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Medical student lines of credit in Canada, and government help with loans

14 banks and credit unions publish a line of credit for medical students. Pick your situation below; each lender’s own page is linked.

Typical big-bank prime 4.45% (Bank of Canada (opens in a new tab), week of 28 Oct 2026)

Your situation

CdnMD’s short list for a first-year at a Canadian school

The five national banks students at Canadian schools write about most (National Bank is on the Quebec list); BMO's forum reports are thin.

Up triangle: in your favourDown triangle: against youCdnMD’s read of each lender’s published terms.

The short list at a glance: rate, the most you can borrow, when principal starts, cash offer and banking package
LenderRate todayMax amountPrincipal startsCash offerBanking package
Scotiabank
Prime − 0.25%4.20% todayUp to $400,000Worse: 12 or 24 months after school, or 24 months after residencyCould start during residency. Its pages say both.NoneBetter: Chequing + cardFees waived
RBC Royal Bank
Prime − 0.25%conditional4.20% todayUp to $400,000Up to $425,000 on its residents pageUp to $100,000 in year oneBetter: No fixed dateNoneBetter: Chequing + cardRequired for the rate
TD
Prime − 0.25%4.20% todayUp to $400,000Up to $100,000 in year oneBetter: 24 months after residency endsNoneWorse: Chequing + cardIn school only
BMO
Prime − 0.25%conditional4.20% todayUp to $400,000Up to $115,000 in year oneWorse: 24 months after school, or after residencyCould start during residency. Its pages say both.$600 cash to 3 Nov 2026Better: Chequing + cardFees waived
CIBC
Prime − 0.25%conditional4.20% todayUp to $400,000Worse: 24 months after school, or after residencyCould start during residency. Its pages say both.NoneWorse: Chequing + cardIn school only

  1. Scotiabank

    National · Canadian schools onlyScotia Professional Student Plan Line of Credit

    CdnMD’s read

    No payments through residency and, by its notice, no interest on interest.

    • Better: No payments in school or residency
    • Better: By its notice, no interest on unpaid interest
    • Worse: Its pages disagree on when principal is due
    • Better: Banking package: Chequing fee waived through school, residency and practice; card fee waived on the plan or rebated up to $150 on one card, not both.
    Rate today
    Prime − 0.25%
    4.20% todayNo condition
    Max amount
    Up to $400,000
    Principal starts
    Worse: 12 or 24 months after school, or 24 months after residency
    Could start during residency. Its pages say both.
    Cash offer
    None

    Banking package

    Chequing fee waived with no balance needed through school, residency and practice; a new card's fee waived while on the plan, or a rebate up to $150.

    Chequing
    Scotiabank Ultimate Package: $30.95 a month; Waived for members of the lender's healthcare program
    Credit card
    Scotiabank Passport Visa Infinite: $150 a year; Annual fee waived every year while you hold the lender's student plan; The bank's own pointsScotiabank Gold American Express: $120 a year; Annual fee waived every year while you hold the lender's student plan; The bank's own points
    Other
    Offer for residents (Residents page (opens in a new tab))Small safety deposit box fee waivedAnnual fee rebate on one eligible credit card, up to $150 (not combined with another fee waiver or rebate)and 2 more on its pages
    Scotiabank · Residents page (opens in a new tab)
    All 16 terms and the fine print for Scotiabank

    CdnMD’s read: Scotiabank asks for no payments through school and residency and, by its notice, charges no interest on the unpaid interest, though its pages disagree on the principal date.

    • Better: No payments due in school or residency; unpaid interest is added to the balance.
    • Better: Its notice to line holders: no interest charged on unpaid interest.
    • Worse: Its pages disagree: principal 24 months after residency, or 12 or 24 months after school.
    • Better: Banking package: Chequing fee waived through school, residency and practice; card fee waived on the plan or rebated up to $150 on one card, not both.

    Fine print

    • The $1,000 bonus on its pages is a general banking promotion, not tied to the medical or student line.
    • Who can apply: Canadian citizen or permanent resident.
    • Study permit holders: Not eligible.
    • Students at schools abroad report it wanted an existing customer (a forum report, 2025; ask).
    How much can I borrow in total?
    Note: Up to $400,000
    How much in the first year?
    Note: Not published
    What's the rate?
    Note: Prime − 0.25%4.20% today
    What do I pay while in school?
    Note: No payments; interest is added to the balance
    Can I keep drawing on the line during residency?
    Better: Yes (no year limit published)
    What do I pay during residency?
    Better: No payments; interest is added to the balance
    When does principal repayment start?
    Worse: 24 months after residency ends / 12 or 24 months (by program) after school ends (lender's pages disagree)
    Is interest charged on unpaid interest?
    Better: No interest on unpaid interest
    After residency, what does the line become?
    Better: Term loan, personal line of credit or business line of credit
    Do I need a co-signer?
    Note: May be required
    Can I study outside Canada?
    Worse: No: Canadian schools only
    Who can apply?
    Note: Canadian citizen or permanent resident
    Where is it offered?
    Note: National
    What else comes with it?
    Note: Account fee waiver; Card fee rebate (up to $150 a year); Mortgage for residents; Home-equity line discount
    Is there an offer for residents?
    Note: Yes: Residents page
    Is there a cash offer now?
    Note: None published
    What its pages disagree on
    • Principal repayment starts: 24 months after residency ends (Students page) / 12 or 24 months (by program) after school ends (Healthcare program page)

    What students say

    • Praise: Paying the interest: Interest is paid from the line itself, so nothing leaves chequing during school.
    • Complaint: Advisors: Advisors who leave without handing over.
    • Praise: Cards and perks: Fee-waived premium travel cards with points worth real money.

    More from students

  2. RBC Royal Bank

    National · Schools abroad: yesMedical/Dental Royal Credit Line

    CdnMD’s read

    The same line through residency and after, if you hold its package.

    • Better: Stays the same line after residency
    • Better: No fixed date for principal
    • Worse: The rate needs RBC VIP Banking and a card
    • Better: Banking package: Chequing free and one premium card's annual fee rebated, in full or up to $120, while you stay in the package.
    Rate today
    Prime − 0.25%
    4.20% todayNeeds the lender's banking package
    Max amount
    Up to $400,000
    Up to $425,000 on its residents pageUp to $100,000 in year one
    Principal starts
    Better: No fixed date
    Cash offer
    None

    Banking packageRequired for the rate

    Chequing free and a card fee rebated, but only while you hold the Healthcare Advantage package. The package and an eligible card are required for the line's rate.

    Chequing
    RBC VIP Banking: $30 a month; Waived for members of the lender's healthcare program, with an eligible credit card
    Credit card
    RBC Avion Visa Platinum: Annual fee fully rebated every year with the chequing packageRBC Avion Visa Infinite: Annual fee fully rebated every year with the chequing packageRBC Avion Visa Infinite Privilege: Annual fee rebated every year with the chequing package, up to $120and 2 more on its pages
    Other
    Offer for residents (Residents page (opens in a new tab))Overdraft protection fee waivedCard fee rebate covers one eligible credit card per account, not each card listedand 1 more on its pages
    RBC Royal Bank · Students page (opens in a new tab)
    All 16 terms and the fine print for RBC Royal Bank

    CdnMD’s read: RBC's line stays the same line through residency and after, with no date for principal, in exchange for holding its banking package.

    • Better: Stays the same line after residency, with no reapplying.
    • Better: No fixed date for principal repayment.
    • Worse: Prime − 0.25% needs RBC VIP Banking and an eligible credit card; the $30 monthly fee is waived in the program.
    • Better: Banking package: Chequing free and one premium card's annual fee rebated, in full or up to $120, while you stay in the package.

    Fine print

    • Rate condition: RBC VIP Banking ($30 a month, waived while you're in the lender's healthcare program) and an eligible credit card.
    • Who can apply: Not published.
    • Students at schools abroad did not report needing to be an existing customer (a forum report, 2025; ask).
    How much can I borrow in total?
    Note: Up to $400,000 / Up to $425,000 (lender's pages disagree)
    How much in the first year?
    Note: Up to $100,000
    What's the rate?
    Worse: Prime − 0.25%4.20% today · Needs the lender's banking package
    What do I pay while in school?
    Note: Interest only
    Can I keep drawing on the line during residency?
    Better: Yes (no year limit published)
    What do I pay during residency?
    Note: Interest only
    When does principal repayment start?
    Better: No fixed date
    Is interest charged on unpaid interest?
    Note: Not published
    After residency, what does the line become?
    Better: Stays open as the same line
    Do I need a co-signer?
    Note: May be requiredIf credit history is limited · Or if the school is outside Canada
    Can I study outside Canada?
    Better: YesCo-signer required · Different limit and rate abroad · Residents training outside Canada must reapply
    Who can apply?
    Note: Not published
    Where is it offered?
    Note: National
    What else comes with it?
    Note: Account fee waiver (up to $360 a year, required for the rate); Card fee rebate (up to $120 a year, required for the rate); Home-equity line discount
    Is there an offer for residents?
    Note: Yes: Residents page
    Is there a cash offer now?
    Note: None published
    What its pages disagree on
    • Total limit: Up to $400,000 (Students page) / Up to $425,000 (Residents page)

    What students say

    • Praise: After residency: The line stays open after residency at the same rate with no repayment schedule.
    • Complaint: Cards and perks: Premium cards gated by income that the line's package does not waive.
    • Praise: Advisors: Responsive healthcare specialists and approvals within a day or a week.

    More from students

  3. TD

    National · Schools abroad: yesHealthcare Student Line of Credit

    CdnMD’s read

    Interest-only through residency; nothing published on what comes after.

    • Better: No co-signer at a Canadian schoolTD’s footnote: “Co-signer requirements are dependent on your credit history and will be assessed on a case-by-case basis.”
    • Better: Principal starts 24 months after residency
    • Worse: After residency: not published
    • Worse: Banking package: No medicine package is published for residents; TD's general student chequing is free only while you study.
    Rate today
    Prime − 0.25%
    4.20% todayNo condition
    Max amount
    Up to $400,000
    Up to $100,000 in year one
    Principal starts
    Better: 24 months after residency ends
    Cash offer
    None

    Banking packageIn school

    No medicine package is published. TD's general student chequing has no monthly fee while you study, with a no-annual-fee cash back card.

    The lender’s general student offer, not a medicine program.

    Chequing
    TD Student Chequing Account: No monthly fee while you're a full-time student, with proof of full-time enrolment from age 23
    Credit card
    TD Cash Back Visa: No annual fee; Cash backTD Rewards Visa
    Other
    Overdraft protection fee waived in the first year

    In residency: Not published

    TD · Product page (opens in a new tab)
    All 16 terms and the fine print for TD

    CdnMD’s read: TD runs interest-only through school and residency with principal 24 months after residency, but publishes nothing on what the line becomes then.

    • Better: No co-signer needed at a Canadian school.
    • Better: Principal starts 24 months after residency ends.
    • Worse: What the line becomes after residency: not published.
    • Worse: Banking package: No medicine package is published for residents; TD's general student chequing is free only while you study.

    Fine print

    • Who can apply: Not published.
    • Study permit holders: Need a co-borrower who is a Canadian resident.
    • Students at schools abroad report it wanted an existing customer (a forum report, 2025; ask).
    How much can I borrow in total?
    Note: Up to $400,000
    How much in the first year?
    Note: Up to $100,000
    What's the rate?
    Note: Prime − 0.25%4.20% today
    What do I pay while in school?
    Note: Interest only
    Can I keep drawing on the line during residency?
    Better: Yes (no year limit published)
    What do I pay during residency?
    Note: Interest only
    When does principal repayment start?
    Better: 24 months after residency ends
    Is interest charged on unpaid interest?
    Note: Not published
    After residency, what does the line become?
    Worse: Not published
    Do I need a co-signer?
    Better: Not needed at Canadian schools / May be required (lender's pages disagree)
    Can I study outside Canada?
    Better: YesInternational students need a co-borrower who is a Canadian resident
    Who can apply?
    Note: Not published
    Where is it offered?
    Note: National
    What else comes with it?
    Note: None published
    Is there an offer for residents?
    Note: None published
    Is there a cash offer now?
    Note: None published
    What its pages disagree on
    • Co-signer: Not needed at Canadian schools (Product page) / May be required (Product page)

    What students say

    • Praise: Cash offer: The opening offer, $1,000 cash in 2025 and 2026 and gift cards or electronics before, is a common reason given for choosing it.
    • Complaint: After residency: The line becomes a repayable loan, or freezes, once training ends.
    • Complaint: Co-signer: Refusals over a co-signer's income or net worth.

    More from students

  4. BMO

    National · Schools abroad: yesMedical or Dental Student Line of Credit

    CdnMD’s read

    The usual prime − 0.25%, but unclear on principal and after residency.

    • Worse: Its pages disagree on when principal is due
    • Worse: After residency: not published
    • Better: $600 cash on a new line
    • Better: Banking package: Premium Plan chequing free up to 4 years in school and 7 in residency; a card fee rebate up to $150 needs a minimum spend.
    Rate today
    Prime − 0.25%
    4.20% todayWhile in school; May change after graduation
    Max amount
    Up to $400,000
    Up to $115,000 in year one
    Principal starts
    Worse: 24 months after school, or after residency
    Could start during residency. Its pages say both.
    Cash offer
    $600 cash
    Ends 3 Nov 2026

    Banking package

    Premium Plan chequing free for up to 4 years of school and 7 of residency, with a card fee rebate.

    Chequing
    Premium Plan chequing account: $30.95 a month; Waived while you're a medical or dental resident, up to 7 years or until the program ends
    Credit card
    BMO eclipse Visa Infinite: Annual fee waived in the first year; The bank's own points
    Other
    Annual fee rebate on an eligible credit card, up to $150, with a minimum annual spendIdentity theft protection at no chargeNo-fee daily banking for your familyand 1 more on its pages
    BMO · Product page · 18 Jun 2026 (opens in a new tab)
    All 16 terms and the fine print for BMO

    CdnMD’s read: BMO matches the usual prime − 0.25% line in school, but its pages disagree on when principal is due and name no product for after residency.

    • Worse: Its pages disagree: principal 24 months after residency, or 24 months after school.
    • Worse: What the line becomes after residency: not published; the rate may change.
    • Better: $600 cash on a new line while the 2026 offer runs.
    • Better: Banking package: Premium Plan chequing free up to 4 years in school and 7 in residency; a card fee rebate up to $150 needs a minimum spend.

    Fine print

    • Cash offer: New lines of credit only; Not for current holders of the lender's student line; Needs a chequing account with the lender; Line opened by 30 Nov 2026; Line kept open until 31 Dec 2026; Paid by 31 Dec 2026.
    • Who can apply: Canadian citizen or permanent resident.
    • Study permit holders: Not eligible.
    • Students at schools abroad did not report needing to be an existing customer (a forum report, 2025; ask).
    How much can I borrow in total?
    Note: Up to $400,000
    How much in the first year?
    Note: Up to $115,000
    What's the rate?
    Worse: Prime − 0.25%4.20% today · While in school · May change after graduation
    What do I pay while in school?
    Note: Interest only
    Can I keep drawing on the line during residency?
    Better: Yes, up to 7 years
    What do I pay during residency?
    Note: Interest only
    When does principal repayment start?
    Worse: 24 months after residency ends / 24 months after school ends (lender's pages disagree)
    Is interest charged on unpaid interest?
    Note: Not published
    After residency, what does the line become?
    Worse: Rate may change
    Do I need a co-signer?
    Note: May be required
    Can I study outside Canada?
    Better: Yes
    Who can apply?
    Note: Canadian citizen or permanent resident
    Where is it offered?
    Note: National
    What else comes with it?
    Note: No account or line fees
    Is there an offer for residents?
    Note: None published
    Is there a cash offer now?
    Better: $600 cash, ends 3 Nov 2026New lines of credit only · Not for current holders of the lender's student line · Needs a chequing account with the lender · Line opened by 30 Nov 2026 · Line kept open until 31 Dec 2026 · Paid by 31 Dec 2026
    What its pages disagree on
    • Principal repayment starts: 24 months after residency ends (Product page) / 24 months after school ends (Product page)

    What students say

    Few students write about BMO, and most of what they write is complaints.

    • Praise: Cash offer: A sign-up cash offer of roughly $500.
    • Complaint: Advisors: Branch staff unfamiliar with the medical plan.
    • Complaint: Co-signer: A co-signer demanded, once from a long-time customer and once against the bank's own website, and refusals over the co-signer's income or mortgage.

    More from students

  5. CIBC

    National · Canadian schools onlyCIBC Professional Edge Student Program

    CdnMD’s read

    Can stay a revolving line, but prime − 0.25% is only a starting rate.

    • Better: Can stay a revolving line after school
    • Worse: Prime − 0.25% is only a starting rate
    • Worse: Canadian medical schools only
    • Worse: Banking package: No package for residents is published; the general student account is free only until 6 months after graduation.
    Rate today
    Prime − 0.25%
    4.20% todayStarting rate; yours may be higher
    Max amount
    Up to $400,000
    Principal starts
    Worse: 24 months after school, or after residency
    Could start during residency. Its pages say both.
    Cash offer
    None

    Banking packageIn school

    General student chequing free to 6 months after graduation; no resident package. Licensed physicians get Prime minus 0.25% lines and preferred mortgage pricing.

    The lender’s general student offer, not a medicine program.

    Chequing
    CIBC Smart for Students: No monthly fee while you're a full-time student, up to 4½ years, including 6 months after graduation
    Credit card
    CIBC Adapta Mastercard for Students: No annual fee

    In residency: Not published

    CIBC · Product page (opens in a new tab)
    All 16 terms and the fine print for CIBC

    CdnMD’s read: CIBC publishes a line that can stay revolving after school, but its prime − 0.25% is a starting rate and it lends for Canadian schools only.

    • Better: Can become a revolving line of credit after school.
    • Worse: Prime − 0.25% is a starting rate; the rate you get may be higher.
    • Worse: Canadian medical schools only.
    • Worse: Banking package: No package for residents is published; the general student account is free only until 6 months after graduation.

    Fine print

    • Who can apply: Canadian resident or citizen.
    How much can I borrow in total?
    Note: Up to $400,000
    How much in the first year?
    Note: Not published
    What's the rate?
    Worse: Prime − 0.25%4.20% today · Starting rate; yours may be higher · Canadian medical schools only
    What do I pay while in school?
    Note: Interest only
    Can I keep drawing on the line during residency?
    Better: Yes (no year limit published)
    What do I pay during residency?
    Note: Interest only
    When does principal repayment start?
    Worse: 24 months after residency ends / 24 months after school ends (lender's pages disagree)
    Is interest charged on unpaid interest?
    Note: Not published
    After residency, what does the line become?
    Better: Professional line of credit, personal line of credit or term loan
    Do I need a co-signer?
    Better: Not needed at Canadian schoolsIf credit history is limited
    Can I study outside Canada?
    Worse: No: Canadian schools only
    Who can apply?
    Note: Canadian resident or citizen
    Where is it offered?
    Note: National
    What else comes with it?
    Note: Converts to a professional line
    Is there an offer for residents?
    Note: None published
    Is there a cash offer now?
    Note: None published
    What its pages disagree on
    • Principal repayment starts: 24 months after residency ends (Product page) / 24 months after school ends (Product page)

    What students say

    • Praise: Approval and limit: Recent first-hand approvals for $350,000 to $400,000 up front, available from day one.
    • Complaint: Rate offered: The advertised prime − 0.25% not offered in person.
    • Complaint: Approval and limit: Refusals for not already banking there.

    More from students

What actually moves the cost

When principal starts

Principal that starts during residency costs far more each month than principal that starts after it.

Counted from the end of residency, or no fixed date: 3 (RBC Royal Bank, TD and Swan Valley Credit Union). Counted from the end of school, so it can start in residency: 8 lenders. Its own pages say both: 3 (BMO, CIBC and Scotiabank).

Interest on unpaid interest

Whether unpaid interest earns interest changes what you owe when repayment starts.

Published as not charged: Scotiabank. Published as charged: National Bank and ATB Financial. The other 11 say nothing.

The rate

8 of 14 publish prime − 0.25%, so the rate rarely separates one lender from another.

6 attach a condition to it, such as a banking package or a starting rate. “Rate today” on each card says which.

Cash offers

The biggest open offer is $600 (BMO, ends 3 Nov 2026).

It is paid once. The clock and the compounding rule run for the whole loan.

All 14, one line each

  • BMO

    Medical or Dental Student Line of Credit · National
    CdnMD’s read
    The usual prime − 0.25%, but unclear on principal and after residency.
    Rate today
    Prime − 0.25%conditional4.20% today
    Max amount
    Up to $400,000Up to $115,000 in year one
    Principal starts
    Worse: 24 months after school, or after residencyCould start during residency. Its pages say both.
    Cash offer
    $600 cash ends 3 Nov 2026
    Fit for your situation
    Fits

  • CIBC

    CIBC Professional Edge Student Program · National
    CdnMD’s read
    Can stay a revolving line, but prime − 0.25% is only a starting rate.
    Rate today
    Prime − 0.25%conditional4.20% today
    Max amount
    Up to $400,000
    Principal starts
    Worse: 24 months after school, or after residencyCould start during residency. Its pages say both.
    Cash offer
    None
    Fit for your situation
    Fits

  • National Bank

    Student Line of Credit (offer for healthcare students) · National
    CdnMD’s read
    Unpaid interest compounds monthly; principal is due a year after school.
    Rate today
    Prime − 0.25%4.20% today
    Max amount
    Set by your needs and program
    Principal starts
    Worse: 12 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • RBC Royal Bank

    Medical/Dental Royal Credit Line · National
    CdnMD’s read
    The same line through residency and after, if you hold its package.
    Rate today
    Prime − 0.25%conditional4.20% today
    Max amount
    Up to $400,000Up to $425,000 on its residents pageUp to $100,000 in year one
    Principal starts
    Better: No fixed date
    Cash offer
    None
    Fit for your situation
    Fits

  • Scotiabank

    Scotia Professional Student Plan Line of Credit · National
    CdnMD’s read
    No payments through residency and, by its notice, no interest on interest.
    Rate today
    Prime − 0.25%4.20% today
    Max amount
    Up to $400,000
    Principal starts
    Worse: 12 or 24 months after school, or 24 months after residencyCould start during residency. Its pages say both.
    Cash offer
    None
    Fit for your situation
    Fits

  • TD

    Healthcare Student Line of Credit · National
    CdnMD’s read
    Interest-only through residency; nothing published on what comes after.
    Rate today
    Prime − 0.25%4.20% today
    Max amount
    Up to $400,000Up to $100,000 in year one
    Principal starts
    Better: 24 months after residency ends
    Cash offer
    None
    Fit for your situation
    Fits

  • ATB Financial

    Professional Students Line of Credit · Based in Alberta
    CdnMD’s read
    Turns into a loan and charges interest on interest; lends for US schools.
    Rate today
    Prime-based; discount not published
    Max amount
    Up to $350,000Up to $87,500 a year
    Principal starts
    Worse: 24 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • Desjardins

    Student line of credit · Quebec and Ontario
    CdnMD’s read
    Quebec and Ontario only, at a posted rate; principal a year after school.
    Rate today
    Posted rate, not a prime formulaconditional
    Max amount
    Up to $350,000
    Principal starts
    Worse: 12 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • Affinity Credit Union

    Professional Student Quick Loan · Based in Saskatchewan
    CdnMD’s read
    Prime − 0.25% for members; principal two years after school.
    Rate today
    Prime − 0.25%4.20% today
    Max amount
    Up to $350,000Up to $200,000 in year one
    Principal starts
    Worse: 24 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • Conexus Credit Union

    StudentChoice Education Loan · Based in Saskatchewan
    CdnMD’s read
    A posted rate, principal a year after school, then a loan.
    Rate today
    Posted rate, not a prime formulaconditional
    Max amount
    Up to $300,000Up to $50,000 a year
    Principal starts
    Worse: 12 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • Meridian Credit Union

    Student financing for doctors · Based in Ontario
    CdnMD’s read
    Prime − 0.25% only to start; principal 24 months after school.
    Rate today
    Prime − 0.25%conditional4.20% today
    Max amount
    Up to $300,000
    Principal starts
    Worse: 24 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • Swan Valley Credit Union

    Medical Line of Credit · Based in Manitoba
    CdnMD’s read
    No published rate, a $200,000 limit; principal a year after residency.
    Rate today
    Not published
    Max amount
    Worse: Up to $200,000Against $400,000 at most national banksUp to $50,000 a year
    Principal starts
    Better: 12 months after residency ends
    Cash offer
    None
    Fit for your situation
    Fits

  • Ukrainian Credit Union

    Student Line of Credit · Based in Ontario
    CdnMD’s read
    Prime with no discount, Canadian schools only; principal a year after school.
    Rate today
    Prime (no discount)4.45% today
    Max amount
    Up to $275,000
    Principal starts
    Worse: 12 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

  • UNI Financial Cooperation

    Student line of credit · Based in New Brunswick
    CdnMD’s read
    A $275,000 limit and principal six months after school; no rate.
    Rate today
    Not published
    Max amount
    Up to $275,000
    Principal starts
    Worse: 6 months after school endsResidency not mentioned: could start during it
    Cash offer
    None
    Fit for your situation
    Fits

Questions students ask

Which banks offer a line of credit for medical students in Canada?
14 lenders publish one: BMO, CIBC, National Bank, RBC Royal Bank, Scotiabank and TD, then ATB Financial and Desjardins, then 6 credit unions. Each is on this page with its rate, when principal starts and what the line becomes after residency, and a link to its own page. All 14, one line each
What interest rate does a medical student line of credit charge?
8 of the 14 lenders publish a rate of their own prime minus 0.25%. Each lender sets its own prime, so the figure differs by lender, and some rates carry a condition, such as holding the lender’s banking package. “Rate today” on each card shows the condition. Rate today, by lender
How much can a medical student borrow?
Among the 13 lenders that publish a total limit, it runs from $200,000 to $400,000. Some lenders release only part of it in the first year, and approval and the limit depend on the lender’s credit review. Questions to ask the lender
Can I keep borrowing during residency, and when does principal start?
BMO, CIBC, RBC Royal Bank, Scotiabank and TD publish that you can keep drawing during residency; the other lenders don’t say. When principal starts differs: some lenders count from the end of residency, some from the end of school, and a few lenders’ own pages disagree. “Principal starts” on each card shows which. What actually moves the cost
Is a line of credit the same as a government student loan?
No. A government student loan comes from the federal and provincial governments; a line of credit is a bank’s product, with its own rate and rules. The government section shows, province by province, what each part of a student loan does in school, in residency and after it. Government help with student loans

What students say

BMO

Few students write about BMO, and most of what they write is complaints.

  • Praise: Cash offer: A sign-up cash offer of roughly $500; one student adds it was not the main draw.
  • Complaint: Advisors: Branch staff unfamiliar with the medical plan, poor phone routing and long waits for the right person.
  • Complaint: Co-signer: A co-signer demanded, once from a long-time customer and once against the bank's own website, and refusals over the co-signer's income or mortgage.
More about BMO
  • Praise: Cards and perks: A no-fee account tier, commission-free trades and a travel card with lounge access; none of it about the line.
  • Praise: Approval and limit: One first-hand approval for $350,000 in 2025.
  • Complaint: Rate offered: Prime plus 1% to prime plus 3.5% offered, including on a professional line in 2024.

CIBC

  • Praise: Approval and limit: Recent first-hand approvals for $350,000 to $400,000 up front, available from day one.
  • Complaint: Rate offered: The advertised prime − 0.25% not offered in person, discounts an advisor would not put in writing, and rates raised later.
  • Complaint: Approval and limit: Refusals for not already banking there, a nine-week wait on one application, and one advisor who cut a promised $350,000 to $100,000 a year.
More about CIBC
  • Praise: Schools abroad: A first-hand line for a US osteopathic school, despite its published Canadian-schools-only rule; another student says its guidelines cover such schools.
  • Praise: After residency: Few reports: the line stayed a revolving line after school, one first-hand at a higher rate.
  • Complaint: Advisors: Associates unfamiliar with the product, a credit check needed just to quote a rate, and a rejection later reversed by a specialist.

National Bank

Few recent reports.

  • Praise: Rate offered: Prime − 0.25% for medical and dental students, matched when a competitor offers it.
  • Complaint: Advisors: An advisor no-show, service lost when the assigned contact left, and a poor app.
  • Praise: Approval and limit: Second-hand only: easy access for health and dentistry students without a co-signer.
More about National Bank
  • Complaint: Co-signer: A 2026 refusal over the co-signer's debt ratio.

RBC Royal Bank

  • Praise: After residency: The line stays open after residency at the same rate with no repayment schedule; staff physicians describe the same line carried into practice.
  • Complaint: Cards and perks: Premium cards gated by income that the line's package does not waive, and older reports of fees waived for one year only.
  • Praise: Advisors: Responsive healthcare specialists and approvals within a day or a week; a few name their advisor as the reason they chose it.
More about RBC Royal Bank
  • Praise: Cards and perks: Fee-waived VIP Banking and Avion cards; several got the cards and the package without opening the line.
  • Complaint: Advisors: Branch staff unfamiliar with the medical plan or dismissive of requests for a specialist, and inconsistent advisors.
  • Complaint: Paying the interest: Interest is taken from chequing each month, so money has to be moved over by hand; some in residency found the payments a strain.

Scotiabank

  • Praise: Paying the interest: Interest is paid from the line itself, so nothing leaves chequing during school; some say it is part of why they chose it.
  • Complaint: Advisors: Advisors who leave without handing over, branch staff unaware of the plan, lines frozen over enrolment proof.
  • Praise: Cards and perks: Fee-waived premium travel cards with points worth real money; a few report the waivers lasting past school.
More about Scotiabank
  • Praise: Advisors: A dedicated healthcare advisor who answers quickly; asking for the specialist who handles medical students is a repeated tip.
  • Complaint: Paying the interest: Reports that interest drawn from the line earns interest, and advisors who cannot explain the no-interest-on-interest wording.
  • Complaint: After residency: Lines converted to a loan at graduation despite requests to keep them open, and one advisor saying a revolving line needs a booked meeting.
  • Complaint: Approval and limit: The line released in yearly steps (about $100,000 a year in 2024 reports), and refusals over banking history or an ineligible program.

TD

  • Praise: Cash offer: The opening offer, $1,000 cash in 2025 and 2026 and gift cards or electronics before, is a common reason given for choosing it.
  • Complaint: After residency: The line becomes a repayable loan, or freezes, once training ends; no one praises what happens after.
  • Complaint: Co-signer: Refusals over a co-signer's income or net worth, and property pledged as collateral for a school abroad.
More about TD
  • Praise: Approval and limit: Recent first-hand approvals: $400,000 when others offered $350,000, no co-signer at a Canadian school, approval despite earlier debt.
  • Praise: Schools abroad: First-hand reports of lines used for Australian and US programs, one with parents co-signing.
  • Complaint: Advisors: Branch staff who do not know the product and could not say what payments would be after the interest-only period.

ATB Financial

Few reports.

  • Praise: Approval and limit: One Alberta student approved, using projected income, for study in Ireland after other banks refused.
  • Complaint: Co-signer: No line for a foreign MD program without a co-signer.
  • Complaint: Approval and limit: Strict underwriting, recalled by a former employee of a provincial lender.
More about ATB Financial
  • Praise: Schools abroad: One second-hand suggestion to try it for an Australian degree.

Desjardins

Few recent reports.

  • Praise: Cards and perks: A cash-back card with lounge access, strong travel insurance, and a caisse that matched a rival's premium card.
  • Complaint: Advisors: A local caisse unaware of the medical program, and advisors unwilling to adapt the offer or negotiate.
  • Praise: Advisors: An advisor who negotiates and reviews the budget each year.
More about Desjardins
  • Praise: Rate offered: The rate matched to prime − 0.25%, or cut by 1% after an email about admission.
  • Complaint: Cash offer: No opening bonus, and professional perks removed in 2025.
  • Complaint: After residency: One 2016 report of the line turned into a higher-rate loan after a long absence from school.

No forum reports found: Affinity Credit Union, Conexus Credit Union, Meridian Credit Union, Swan Valley Credit Union, Ukrainian Credit Union, UNI Financial Cooperation.

How the cost adds up (worked example)

One example with fixed amounts, not your numbers: the same draws under each lender’s own published rules.

Show the worked example: $40,000 a year for 4 years at a Canadian school, then a 2-year residency
Worked example, not your numbers: $40,000 a year for 4 years at a Canadian school, then a 2-year residency.
LenderRate modelledInterest through residencyTotal interest to payoffOn its own clock, principal startsBiggest monthly payment in PGY-1
BMOAssumed: its pages disagree on the principal date: modelled on the first reading4.20%$29,162$83,324Month 25 after residency$611
CIBCAssumed: the rate is a starting rate; the model uses it; its pages disagree on the principal date: modelled on the first reading4.20%$29,162$83,324Month 25 after residency$611
National Bank4.20%$29,162$83,324Residency month 13 (PGY-2)$611
RBC Royal BankAssumed: no fixed principal date: modelled at 24 months after residency4.20%$29,162$83,324Month 25 after residency$611
ScotiabankAssumed: its pages disagree on the principal date: modelled on the first reading4.20%$27,160$79,879Month 25 after residency$560
TD4.20%$29,162$83,324Month 25 after residency$611
ATB FinancialAssumed: rate not published as a prime discount: modelled at prime4.45%$31,031$88,879Month 1 after residency$651
DesjardinsAssumed: rate: the floor of its published 4.20%–5.45% range4.20%$29,162$83,324Residency month 13 (PGY-2)$611
Affinity Credit Union4.20%$29,162$83,324Month 1 after residency$611
Conexus Credit UnionAssumed: rate not published as a prime discount: modelled at prime4.45%$31,031$88,879Residency month 13 (PGY-2)$651
Meridian Credit UnionAssumed: the rate is a starting rate; the model uses it4.20%$29,162$83,324Month 1 after residency$611
Swan Valley Credit UnionAssumed: rate not published as a prime discount: modelled at prime4.45%$31,031$88,879Month 13 after residency$651
Ukrainian Credit Union4.45%$31,031$88,879Residency month 13 (PGY-2)$651
UNI Financial CooperationAssumed: rate not published as a prime discount: modelled at prime4.45%$31,031$88,879Residency month 7 (PGY-1)$1,814
The model’s assumptions
  • The same draws for every lender, each under its own published rules for the rate, compounding and the principal date. Where a lender publishes nothing, the model assumes and says so.
  • “Prime” is a lender’s own benchmark rate for variable-rate loans. Each lender sets its own and changes it from time to time, so “Prime − 0.25%” moves with it. The rates marked “today” apply each lender’s formula to the prime shown at the top of the page; your lender’s own prime may differ.
  • Prime 4.45%, held flat for the whole loan.
  • The yearly amount is drawn in 12 equal monthly draws.
  • In school nobody pays interest from their own pocket: where the lender asks for interest-only payments, the interest is drawn from the line and charged interest in turn, which students report doing. Where a lender publishes that it charges no interest on unpaid interest, the unpaid interest earns none.
  • In residency the interest is paid each month from salary, so the balance stops growing.
  • Principal is repaid in level payments over 10 years from the lender's published start, or, in the equal-timing figures, from 24 months after residency for every lender.
  • Not counted: banking-package fees, card value, cash offers (shown on their own), insurance, tax and the time value of money.
  • Prime 4.45% is the typical big-bank prime the Bank of Canada (opens in a new tab) publishes weekly, for the week of 28 Oct 2026. The rates in the table are the model’s, from each lender’s formula and that prime; your rate is the lender’s.
  • The “interest through residency” column uses the same timing for every lender, so it shows the rate and the compounding rule, not the clock. Where a lender’s pages give two principal dates, the example uses the first reading and says so under the lender’s name.

Government help with student loans

What the federal and provincial parts of a government student loan do in school, in residency and after it.

A dagger marks an answer read from wording that doesn’t use these words; “The government’s words” under it shows the sentence. Not published means the government pages we read don’t say.

A government student loan has two parts: a federal part (Canada Student Loan) and your province’s part, each with its own rules. Quebec, the Northwest Territories and Nunavut run their own programs instead and have no federal part.

Your pick is kept in the address bar (?loan=on for Ontario). Nothing is stored.

No province picked. Showing the federal part.

Pick the province or territory that issued your loan to see its part next to the federal part.

The federal part of a government student loan

Federal part

Canada Student Loan

Source (opens in a new tab) · 18 Oct 2026

Interest while in school

Federal part:
  • No interest

Payments during residency

Federal part:
  • Payments due (read from other wording; the government’s words follow)
    The government’s words behind Federal part, Payments during residency, answer
    The 6-month non-repayment period starts after you: finish your final school term reduce from full-time to part-time studies leave school or take time off school

    canada.ca (opens in a new tab)

    You may be able to delay repayment if you are: a full-time student

    canada.ca (opens in a new tab)

    Medical Residents with Canada Student Loans must discuss repayment with the National Student Loans Service Centre.

    studentaid.alberta.ca (opens in a new tab)

    The government’s pages don’t use the answer’s words; this is the sentence it was read from.

  • Repayment Assistance Plan: Depending on income, reduced payments or no payments at all

Interest during residency

Federal part:
  • No interest

After residency

Federal part:
  • Grace after studies: 6 months after studies end
  • Interest in the grace period: No interest
  • Interest rate: 0%
  • Exclusions: Forgiveness does not apply to loans converted to a line of credit, private loans or Ontario Medical Resident Loans

Forgiveness for physicians

Federal part:
  • Federal loan balance only; family doctors and family medicine residents in eligible communities

Where to apply

Federal part:

The same loan, as a timeline

Medical school, then residency, then after residency. Each cell says in words what its line shows: interest-free (solid rule), interest accrues (dashed rule), payments due (double rule), or not published, not checked or two pages that disagree (dotted rule).

Federal part · Canada Student Loan

  1. Medical schoolInterest-free
  2. ResidencyPayments due: No interest (read from other wording; the government’s words follow)
    The government’s words behind Federal part, Residency
    The 6-month non-repayment period starts after you: finish your final school term reduce from full-time to part-time studies leave school or take time off school

    canada.ca (opens in a new tab)

    You may be able to delay repayment if you are: a full-time student

    canada.ca (opens in a new tab)

    Medical Residents with Canada Student Loans must discuss repayment with the National Student Loans Service Centre.

    studentaid.alberta.ca (opens in a new tab)

    The government’s pages don’t use the answer’s words; this is the sentence it was read from.

  3. After residencyPayments due: Grace: 6 months after studies end; Interest rate: 0%

The timeline has no scale: the three stages are not drawn in proportion to how long they last.

All provinces and territories, same questions

The provincial part of the loan during residency, in one fixed vocabulary.

Provincial student loan relief during residency, for the 13 provinces and territories
Province or territoryProvincial part during residencyConditionsFederal partPhysician forgiveness (provincial)Source
AlbertaNo payments, no interest
  • condition · you applycondition · you confirm your residency every year
  • Loans from this province only
  • Residency anywhere (read from other wording; the government’s words follow)
    The government’s words behind Alberta, conditions
    a body equivalent to one referred to in the above that is recognized by the Minister and is located outside Canada.

    studentaid.alberta.ca (opens in a new tab)

    A medical resident is defined as a physician who is engaged in medical residency training during a period so recognized by:

    studentaid.alberta.ca (opens in a new tab)

    The government’s pages don’t use the answer’s words; this is the sentence it was read from.

Provincial part onlyNone published for physiciansSource · 18 Oct 2026
British ColumbiaResidency not recognised as study
  • None listed
Canada Student Loan terms applyB.C. Loan Forgiveness Program

B.C. Loan Forgiveness Program (opens in a new tab)

Source · 18 Oct 2026
ManitobaNothing published for residents
  • None listed
Canada Student Loan terms applyNone published for physiciansSource · 18 Oct 2026
New BrunswickResidency not recognised as study
  • None listed
Canada Student Loan terms applyNone published for physiciansSource · 18 Oct 2026
Newfoundland and LabradorNothing published for residents
  • None listed
Canada Student Loan terms applyNone published for physiciansSource · 18 Oct 2026
Northwest TerritoriesResidency not recognised as study
  • None listed
Runs its own program (no Canada Student Loans or Grants)None published for physiciansSource · 18 Oct 2026
Nova ScotiaPayments deferred; interest added to the balance
  • condition · you apply
  • Loans from this province only
Provincial part only (read from other wording; the government’s words follow)
The government’s words behind Nova Scotia, federal part
can defer payments on their Nova Scotia Student Loan for the duration of these programs.

novascotia.ca (opens in a new tab)

The government’s pages don’t use the answer’s words; this is the sentence it was read from.

None published for physiciansSource · 18 Oct 2026
NunavutNothing published for residents
  • None listed
Runs its own program (no Canada Student Loans or Grants)None published for physiciansSource · 18 Oct 2026
OntarioNo payments, no interest
  • condition · you applycondition · return of servicecondition · your loans are replaced by a provincial loan
  • Government student loans from any Canadian jurisdiction, federal included
  • Residency in Ontario
  • 5 years of practice in Ontario
  • Starts: Within 12 months of finishing residency / Within 3 months of finishing residency (official pages disagree)
Covers the federal part tooNone published for physiciansSource · 18 Oct 2026
Prince Edward IslandNo payments (non-repayment status)
  • condition · you applycondition · apply before residency starts
  • Loans from this province only
  • Residency anywhere (read from other wording; the government’s words follow)
    The government’s words behind Prince Edward Island, conditions
    Island students completing a medical residency can apply to stop paying their PEI provincial student loan.

    princeedwardisland.ca (opens in a new tab)

    The government’s pages don’t use the answer’s words; this is the sentence it was read from.

Provincial part onlyNone published for physiciansSource · 17 Oct 2026
QuebecResidency not recognised as study
  • None listed
Runs its own program (no Canada Student Loans or Grants)None published for physiciansSource · 18 Oct 2026
SaskatchewanNothing published for residents
  • None listed
Canada Student Loan terms applyNone published for physiciansSource · 18 Oct 2026
YukonNo territorial loan
  • None listed
Canada Student Loan only: territorial grants, no territorial loanNone published for physiciansSource · 18 Oct 2026

Return of service and other incentives

Bursaries that pay in return for working in a province or community are listed in one place, with the other incentives, on the IMGs page.

Questions to ask the lender

Show the 6 questions
  1. How is the limit released each year?All of it from the start, or a part each year?
  2. While I’m in school, is the interest paid from the line or from my chequing account?If it is added to the balance, is interest then charged on that interest?
  3. What does the line become after residency, and at what rate?
  4. Do I have to send proof of enrolment every year, and what happens to my access over the summer?
  5. Can I keep drawing during residency, and for how many years?
  6. If credit insurance is offered, can I say no?“The lender can’t insist that you buy insurance,” says the Financial Consumer Agency of Canada (opens in a new tab).

Guides from government, residents’ associations and schools

Know a lender we missed?

Or a term that has changed? Open any program’s page, choose “Report a problem with this page”, and pick “Something is missing” or “A number or date is wrong”. Say which lender and which page.

Summaries of each lender's public page, checked on 18 Jun – 24 Oct 2026. Rates, limits and eligibility change and depend on credit approval: confirm with the lender before you apply. Not financial advice. No lender pays to be listed, and links carry no referral codes.