Admissions blog: Awards and Financial Aid
If you have been accepted to the U of T MD Program, congratulations!
Now is the time to start planning for your financial future and UME Enrolment Services is here to assist you.
The first step for most incoming students is to apply for the Ontario Student Assistance Program (OSAP) funding, or the provincial student loan organization in your province. Make sure you do this as soon as possible so that your funds are available in the early fall when classes commence. Provincial student loans typically do not cover the full cost of medical studies. OSAP automatically provides a report to the University of Toronto that indicates unmet financial need. This is used by Enrolment Services for grant consideration. Non-Ontario students must complete a University of Toronto Advance Planning for Students (UTAPS) application (available in late summer). The UTAPS application information will be used to determine financial need.
The Faculty of Medicine at the University of Toronto provides $6 million non-repayable funding annually to MD students in the form of bursaries, scholarships, awards and grants, thanks to generous donors.
Caleigh Campbell, 1T6 medical student
When Caleigh Campbell (1T6) was accepted to the University of Toronto she received an MD Admissions Bursary. Over the past four years, the bursaries have helped her cover the cost of tuition, and other school related expenses. “Going to medical school was always my dream, and receiving these awards turned this dream into reality,” says Caleigh.
Originally from Belleville, Ontario, Caleigh moved to Ottawa to pursue Forensic Science at Carleton University. She worked three jobs throughout her undergraduate degree to pay for school. Caleigh explains, “During my time there I realized that despite my interest in forensic research, I wanted a more interactive and personable career. I was fortunate enough to be accepted into medical school and started in 2012 after graduating from Carleton. Although exciting, I was not sure how I was going to afford all the associated expenses.“
Caleigh acknowledges that the MD Admissions Bursary she received helped her, “…focus more on school and pursuing extracurricular [activities], such as the Duke of Edinburgh Award, without additional worry and stress over finances.”
Leo Akioyamen, 1T9 medical student
Leo Akioyamen (1T9) has also benefited from financial support provided by donors. He feels this has helped him to explore his, “…passions, grow as a person and to learn unencumbered.” He adds that, “At the most basic level, the financial support I’ve been provided with allows me to go to classes, attentive and rested, prepared to engage deeply with the essential knowledge and practice of medicine. This support also allows me to fully integrate within U of T’s rich cultural milieu, through singing, volleyball, research, and volunteer work within committees and out in the community. It means being able to imbibe the ethos of medicine from renowned scientists, clinicians and leaders who helped to shape it. It also means being able to feel the compassion, support, and burning inspiration that comes with forging lifelong friendships with 259 individuals with brilliant minds, incredible hearts, and truly boundless limits.”
Despite the financial support offered by the bursaries, scholarships, awards and grants programs, there may still be a gap in funding for your studies. To meet the full cost of attending medical school, you may want to consider applying for a Professional Student Line of Credit with an annual interest rate offered by a number of financial institutions.
Our website provides more information and resources regarding finances and awards. In addition, you may wish to view the 2016 Financial Aid Webinar. Financial counselling is also available for prospective and current MD students. Contact Bill Gregg, Associate Registrar, Student Financial Services on bill.gregg@utoronto.ca or 416-946-0739 to make an appointment.