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Managing Debt

How do I manage my debt?

A solid financial plan from MD Financial Management is key to managing your debt.

Your MD Advisor can develop a financial plan that will support you through medical school, residency and into practice. Here are a few tips to help you get started.

1. Develop a detailed budget.

Sketch out a budget before the beginning of each year of medical school. Estimate your costs and potential income. A budget will also help you determine how much you need to borrow and help you manage your money better.

2. Assess your debt.

To get a snapshot of where you stand financially follow these three easy steps:

  1. estimate your net worth—the difference between what you have and what you owe
  2. calculate your cash flow—where your money comes from and where it goes
  3. project your total debt—how much debt you will take on during medical school

3. Access banking and credit card services.

Take advantage of special banking and credit card services, tailored to your needs as a medical student:

  • access to the Medical Student and Resident Line of Credit for up to $275,000, available in flexible annual increments so that you borrow only what you need, when you need it.
  • no monthly fee chequing account1, unlimited electronic transactions, up to 200 free cheques per year, access to over 3,300 ATM machines across Canada2 via THE EXCHANGE® Network, overdraft protection3 and much more.
  • CMA/MD Platinum MastercardTM3 with no annual fee for the first 2 years4 and extensive travel offers and other rewards. Learn more.

4. Evaluate costs and benefits of buying a home or a car.

There are several important decisions to make before you start looking for your dream home. Learn more about buying a home and your mortgage options. To see how purchasing a car or a home fits into your financial plan, contact an MD Advisor today.

5. Get the insurance coverage you need.

Protect your future and gain peace of mind with the right insurance. Your MD Advisor can help you determine if you need:

  • disability insurance—to protect your earning potential
  • life insurance—to protect your, and your family's, finances
  • critical illness insurance—to protect your savings
  • exclusive and competitive insurance solutions—available where MD has a special alliance with a provincial territorial medical association

Talk to an MD Advisor.

Together with your MD Advisor, you can build a financial plan that will support you throughout medical school, residency and into practice. Contact MD Financial Management or call the MD Service Centre at 1 800 267-2332.

1Banking products and services are offered by National Bank of Canada through a relationship with MD Management Limited. Credit and lending products are subject to credit approval by National Bank of Canada.

2 Does not include Interac®™ or CIRRUS® user fees. THE EXCHANGE® is a trademark of Fiserv Inc. Interac® is a registered trademark of Interac Inc. CIRRUS® is a registered trademark of MasterCard International Inc.

3 Subject to credit approval by National Bank of Canada. Certain conditions apply.

4 After the first two years, the annual fee in effect at that time will be billed automatically and will appear on the account statement. The credit terms and conditions can be found in the application form. The standard interest rate of 19.99% applies (as of October 1, 2014).

MasterCardTM is a trademark of MasterCard International Inc. Authorized user: National Bank of Canada.

Insurance products are distributed by MD Insurance Agency Limited, a CMA company. All life-licensed MD employees have life licences with MD Insurance Agency Limited, a CMA company.