Admissions blog: How much does it cost to become a doctor?
The cost associated with attending medical school has many students concerned about how they will pay for their medical education. With current tuition and fees in excess of $25,000 per year of study coupled with the high cost of living in Toronto attending the University of Toronto Doctor of Medicine program may seem prohibitively expensive for some and daunting for most. Fortunately, there is help available. Through a combination of government loans and grants, non-repayable grant funding issued by the University of Toronto and a private line of credit, a medical education is within financial reach. Our Financial Aid and Awards staff are here to assist students with navigating the funding options available and ensuring that they have the necessary financial resources in place.
In 2015/16, 77% of our students received financial assistance.The first step for most students is to apply for Ontario Student Assistance Program (OSAP) or an integrated government student loan through your home province. Information on how to apply and links to the forms can be found on the finacial aid webpage. These government student loans remain in interest-free status for the duration of your studies, so it is a good idea to consider them first if you require financial support.
If you qualify for financial assistance through a government student loan, you will be automatically considered for the Faculty of Medicine Grant Program, funded in part through the generosity of our donors. In addition to this grant funding, there are a number of non-repayable awards, scholarships, and bursaries available that you will have an opportunity to apply for. For more information about these funding opportunities, please visit our Awards and Financial Aid webpage.
Most students in the MD Program will open a Professional Student Line of Credit and have to rely on withdrawing from this account at some point in their medical studies in order to assist with their tuition fees and/or living expenses. Most financial institutions will offer this loan at prime interest rate.
For help navigating the various financial aid programs available, the MD Program has dedicated staff members and financial aid counsellors who are available to work with our students to explore all of their financial options and debt reduction strategies. For more information, contact medicine.financeawards@utoronto.ca.
