“I got in.”

Seeing the word “accepted” flash across the screen probably evokes feelings of elation, pride, disbelief or relief for a future medical, veterinary or dental student — especially after the marathon of standardized tests, applications, interviews, and waiting.

But the elation might soon be replaced with worry as these students confront how they’ll access the financial resources they need to pay tuition, equipment fees, plus living expenses during school and residency.

They might even have to confront the possibility of not attending at all, says Jennifer Bishop, Vice President, Executive Product Owner, Personal Lending, Jennifer Bishop.

As an example, medical school program fees per year at the University of British Columbia - a top Canadian medical university - are roughly $22,000, and that doesn’t include housing, food, transportation, and any other additional costs that can come with a student's post-graduate educational journey.

“It would be devastating for students to work so hard to get into medical school and then they're not able to go because they cannot find a co-signer or do not have the credit required to borrow,” said Bishop.

“So, we really leaned in to consider how we can help these customers make their dreams come true.”

To help address some of these concerns, TD is also making it simpler for students to get the funds they need to pay for school. Most Canadian students attending a Canadian medical, dental or veterinary school will not require a co-signer to obtain a TD Student Line of Credit

The Bank also increased the TD Student Line of Credit limit for Canadian and U.S. schools to $400,000 for medical and dental school (plus up to an additional $25,000 for eligible dental specialties), and, $250,000 for veterinary school.

As well, to help with the upfront costs that crop up at the beginning of the semester — like textbooks, housing costs, or maybe even lab coats or instruments — there’s also a TD Student Line of Credit cash offer of up to $1,000 available to eligible students who apply and are approved by October 31, 2024. Some conditions apply.^[1]

Confronting a shortage of doctors and veterinarians across Canada

The shortage of physicians — particularly general practitioners (GPs) — is a well-known problem across Canada. More than six million Canadians don’t have access to a GP, CBC reported earlier this year.

The cause of the shortage is multifaceted, but many of the GPs Canadians rely on for primary care and referrals to specialists are retiring. At the same time, Canada’s population continues to grow.

Canada is also experiencing a shortage of veterinarians, particularly in remote and rural areas. In March, the Canadian Veterinary Medical Association (CVMA) raised concerns about a diminishing supply of veterinary professionals in the short term and until 2031.

Much like the human population has grown, so has the pet population in Canadian households. The number of pets in Canada skyrocketed during the pandemic, the CVMA says, as people sought comfort and distraction during a difficult time.

Helping more medical and veterinary students access the funding they need to attend school and start practicing is one part of addressing a much larger national challenge, Bishop says.

Managing finances after graduation

When they choose a TD Student Line of Credit, students get continued access to credit during their residency, a time when they’re usually finished paying tuition but are only earning a small salary.

New doctors, dentists and veterinarians make interest-only payments for up to two years after graduating from their program or completing their medical residency, Bishop says.

Looking ahead to a time when their training is finished, graduates can also get help setting up a small business banking account, she says, because physicians, veterinarians and dentist are often also business owners.

“As they're getting near the end of their degree … we can also connect them with wealth professionals, right within our branches, to be able to offer them advice, and in many cases, connect them with small business banking advisors as they establish themselves.” said Bishop.

For more information about financing options for medical, dental or veterinary education, make an appointment to speak with a TD Representative at your local branch.

^[1] The TD Student Line of Credit Cash Offer (the “Offer”) is available to full and part-time College, Undergraduate, Graduate and Medical, Dental, or Veterinary Professional students enrolled in an accredited university or college in Canada or elsewhere, who: (a) are of the age of majority in their province or territory of residence; (b) apply and are approved for a new TD Student Line of Credit by October 31, 2024, and (c) open the TD Student Line of Credit by November 15, 2024.