ADVICE NEEDED: Funding USDO as a Canadian + Next Steps
I need to make a big decision dependent on financial factors outside my control, and I would be grateful for any insight and connections to people familiar with this path!
I was recently accepted to RowanSOM USDO in New Jersey this cycle. I love everything about it except for the $160k CAD/year (including tuition ($86k USD), fees, living costs), equating to a cost of acceptance of ~$640k CAD. As a Canadian, I have been going to banks inquiring about LoCs and it seems with my family's financial situation, even with a cosigner, I may not receive the maximum $400k LoC some banks offer. OSAP provides an estimated $13k per year for me, and savings are minimal. I will not have further parental support.
Issue:
- As an international student, RowanSOM can only provide support through institutional merit-based scholarships open after matriculation.
- I have explored US private loans for international students that DO NOT require a US cosigner, like MPOWER and Prodigy Finance, since I have no connections in the US. While students at RowanSOM have used it before, it seems they are not supporting the school at the moment based on their site. There are no other US private loaners I can find. Even if I could get the $400k LoC, I am left with a hefty ~$150k CAD gap.
Before I continue, about me:
- Born and raised in Ontario
- McMaster science undergrad (cGPA 3.91), graduated 2024
- I am in my second application cycle---I spent two gap years working, volunteering, retaking MCAT, and applying for Canada MD and US MD/DO
- MCAT 515, CARS 127 (unfortunuately one point off for UAlberta and UCalgary)
- Casper definitely needed improvement
- I hope to go into primary care (likely IM) and practice in Canada
- I have a guaranteed seat for RVUCOM next cycle (tuition is $70k USD/year)
- Rejected post-interview for TMU this cycle
Next steps?
- Even if I secured a Canadian student LoC, is funding my education doable and viable long-term? While entering the US with F-1 student status only requires proof of funds for the first year of studies, I would be stranded in the later years when my funds run out and a private loan cannot be attained. Plus, I'll be in massive debt, possibly having to do US residency to pay off the loans before coming back to Canada (I don't mind but would prefer matching back). Scholarships will only do so much.
- Should I wait another year and re-apply for Canadian MD, cheaper USDO schools (e.g. LECOM), and consider Ireland? What about applying to other healthcare programs like accelerated nursing, PA, etc. as a plan B (my heart says there are no plan B's, but finances were a brick to the face). Spend the year retaking the MCAT, score higher on Casper, and make some money. It would be my third year out of school.
This year has been a rollercoaster. I was overjoyed with my acceptance until I found the harsh reality. If anyone is in a similar situation or knows of someone who is, we are in this unfortunate situation together and we will not lose.