INTERNATIONAL STUDENTS
WUHS WELCOME CANADIAN STUDENTS
A GOOD ALTERNATIVE TO A CANADIAN MEDICAL SCHOOL
- Quality MD Program
- Affordable Tuition
- Canadian Financing Available
- No MCAT Required
- Study in Belize
- High USMLE Pass Rate
- Clinical Rotations in Canada, US, & UK
- Residency in Canada & US
CANADIAN STUDENTS
Medical Council of Canada (MCC) recognizes WUHS. As a result, students of WUHS can sit for the Medical Council of Canada Evaluating Examination (MCEE) and Part I & II of the Medical Council of Canada Qualifying Examination (MCCQE). These constitute a prerequisite for eligibility to participate in the Canadian Resident Matching Service (CaRMS) and licensure in Canada. Canadian graduates of WUHS completed all United States Medical Licensing Exams- (USMLE Part I, Part II, and Part III) and have registered with ECFMG- (Educational Commission of Foreign Medical Graduates). As a result, they can participate in residency training and receive licensure with the United States through the Electronic Residency Application System (ERAS).
CANADIAN LOANS
Most major banks in Canada offer students studying outside Canada a student line of credit. These educational lines of credit are specifically designed to fund the costs associated with the student’s studies. For students studying outside of Canada, most lenders require students to have a credit worthy cosigner in order to obtain an approval. Approvals are made at the discretion of the local branch where the application is submitted. Thus, students are advised to apply at the location they and/or their cosigners conduct most of their banking transactions.
PRIVATE STUDENT LOAN ALTERNATIVES FOR CANADIAN STUDENTS
NBC – National Bank of Canada
STUDENT LINE OF CREDIT
National Bank of Canada offers students a credit line up to $200,000 at a variable rate of Prime with no account handling charges. General Program Elements Include:
- A flexible lending solution that allows you to craft your own financial package including the ability to:
- Defer principal and interest payments on your line of credit while enrolled as a full-time student and up to 12 months following graduation (interest will continue to accrue on the outstanding balance).
- Or make interest and principal payments in accordance with your budget.
- Draw funds from your account at any time up to the maximum annual amount.
- Convert the line of credit to a standard loan with an amortization period of up to 15 years.
- You also receive a full line of complimentary services with your line of credit.
- Cheques and Pre-authorized debits.
- Full range of electronic banking services.
- 200 Free Cheques annually.
- A National Bank Platinum Card
- Access to a financial advisor to assist you with planning and developing annual budgets.
- Additional Information: Visit NBC web site for more information.
Application Process:
Contact the branch nearest your home and make an appointment. You will need to provide proof of full-time enrollment at WUHS (Belize). This can be a notice of registration or copy of fall schedule. NBC has 475 branches which are concentrated in Quebec. Branches are located in other provinces including Ontario and British Columbia. The bank web site provides a branch locator tool.
T.D. CANADA TRUST
STUDENT LINE OF CREDIT
TD Canada Trust offers financial assistance via their “Student Line of Credit” These programs are customized to satisfy the individual needs of each student. TD Canada Trust does not maintain a centralized education funding team. They recommend students visit branch locations and discuss funding alternatives with the branch manager. Depending on previous relationship and credit worthiness, TD Canada Trust may modify normal program terms to better accommodate student needs. Line of Credit can be used for expenses related to:
- Tuition
- Books
- Fees
- Living Expenses
General Program Elements Include:
- Pay no monthly or annual fees.
- Competitive interest rate (Normally equal to TD Prime plus a variance rate).
- Withdraw funds as the needs arise (up to your approved credit limit).
- Pay interest-only monthly payments for up to 12 months after graduation.
- Enjoy low monthly payments after the interest-only grace period.
- Up to 20 years to repay.
- May require an approved Co-signer.
- Access funds through: EasyWeb Internet banking, EasyLine telephone banking, Interac Direct Payment, Green Machine ABMs, Cheques, TD Canada Trust branch
- Medical Students Only
- No annual re-application
- Maximum Credit Line Value – $150,000
- May access up to $60,000 in Year 1 of study.
- Additional Information
- Visit the TD Canada Trust web site for more information
Contact Options:
- Preferred Method: Visit your nearest TD Canada Trust Branch (More than 1,000 Branches Nationally)
- Allow 7 business days from time of application for review, approval, and funding of line.
RBC CANADA
ROYAL CREDIT LINE® FOR STUDENTS – PROFESSIONAL DESIGNATION
RBC Canada offers students a credit line to fund the educational needs. They recommend students contact the bank by phone and complete the application process. RBC Canada encourages students attending international colleges or universities to contact them. The terms and structure of the program do not allow for customization. Students with an existing relationship with RBC may score higher on the overall credit evaluation. Line of Credit can be used for expenses related to:
- Tuition
- Books
- Fees
- Living Expenses
- Travel
General Program Elements Include:
- Pay no monthly or annual fees.
- Competitive interest rate (RBC Prime + 1% Variable Rate).
- Withdraw funds as the needs arise.
- Pay interest-only monthly payments for up to 12 months after graduation.
- Enjoy low monthly payments after the interest-only grace period.
- Up to 20 years to repay.
- Will require an approved Co-signer.
Access funds through:
- Internet banking
- Royal Direct telephone banking
- Cheques
- RBC Royal Bank Personal Touch Automated Banking Machine
- RBC Canada Branch
Medical Students Only:
- No annual re-application
- Maximum Credit Line Value – $150,000
RBC Personal Banker will establish annual maximum available based on documentation of annual costs.
Additional Information: Visit RBC Canada web site for more information.
Contact Options:
Application Process
RBC Canada recommends that you complete the application process via telephone or internet. Students must provide:
- Confirmation that you are enrolled at a post-secondary international educational institution and pursuing a medical degree.
- An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel, and other qualified expenses).
- A list of your financial resources (including savings, bursaries, summer employment, etc.)
- Allow 5 business days from time of application for review, approval, and funding of line.
BOM – BANK OF MONTREAL
STUDENT LINE OF CREDIT
Bank of Montreal offers students a credit line to fund the educational needs. They recommend students contact the bank by phone and discuss their needs with the education lending team. Bank of Montreal encourages students attending international colleges or universities to contact them. The terms and structure of the program do allow for a modest amount of customization. Students with an existing relationship with BOM may experience more flexibility on the part of the bank. Line of Credit can be used for expenses related to:
- Tuition
- Books
- Fees
- Living Expenses
- Travel
General Program Elements Include:
- Pay no monthly or annual fees.
- Competitive interest rate (BOM Prime plus Variable Rate).
- Withdraw funds as the needs arise to annual and lifetime maximum.
Repayment plan for Medical Student Line of Credit:
Make only monthly interest payments while you’re in school and during your residency (to a maximum of 7 years of residency). In first year after completion of residency, choose one of three repayment options:
- Interest only payments during the first year of residency followed by gradually escalating monthly payments of principal and interest.
- Gradually escalating monthly payments of principal and interest.
- Fixed monthly payments of principal and interest based on an amortization of up to 15 years.
Repay all of the outstanding balance at any time without penalty – will require an approved Co-signer.
Access funds through:
- Cheques
- Automated Banking Machine
- BMO Bank of Montreal Branch
Medical Students Only:
- No annual re-application
- Maximum Credit Line Value – $150,000 (may be negotiable depending on student and co-signer credit worthiness and proof of need)
Disbursement
- Annual Maximum: $30,000 (Fist 4 Years)
- Annual Maximum: $15,000 (Residency)
Additional Information:
- Visit the BOM web site for more information.