Canadian Student Loans
Most major banks in Canada offer students studying outside Canada a student line of credit. These educational lines of credit are specifically designed to fund the costs associated with the student’s studies. These are typically credit based loans.
For students studying outside of Canada, most lenders require students to have a credit worthy cosigner in order to obtain an approval. Approvals are made at the discretion of the local branch where the application is submitted. Thus, students are advised to apply at the location they and/or their cosigners conduct most of their banking transactions.
Credit-based loans and lines of credit are typically approved for students, and their cosigners who have a good credit rating. The brochure titled Financial Aid Options for Canadian Students provides a list of some of the Canadian banks that offer student loan programs for which you may be eligible to apply.
Canadian students who experience funding shortages may be eligible to apply for a UMHS Loan. This University funded program provides small, per term, loans to students who have made a concerted effort to obtain funding for the upcoming term and have fell short of their need. Loans approved under this program are applicable towards tuition only. Students must demonstate an inability to qualify for funding through private bank loans or exhaustion of their line of credit. Contact the Financial Aid Office for further information and to determine eligibility.
At this time the Provincial Canadian Student Loan Programs are not available to students attending UMHS. In accordance with Canadian law, an international medical school must be in operation for ten years before an application can be submitted and a federal code assigned to process loans. (The UMHS Charter Class matriculated in May 2008.) We are confident that UMHS otherwise meets the requirements of the Canadian Student Loan Program.