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Lower Medical School Debt

30% of medical students expect to leave school with a debt of over $100,0001

13% expect debt of over $160,0001

1 Develop an Annual Budget - Estimate your costs such as tuition, books, rent and food, along with your potential income from summer work, student loans or family assistance.

2 Use Your Budget Wisely - Stick to your budget as closely as possible and meet with your financial advisor every year to review your budget.

3 Avoid Overspending - Borrow only what you need by using your annual budget to determine your maximum credit limit.

4 Time Your Withdrawals – Minimize the interest that will accumulate on your line of credit by properly timing your withdrawals. For example, do not transfer large amounts to your chequing account if you do not plan to use the money right away. If you do, interest will accumulate on your line of credit.

5 Reduce the Amount You Borrow – Deposit incoming funds to your line of credit whenever possible. This will reduce the daily interest charges that accumulate on your account. Then, borrow the money back as you need it for expenses

For more information about managing your debt, call 1 800 267-2332 or visit to contact MD MedEd CounselTM, a team of MD Advisors and Early Career Specialists dedicated to medical students and residents.

1 Source: 2012 National Physician Survey
MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.
MD MedEd Counsel services are provided by MD Management Limited, a CMA company.