Which source of $$$ to use for medical school?
July 15, 2008 1:46 PM
Paying for medical school -- which money to use?
I'm starting medical school in Canada in September. I've got about $50k in US mutual funds and treasury bills, $15k in a Canadian RSP (which can be used to pay for education if repaid at a certain point), and the banks are offering a line of credit at prime + 1%.
The question is: how do I start paying for school and living expenses? Withdraw and use the investments, and then move to the line of credit when they're exhausted? Use the line of credit, and wait for the investments to grow in order to repay the LOC? Are the investments likely to grow in the next few years? Buy lottery tickets?
I'm starting medical school in Canada in September. I've got about $50k in US mutual funds and treasury bills, $15k in a Canadian RSP (which can be used to pay for education if repaid at a certain point), and the banks are offering a line of credit at prime + 1%.
The question is: how do I start paying for school and living expenses? Withdraw and use the investments, and then move to the line of credit when they're exhausted? Use the line of credit, and wait for the investments to grow in order to repay the LOC? Are the investments likely to grow in the next few years? Buy lottery tickets?
Regarding the LOC, you should be able to get that at prime, not prime + 1% (unless you have some extenuating financial circumstances). Make sure you talk to a medical specialist at the banks, usually located in the cities where the med schools are. Bank employees who are not in this position are often unaware of the LOC at prime for medical students. For example, RBC's information is here. National Bank/MD Management, BMO, and TD are others with similar offerings.
posted by flying kumquat at 12:48 PM on July 16, 2008
posted by flying kumquat at 12:48 PM on July 16, 2008
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posted by acoutu at 2:05 PM on July 15, 2008