Due to the cost of medical school many MD students use a line of credit (LOC) at some point during their education. Many of the banks have professional student LOCs designed specifically for medical students.
Unlike government student loans, LOCs begin accumulating interest immediately when funds are advanced and minimum monthly payments are required. In most cases the monthly interest payment required can be capitalized or paid through further advances on the LOC. It should be noted that this would add to the principal of the loan, increasing the overall debt load.
It is recommended that you visit the websites of the bank(s) of your choice for full details about Student Services including account fees, life insurance, credit cards & complete details about professional student lines of credit. Many banks may negotiate rates and credit limits based on credit history, credit rating and individual credit requirements. Applicable fees and rates are subject to change.
There will be a Student Financial Services Evening in September with the attendance of all the major banks providing LOCs for students to come and meet and talk to. An email will be sent out to students notifying them of the time, date, and place.
Please contact the Student Financial Assistance Officer for more information.