Many Canadian banks have specialized medical student line of credit products with substantially higher limits than ordinary student line of credits.
Before signing a medical student LOC, compare:
- Maximum credit limit
- Interest rate
- Prime +/− spread
- Interest-only period
- When repayment begins
- Whether interest accrues during residency
- Fees
- Co-signer requirements
- Credit limit increases
- Residency transition terms
- Professional banking benefits
- What happens if you change programs or leave medicine
Refer to the Government of Canada’s student lines of credit guide for more information.