Medical or Dental Student Line of Credit
Designed with medical and dental programs in mind, these lines of credit feature enhanced credit limits and payment plans.
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About the Medical or Dental Student Line of Credit
Lower borrowing costs
Enjoy a variable low-interest rate based on BMO’s Prime Rate minus 0.25%1 while you’re in school.
Pay interest only on what you borrow, with no annual or monthly fees. Plus, you can take advantage of interest-only payments while at school and for two years after graduation and after that repayment of principal starts.
Eligibility2
- Enrolled in an accredited medical program leading to an MD degree or enrolled in an accredited dental program
- Canadian citizen or Permanent Resident
Tip: With a line of credit, you’re only charged interest on the amount you borrow. So, in your first year, if you have an $85,000 line of credit and borrow $40,000, you’re only charged interest on the $40,000.
How to apply for a Medical or Dental Student Line of Credit
Book an appointment at a BMO branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a line of credit plan for you.
Access your money at a BMO branch or with line of credit cheques.5 If you have a BMO chequing account, use your line of credit via online or mobile banking.
Let’s do this! What do I need before I apply?
Government-issued photo ID- Proof of enrolment at an eligible post-secondary school
- Your proposed budget showing that you’ll need financing
For full details on what to bring, check out What to bring to a borrowing appointment.
Medical or Dental Student Line of Credit F A Qs
Student loans are only offered by the federal or provincial governments. A bank can also offer you a personal loan to use for school expenses. With a loan, you pay interest on the full amount you are given.
A student line of credit from a bank gives you access to a set amount of money you can borrow as needed – and you’re only charged interest on what you borrow. For example, if you have a $15,000 line of credit and only borrow $5,000, you’re only charged interest on the $5,000.
Interest is calculated on your daily balance and charged monthly to your account.
Yes, they can – and it’s good to keep this in mind. For lines of credit, your interest rate is a variable interest rate and will change without advance notice whenever BMO's Prime Rate changes or otherwise with notice in accordance with the terms of your Medical or Dental Student Line of Credit agreement.
The BMO Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here.
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- Footnote dagger details Contingent upon the account being in good standing and the customer abiding by all applicable policies and procedures as per the product agreement
- Footnote 1 details. While you are attending the academic program identified in connection with your Student Line of Credit Agreement (the “Agreement”), your interest rate will only change with a change to BMO's Prime Rate. After graduation, your interest rate may change in accordance with the terms of the Agreement.
- Footnote 2 details. Approval and credit limit are subject to meeting BMO’s usual credit requirements. Must be a Canadian citizen or Permanent Resident enrolled in a Canadian or non-Canadian post-secondary school or university. Co-signer may be required. Subject to credit availability and verification of identity. Continued access during residency is subject to the following limits: up to seven (7) years for medical students and up to three (3) years for dental students.
- Footnote 3 details. Subject to the terms of your Medical or Dental Student Line of Credit Agreement.
- Footnote 4 details. Interest only payments include up to two years of Specialty studies for a BMO Dental Professional Student Line of Credit and a maximum of seven years of residency for a BMO Medical Student Line of Credit.
- Footnote 5 details. Convenient access to funds, anytime, up to your credit limit through a branch or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.