Funding your medical education journey
Medical education is a significant investment in your future, and there are a range of funding options and resources available to support you throughout your journey.
At the Stephens Family School of Medicine, we are committed to reducing the financial burden to medical learners through a range of student awards, bursaries and funding opportunities offered directly and in partnership with other organizations. We also provide information and guidance to help you plan for the costs of your education.
Explore our growing suite of financial assistance and award opportunities on our Student Resources page.
How can I fund my medical education?
Many medical students build their financial plan using a combination of scholarships, awards, bursaries, grants, government student assistance, personal savings, and other sources of support.
Understanding the expenses you may encounter along with the funding options available can help you plan ahead, explore opportunities early, and make informed financial decisions throughout your education and beyond.
As a general planning approach, consider exploring funding in stages:
Explore funding you don't have to repay
Non-repayable funding can reduce the amount you need to borrow for your education.
Awards, Bursaries and Scholarships
Awards and scholarships recognize achievements or experiences such as academic performance, leadership, community involvement, service, or other contributions. Bursaries are generally awarded on the basis of demonstrated financial need.
View our list of awards and bursaries here or contact the financial aid office of your current or prospective post-secondary institution.
Grants
Grants provide funding that does not need to be repaid. They may be offered by governments, educational institutions, organizations, or other funders.
Apply for government student assistance
Federal, provincial and territorial student financial assistance programs offer loans, grants and other financial supports to eligible students. Students apply through the province or territory where they reside.
For eligible borrowers, the Government of Canada, BC, and some other provinces have eliminated interest on student loans. For details on eligibility, funding amounts, application requirements, and repayment terms, visit your institution's financial aid office.
Explore funding resources
To find your provincial or territorial student aid offices, see here.
Use savings and income
Students may incorporate personal or family savings, investments, and income as part of their financial plan.
Sources may include:
Registered Education Savings Plan (RESP): Designed to help families save for post-secondary education and may include education savings benefits. RESP funds can help with education-related expenses.
Lifelong Learning Plan (RRSP): May allow eligible individuals to withdraw funds from a Registered Retirement Savings Plan (RRSP) to support education or training, with the option to repay the funds over time.
Tax-Free Savings Account (TFSA): Some students withdraw TFSA savings and investments to help cover tuition, living expenses, and other education costs.
Personal or Family Savings: Savings from employment, family support, or other sources may also contribute to your education costs.
Registered accounts have different rules, tax implications, and eligibility requirements. Consider seeking personalized financial advice from financial institutions before making significant decisions about how to use these funds.
Strategic borrowing
Professional or medical student lines of credit. The right combination will depend on your individual circumstances.
Professional or Medical Student Lines of Credit
Many financial institutions offer specialized professional or medical student lines of credit specifically for students in professional programs such as medicine.
These products tend to include preferred interest rates and higher borrowing limits than other forms of credit.
Indigenous learner funding
First Nations, Inuit, and Métis learners may have access to additional financial supports through:
First Nations, Inuit, and Métis governments and communities
Indigenous organizations
post-secondary institutions
federal, provincial, or territorial programs
scholarships, awards, bursaries, and grants offered by external organizations
Eligibility requirements and application processes vary between programs.
If you are considering medical education, connecting early with your community, Indigenous student services, and relevant funding organizations can help you explore available supports.
Start exploring resources here: