appointment.
Approval timeline Few days. Apply as soon as you have your acceptance letter. 3–4 days for approval. Funds not immediately available. To be confirmed. To be confirmed at appointment. Standard LOC lending and approval criteria apply. Confirm exact timeline at appointment.
Mid-program adjustments Annual ceilings step up automatically by year ($100K → $200K → $300K → $375K). Yes. $400K → $425K at residency entry. Limit increases incrementally each year up to $400K. No re-approval required in subsequent years. 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. Annual ceilings step up automatically: $115K (Y1) → $210K (Y2) → $305K (Y3) → $400K (Y4).

04 · Residency & post-grad transitions

How the loan converts when you finish school and start practice.

Question Scotiabank RBC CIBC TD BMO
Residency conversion Stays as a Student LOC through residency / fellowship. Same Prime − 0.25% rate, same payment treatment. Same LOC continues; limit increases. Plan/rate preserved. LOC structure continues through residency at Prime − 0.25%. Same payment treatment. LOC continues through residency. Interest-only payments throughout; principal deferred 24 months past residency end. Continued LOC access through residency at Prime − 0.25%. Same interest-only treatment continues for the duration of the 7-year financing window.
Post-residency conversion Within 2 years of finishing residency / fellowship, convert to a Personal LOC at the same rate ($375K limit, Prime − 0.25%, interest-only minimums, line stays open ongoing). If not converted, 10-year amortized repayment kicks in. Professional Student LOC continues post-graduation as a physician credit product. Post-residency, the LOC remains as a Personal LOC with the same terms. No forced conversion event. Full interest accrual begins 24 months after residency graduation. Principal repayment begins 24 months after leaving school or residency. Conversion to physician credit product to be confirmed at appointment. Per the BMO Medical Student repayment schedule, principal repayment begins Year 3 post-grad and escalates annually.
Physician transition Scotiabank Healthcare+ in partnership with MD Financial offers ongoing physician banking. Professional Student LOC continues post-graduation as a physician credit product. LOC continues as a Personal LOC after residency at the same rate. To be confirmed at appointment. To be confirmed at appointment — ask about BMO's physician credit products.

05 · Insurance & protection

Insurance products tied to the LOC and protections if things go wrong.

Question Scotiabank CIBC TD RBC / BMO
Available during med school Life insurance and critical illness only. Disability insurance generally requires you to have a job to be disabled from — most students don't work enough hours during med school to make a claim, so it's typically not useful until residency. Insurance options are available, but typically require income to be eligible — limited utility during med school. To be confirmed at appointment. RBC: Insurance available — confirm at appointment.
BMO: Optional Balance Protection (Life + Critical Illness) and Payment Protection (Disability + Job Loss) available.
Life insurance Not required. Available optionally via MD Financial. To be confirmed. To be confirmed at appointment. RBC: Available — confirm at appointment.
BMO: Available via Balance Protection insurance (life coverage on the LOC balance).
Disability insurance (residency+) Becomes useful once you have residency income to insure. Available via MD Financial Management (Scotiabank's healthcare partner). Available with income — relevant once you start residency. To be confirmed at appointment. RBC: Available — confirm at appointment.
BMO: Available via Payment Protection (covers disability and job loss).
Hardship protections Not standardized — borrowers in difficulty are directed to a Healthcare Advisor. Income-based eligibility — talk directly to a CIBC healthcare advisor about specific scenarios. To be confirmed at appointment. To be confirmed at appointment.

06 · Incentives & banking benefits

Sign-up bonuses, rate discounts, and bundled banking products. Promotional terms change frequently — verify before signing.

Question Scotiabank CIBC TD RBC / BMO
Sign-up bonus $500 chequing bonus for new Scotiabank customers who set up a $50+ pre-authorized deposit for 6 straight months and pay a $50+ bill from the chequing account within 60 days. Plus 40,000 points (~$400) on the Passport Visa Infinite or Amex Gold (pick one) after $2,000 in spending in the first 90 days. Not specifically advertised through the LOC product — confirm with the rep. Not specifically advertised through the LOC product — confirm with the rep. RBC: Confirm at appointment.
BMO Spring 2026: Up to $900 in stacked offers — $175 chequing + up to $500 LOC bonus + up to $125 CashBack Mastercard + investing/savings promos. Promo runs Mar 3 – Jun 1, 2026.
Bundled benefits Ultimate Package chequing — monthly fee waived for life. Plus the Passport Visa Infinite and Gold American Express, both with annual fees waived on an ongoing basis. Standard CIBC chequing/credit options — bundled benefits not specifically tied to the LOC product. Confirm with rep. Standard TD chequing/credit options — confirm bundled benefits with rep. RBC: Confirm at appointment.
BMO: Free student banking. Optional Savings Amplifier Account (4.50% promo rate on first $4,300 for 120 days during Spring 2026 promo).

Scotia · Direct contacts

Cohort members have worked directly with these Scotia Healthcare+ reps. Reaching out by name is faster than going through the general application portal.

Rod McFadden

Scotia Healthcare+ Specialist

rod.mcfadden@scotiabank.com

Lynne Owen

Scotia Healthcare+ Specialist

Lynne.Owen@scotiabank.com
Decide Between Two

Compare any two — or three — banks side by side.

The full table above is exhaustive. This tool is for the moment when you've narrowed it down and just want to see two specific banks next to each other on the questions that actually drive a decision.

Pick two or three banks.

Bank A
Bank B
Bank C (optional)
How to Negotiate

Banks compete for med students. Use it.

Field notes from the 2T9 cohort

Scotia is the most popular choice — and the rate is more flexible than advertised.

Most of the cohort ends up with Scotia, mainly because of simple-interest accrual (interest doesn't capitalize onto the balance) and the credit card options bundled with the LOC. But the published Prime − 0.25% isn't a ceiling: at least one 2T9 student walked out with Prime − 0.30% by bringing a written competitor offer and asking. Banks have room to move on rate. They just need a reason — usually a competing offer in writing.

Get written offers from at least two banks before deciding.

Banks match each other readily once you have a competing offer in writing.

Ask for things they don't advertise.

If you want a specific credit card that isn't part of the default LOC package, ask. If a competitor offers a feature yours doesn't — name it and ask them to match. The advertised package is a starting point, not the ceiling. Worst case, they say no.

Ask explicitly about cash bonus, grace period, and prime adjustment in writing.

Verbal commitments don't count. Get the terms on the application or in email.

Don't bundle products you don't need.

Credit cards and insurance shouldn't be the price of admission to a better LOC rate.

If a bank pushes you to commit on the spot, walk.

There's no LOC offer that disappears in 24 hours. Pressure is a signal.

Toronto Budget

A realistic monthly breakdown.

Sample budget for a single student in a 1-bedroom near campus. Adjust upward for Yorkville, downward for roommates.

Rent (1-bed near campus)$2,400
Utilities (hydro, internet)$120
Groceries$500
Transit (Presto monthly)$156
Phone$55
Eating out / social$300
Misc (clothing, gym, medical)$200
Buffer$200
Monthly total ~$3,930
Government Aid

OSAP and equivalents.

Even with an LOC, apply for OSAP (or your province's equivalent). OSAP grants are non-repayable — leaving them on the table because "I don't really need it" is a $5,000–15,000 mistake.

Eligibility depends on family income (first-year applicants) or your own income afterward. The MD Program counts you as full-time even during research electives.

  • Apr–MayOSAP opens for the upcoming academic year (typically late April or early May)
  • Jun 30Recommended submission deadline. Submit by this date to have funding processed in time for September fees — also the date OSAP itself recommends to ensure on-time disbursement
  • Late AugFall-term OSAP funding released to UofT (used to pay tuition first, then released to you)
  • JanWinter-term disbursement
  • ~14 days before each termHard deadline: full-time enrolment must be confirmed for OSAP to release funds. Be registered.

Out-of-province students apply through their home province (AlbertaSF, StudentAid BC, AFE Quebec, etc.); UofT processes the funding the same way once verified. If your provincial program runs on a different calendar, check its deadlines too — the June 30 recommendation is OSAP-specific.

Bursaries

The ones nobody mentions.

Beyond OSAP, the Faculty and individual academies administer in-course bursaries based on demonstrated need. These are funded by donor gifts and awarded yearly — but only to students who apply.

Many bursaries go unclaimed each year because students don't think they qualify or don't bother.

  • Sep–OctIn-course bursary applications open through the Faculty's financial aid portal
  • NovTypical application deadline — watch your academy financial aid emails
  • Jan–FebDecisions and bursary disbursements released

Months are typical; exact dates vary year to year — check the Faculty's financial aid page for the current cycle.

Don't Sleep on This

Talk to the MD Program's Financial Counsellor.

The MD Program has a dedicated Financial Counsellor whose entire job is helping medical students navigate funding. Free and confidential. Book one in your first semester even if you think your finances are sorted — they often catch things you missed.

How to connect with the Financial Counsellor ↗
UofT Student Financial Support Policy

"No qualified UofT student should be unable to enter or complete their program due to lack of financial means."

UofT's Policy on Student Financial Support is a binding institutional commitment. If your demonstrated need exceeds your available resources after a reasonable effort, the University is on the hook to bridge the gap — most often through bursaries, grants, or work-study. Most students never invoke it, but it exists, and the Financial Counsellor can walk you through what triggers it for your situation.

Read the policy ↗
Tuition Payment

Paying tuition — and deferring it if you have OSAP.

Tuition is due before classes start. If you're on OSAP or other government aid, you'll almost always need to formally defer your payment so the University doesn't charge late fees while it waits for your aid to arrive.

Standard Payment

If you're paying out of pocket or LOC.

Tuition appears on your ACORN account as a "Minimum Payment to Register" before each term. Pay it (or arrange auto-payment from your LOC) by the posted deadline.

  • Fall-term minimum payment: typically due late August (around the third week)
  • Winter-term minimum payment: typically due late November or early December
  • Payment methods: online banking (use your UofT student number as the account number), wire transfer for international
  • Late fees begin accruing after the deadline at a non-trivial rate — set a calendar reminder
UofT payment options ↗
If You Have OSAP

You need to file a tuition fee deferral.

OSAP funding doesn't arrive until late August at earliest. The University knows this and has a built-in deferral process — but you have to file it yourself on ACORN. It's not automatic.

  • Where: ACORN → Financial Account → Request a Tuition Fee Deferral
  • When: after your OSAP assessment is finalized but before the fall registration deadline (usually late August)
  • What it does: registers you as paid-in-full for the term, blocks late fees, and lets your enrolment confirm so OSAP releases funding
  • Required: a valid OSAP (or out-of-province equivalent) assessment showing aid sufficient to cover the minimum payment to register. If your assessment is too low, you'll need to top up the difference manually
Tuition fee deferral details ↗

Key tuition payment dates (typical timing)

  • Late JulFall-term invoice posts to ACORN
  • Mid-AugTuition fee deferral request opens on ACORN (after your OSAP assessment finalizes)
  • Late AugFall-term minimum payment / deferral deadline — exact date posted by the Office of the University Registrar each year
  • Early SepLate fees begin if tuition is not paid or deferred
  • Late NovWinter-term invoice posts
  • Early DecWinter-term minimum payment / deferral deadline

Exact dates vary by year. Check studentaccount.utoronto.ca/important-dates for the official current-year deadlines, and watch your @mail.utoronto.ca inbox for reminders from the Student Accounts office.

Common first-year mistake: assuming OSAP "covers" tuition automatically. It doesn't — without a filed deferral, your account is technically delinquent from the deadline until the day OSAP releases funds, even though you've done everything else right. Five minutes on ACORN avoids it.
Cited Sources

Where to verify.

The Faculty's authoritative pages on tuition, aid, and debt management.

→

Current Fees

The Faculty's tuition and ancillary fees page. Updated each academic year.
→

Finances & Awards

Comprehensive overview of awards, scholarships, bursaries, and government aid.
→

Financial Aid

Application processes for need-based aid through the Faculty.
→

Debt Management

Faculty resources for managing student debt — including the Financial Counsellor.
→

Tuition Fee Deferral (UofT Student Accounts)

Step-by-step on requesting a deferral if you have OSAP or other government aid.
→

Important Dates & Deadlines

Official current-year tuition payment, deferral, and refund deadlines from the University Registrar.
→

Temerty Faculty of Medicine Grant

The main need-based grant for in-program MD students, separate from entrance bursaries. Application typically opens in mid-August (Aug 13 last year). Watch your @mail.utoronto.ca inbox.
→

OSAP — Ontario Student Assistance Program

Government of Ontario portal. Application opens here each spring.
→

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."