The table below outlines the tuition and supplementary fees associated with your medical education at McMaster. In addition to the expenses listed below, you will also need to think about basic living costs that you will incur such as accommodation, utilities, transportation and food costs. There will also be unanticipated expenses throughout medical school such as elective travel, CaRMS interview fees and transportation, and membership fees.

The Ontario Student Assistance Program (OSAP) is a financial aid program that can help you pay for university.

OSAP offers funding through:

• grants: money you don’t have to pay back
• a student loan: money you need to repay once you’re done school

When you apply for OSAP, you are automatically considered for both grants and loans.

OSAP can help you pay for:

• tuition
• books and equipment
• fees charged by your school
• living expenses (full-time students only)
• child care (for full-time and part-time students with children)

For more information, please visit: osap.gov.on.ca

Out-of-province learners should contact their applicable provincial student assistance program office for further information on government student loans.

For information about other provincial student assistant programs:

Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland and Labrador
Northwest Territories
Nova Scotia
Nunavut
Prince Edward Island
Quebec
Saskatchewan
Yukon

The bursary program is funded through donor contributions to the University “donor bursaries” and through tuition reinvestment.  Bursary funds are limited and are not intended to fund a student’s full deficit.  The Office of the Registrar and the Student Services team provides bursary assistance related to tuition, books, compulsory fees, equipment, and supplies after a student’s own contribution has been assessed and after OSAP (or out-of-province loan) has been assessed.  Students who lack resources to cover living and other education-related costs during their study period are encouraged to apply for bursary assistance. The goal of the Michael G. DeGroote bursary program is to fund students with the highest financial need.

For more information on available bursaries, click here

UGME Students also receive a stipend of $750.00 per month through the Final Year Medical Student Bursary Fund program for a total payment of $9000 during the final twelve months of study in the UGME Program. The program is funded by the Government of Ontario and operated by the Ontario Medical Association.

Health Force Ontario offers a program to support clinical rotations across Ontario. The Clerkship Travel Program will provide up to $1500 (taxes included) in eligible travel and accommodation expenses to Ontario medical students in their final two years of the UGME program to complete one clinical elective per academic year (minimum 2 weeks) at an Academic Health Sciences Centre more than 100 km away from their home campus.

The goal of the Clerkship Travel Program is to:

• Improve distribution of physicians across Ontario by allowing exposure to a variety of practice settings;
• Enhance the mix of specialties by allowing clinical clerks to explore career choices outside of their local area;
• Promote Ontario as a preferred location for postgraduate education.

The program is funded by Ontario Health and administered by HealthForceOntario Marketing and Recruitment Agency, an operational agency of Ontario Health. Full details about the program can be found on the website healthforceontario.ca/ctp

Medical students looking for additional funds to support their education may wish to consider a TD Canada Trust Student Line of Credit. As the financial institution chosen by McMaster University, the TD Canada Trust Student Line of Credit is designed to provide the flexibility required by students in professional and graduate programs. Benefits include an available credit limit that you can put towards all or part of your education and living expenses, at a competitive variable interest rate. To discuss your options or learn more about the TD Canada Trust Student Line of Credit, visit any TD Canada Trust branch, call 1-855-882-6918, or visit the website.

McMaster has partnered with TD to create a referral program to assist students in MBA, Medicine & Graduate level programs who have applied for OSAP but still have unmet educational costs. Eligible students may connect with a Student Services Professional in the Office of the Registrar to discuss their situation and obtain a referral form.

Student Services worked in collaboration with the Student Success Office to create Mac’s Money Centre which develops financial programming for undergraduate students focusing on budgeting and money management, understanding credit, good financial habits etc.

The Money Centre provides resources in a number of different areas from budgeting to investing.

Coaching from Mac’s Money Centre Money Coaches can be accessed as described below:

Book an appointment with an accredited Money Coach. Our Money Coach will help you examine your financial situation, discuss possible options and help create a plan of action that best suits your needs. This service is available to all full-time undergraduates and graduates.

HERE ARE SOME TOPICS YOU CAN COVER WITH A MONEY COACH:

• Juggling bills
• Making a spending plan
• Credit card shopping
• Debt repayment
• Setting financial goals
• Building wealth
• Taxes
• Investing
• Financial life after Mac

HOW TO BOOK AN APPOINTMENT

Make an appointment to meet one-on-one with an accredited money coach. Appointments can be booked in OSCARplus.

1. Log into OSCARplus with your MAC ID.
2. Select Appointments.
3. Select Student Success Centre Appointments.
4. Select Mac’s Money Centre.

Concerns regarding your student account or financial aid should be directed to the Student Accounts & Cashiers or Student Financial Aid & Scholarships office respectively.