Student Loans | Caribbean Medical University

SECOND DEGREE PROGRAM

As you launch your academic career, you may have considered the benefits of earning two degrees in the same time frame. Through the Caribbean Medical University’s partnership with Walden University, a U.S. regionally accredited online university, you are able to pursue a second program of study which will complement your CMU studies and give you a leg up as you start your career in medicine. Many of your fellow classmates have already taken advantage of this great opportunity.

Walden’s wide range of programs will better prepare you for the medical workforce you will soon be entering. From Walden’s B.S. in Healthcare Management, to our Master of Public Health (M.P.H.), Master of Healthcare Administration (M.H.A.), or M.S in Clinical Research Administration, Walden’s College of Health Sciences is recognized for their high-quality programs and learning opportunities.

Through this partnership, CMU students are eligible for a 20% tuition savings on any Walden program that will help you meet your educational and professional development needs. Talk to a Walden Representative about funding options for U.S. and Canadian students. With rolling start dates throughout the year, it is never too early to apply to Walden.

More info you can find at the CMU/Walden partnership site http://www.waldenu.edu/partners/international/cmu

Why a Combined Degree?

Annual tuition after the discount ranges from $7,298 and $9,769. Enrolled students qualify for federal and private student loans in the amount of up to $28,500 per year.
Master and Doctoral programs in Health Services and Public Health
The MPH addresses the growing need for well-prepared public health professionals and provides the credentials to serve as an advocate for the development of healthy communities.
The MHA can help prepare students for leadership roles in hospitals and other health care organizations with proficiency in areas such as business management, reimbursement, applicable laws and investment and expansion strategies.
Bachelor’s program in Healthcare Management, Health Studies for student needing a Bachelor’s degree
Certificate available in Clinical Research Administration
US News & World Report identified Walden as the No. 1 largest online graduate public health program by enrollment.

APPLICATION PROCESS:

Step 1: Online Application (takes about 15 minutes) create a profile with your current email address and create a password.

Step 2: Transcripts
Contact your High School or College/University and have them mail your official transcripts to:

Walden University
Office of Admissions
650 S. Exeter St
Baltimore, MD 21202

Also have them fax an unofficial copy to Ronald Lee attention at 443-627-7292. This is very important.

Step 3: Financial Aid

Obtain a U.S. Department of Education PIN at: http://www.pin.ed.gov/PINWebApp/pinindex.jspBe sure to provide your email address.
Use your PIN to complete and sign the 2010/2011 FAFSA online at:http://www.fafsa.ed.gov/

Walden University’s Title IV code is 025042

We invite you to contact your Liaison today and learn more about how you can integrate Walden programs into your program of study and qualify for the tuition-reduction offer.

Ronald Lee
International Account Manger
Direct Phone: 443-627-7292
ronald.lee@waldenu.edu

POST-9/11 GI BILL

The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.

The U.S. Department of Veterans Affairs has approved CMU’s Doctor of Medicine program for the purpose of the GI Bill financial aid.

CMU’S Facility Code is 2-2-1004-96

You can submit an application online at http://www.gibill.va.gov/apply-for-benefits/application/

This benefit provides up to 36 months of education benefits, generally benefits are payable for 15 years following your release from active duty. The Post-9/11 GI Bill also offers some service members the opportunity to transfer their GI Bill to dependents.

For details on how much money you will receive using the Post 9-11 GI Bill click here.

Some of the benefits the Post-9/11 GI Bill will pay include:

Tuition & fees directly to the school for up to $18,077.50 per academic year.
A monthly housing allowance (MHA) in the amount of $1,368 per month
An annual books & supplies stipend for up to $1,000 per year
A one-time rural benefit payment of $500

For more information see our Post-9/11 GI Bill booklet

MEDLOAN

The MedLoan Financial Aid Program is a credit-based private loan, insured by the Caribbean Medical University Foundation, therefore our students, approved for the program will never be affected by third party companies discontinuing loan programs for Caribbean medical schools, as it happened recently.

MedLoan may allow you to cover tuition fees and living expenses while in the school.

Eligibility:

Full-time students and accepted applicants, who are U.S. citizens or Permanent Residents qualify for the MedLoan without a cosigner if their credit report FICO score is not less then 680, however applying with a creditworthy cosigner may reduce the interest rate and increase approved loan amount.
Students and accepted applicants form other countries require a cosigner. A cosigner must be a creditworthy U.S. Citizen or Permanent Resident.

Eligible students may borrow up to $20,000 per year, depending on the credit history of the borrower and the cosigner. The MedLoan is a fixed rate loan based on the 7% Prime Rate plus a margin, which is lower than any other private loan rates.

Repayment begins six months after you graduate, leave the school, or fail to meet enrollment requirements. You can always prepay loans at any time without penalty.

This loan will be granted to students who demonstrate financial need as well as integrity, motivation and commitment to their chosen profession. Fostering the education of future generations of students is a mission that reflects the spirit on which CMU was built. Recipients will be those who, in our estimation, will be the best of the CMU ‘s graduates.

To apply for MedLoan, please login to the MYCMU Online Services or download the application from the form section.

^{Students should apply first for the EdMed loan, which gives an instant approval and can cover the full cost of the education at CMU. If they are not approved, students can then apply for the MedLoan which takes longer to process.}

CANADA

CANLEARN – GOVERNMENT OF CANADA

CMU is recognized by Ministry of Education of Canada and registered on the List of Designated Educational Institutions.

This qualifies our students to get lines of credit and government loans.
Student Aid Alberta has started offering loans on February 8th, 2017. OSAP and StudentAid BC will begin offering loans on March 15th, 2017. Most private banks in Canada have started approving student lines of credit as of our designation on February 8th, 2017.

Click here and search by our school code: ZUCU

Credit-based loans and lines of credit are typically approved for students, and their cosigners who have a good credit rating. Listed below are some of the Canadian banks that offer student loan programs for which you may be eligible to apply.

BMO – BANK OF MONTREAL

With competitive rates, Bank of Montreal offers a Professional or Medical Student Line of Credit which can be used for tuition, living and travel expenses while attending school. Students are encouraged to contact their local BMO branch directly to discuss the advantages of a banking relationship with BMO.

Professional or Medical Student Lines of Credit

Pursuing a professional designation demands focus. BMO Professional or Medical Student Lines of Credit let you stay focused on what’s important—your studies.

Borrowing designed for your specific program
Easy access to funds – BMO debit card, Student Line of Credit MasterCard®*, write a cheque or visit any branch.
No annual, monthly or ABM fees
Free Student Line of Credit MasterCard access card let’s you access your Line of Credit anywhere MasterCard is accepted
Pay interest only on what you borrow while you’re in school and for up to one year after graduation, followed by a gradually escalating repayment schedule
Ask us about repayment plans for your program
As you pay down your balance (and monthly interest payments) you can keep borrowing up to your credit limit
Optional Creditor Life and Disability/Disability Plus Job Loss Insurance

Available Credit Limit

Medical Student Line of Credit

Credit Limit Per Year – $50,000
Total Maximum Credit Limit – $200,000

Includes up to 2 years of specialty studies for Dentistry Professional Student Line of Credit and for Medical Student Line of Credit monthly interest payments applies to a maximum of 7 years of residency.
Applies only to Dentistry Professional Student Line of Credit and for Medical Student Line of Credit only. Certain conditions apply. Visit your local branch or call 1-877-CALL-BMO for complete details.

* A cosigner may be required. Subject to credit availability and verification of identity.

For More Information

Visit: Bank of Montreal website
Call: (780) 408-0123 and speak with Kim Wolf
email: kim.wolf@bmo.com

NATIONAL BANK OF CANADA

National Bank of Canada feels that, as a full-time student and future health sciences specialist, you are entitled to a financial package that includes privileges on a range of products and services.

The Student Line of Credit is a convenient and flexible solution for:

Financing all your annual tuition and education-related expenses.
Designed as a regular Checking account: you can access your funds at any time via Client-Card purchases, Electronic Banking Solutions or cheques.

Main advantages :

Credit limit established according to your needs
Prime rate + 0.75%
No monthly administrative fees
Funds instantly accessible at all times
Interest calculated only on principal used
Option of deferring principal payments for up to 12 months after completed studies, within credit limit. However, interest accrues during that period. Only interest and insurance premium payments (if applicable) must be made monthly.

For More Information

For more information regarding the advantages and conditions of the National Bank’s Student Line of Credit, please visit advisors at the National Bank branch nearest you.

Call: 1-866-987-1031
Visit: National Bank’s website
email: National Bank of Canada Wealth Management

ROYAL BANK OF CANADA

RBC Plan for Medical & Dental Students provides flexible financing options, convenient banking services and the one to one attention you deserve.

RBC Medical & Dental Student Specialists will be your point of contact, bringing you banking, credit and investment advice, all in one place. They will be there when you need them, for advice, support and access to financial solutions created, just for you, through the ease and convenience of a single relationship.

STUDENT LINE OF CREDIT

RBC offers you the freedom to borrow what you need, when you need it:

A $200,000 Student Line of Credit1 at prime, with no restrictions on how much you can borrow annually.
Option to defer principal payments until 12 months after completion of residency. Students who are not required to complete residency have the option to defer principal payments until 12 months after graduation.

STUDENT BANKING

Student Banking is free while you are in medical or dental school. Convenient student banking is designed to save you money and make it easier to fit your banking needs into your schedule. The following free services are included:

Deposits, withdrawals and transfers2
12 drafts and money orders per year
Automated transfers between RBC Royal Bank accounts
Access to your account 24/7 via Online, Telephone, Interac† direct payment and ATM banking
Commission fee on AmEx traveller cheques3
An RBC Rewards VISA* Gold card with no annual fee1**
• Earn one RBC Rewards point for every $2 spent on the card
• Minimum credit limit of $5,000
Discount on Royal Bank of Canada car loan interest rates
• A discount of 1% off the standard car loan rate1

Subject to credit approval
Excludes Interac, PLUS and/or convenience fees from other Financial Institutions’ ATMs.
Applies to single signature only † Trademark of Interac Inc. Used under license. * Registered trademark of VISA International Service Association. Used under license. ** I understand if I do not qualify for an RBC Rewards Visa Gold card you may consider my application for an RBC Rewards Visa Classic card with no annual fee. ® Registered trademark of Royal Bank of Canada. TM Trademark of Royal Bank of Canada. ® RBC and Royal Bank are registered trademarks of Royal Bank of Canada.

APPLICATION PROCESS

Students must provide:

Confirmation that you are enrolled at a post-secondary international educational institution and pursuing a medical degree.
An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel and other qualified expenses.)
A list of your financial resources (including savings, bursaries, summer employment, etc.)

Allow 5 business days from time of application for review, approval and funding of line.

For More Information

Call: 1-800-769-2511 to talk to a Credit Specialist and apply by phone.
Visit: Royal Bank of Canada Website
Branch Locator: Royal Bank of Canada Branch Locator

TD CANADA TRUST

TD Canada Trust understands that higher education doesn’t come cheap. Being a student, you already know that. To give you a hand with your expenses, TD Canada Trust customized their Student Lines of Credit so that you can get the help you need to cover the cost of such things as tuition, books and living expenses.

With a TD Canada Trust Student Line of Credit, you can have access to the money you need, when you need it and use it for whatever you want. But you’ll also get much more:

Pay no monthly or annual fees.
Get a competitive interest rate, equal to TD Prime plus a variance rate. Good news: the variance rate doesn’t increase after you graduate!
Withdraw any amount (up to your approved credit limit).
Pay interest-only monthly payments for up to 12 months after your finish school.
Enjoy low monthly payments after the interest-only grace period, with up to 20 years to repay.
Access your money through Green Machine ABMs, Interac Direct Payment, EasyWeb Internet banking, EasyLine telephone banking, cheques and at any TD Canada Trust branch.1

For More Information

Call: 1-866-222-3456 for more information or application on our Student Lines of Credit
Visit: TD Canada Trust’s website
Read: Student Line of Credit FAQs

SCOTIA BANK

Scotia Professional® Student Plan (SPSP) is a customized professional banking program that provides solutions and and strategies to help you achieve your financial goals, now and in the future. Features include:

A Scotia Powerchequing® Account with all monthly service charges waived as long as you’re in school and up to twelve months after graduation or completion of residency/articling. Included is an Overdraft Protection limit.
A Scotia Professional Student Plan Line of Credit with the flexibility of no monthly payments – interest is simply added to your principal balance, while you’re within your credit limit, for as long as you remain in school and up to twelve months after graduation or completion of residency/articling.
- Included are free line of credit cheques, optional ScotiaLine® Protection insurance coverage, and convenient itemized statements.
Access to your funds by cheque, in person or by phone, Internet, direct payment or Scotiabank automated banking machines.
Your choice of:
- No-Fee Scotia Moneyback® VISA* card with a $5,000 pre-approved limit; Disclosure statement – Read before you apply ( 40 kb) OR
- No-Fee ScotiaGold® VISA* card with a $5,000 pre-approved limit. Disclosure statement – Read before you apply ( 40 kb)
RSP Account RSP and self-directed RSP plan administration fees waived.

The Scotia Professional Student Plan has been designed for students, who are Canadian citizens or landed immigrants, enrolled in an academic program at a Canadian university leading to a professional degree in medicine, dentistry, veterinary medicine, chiropractic, optometry, pharmacy, law or joint law and MBA programs.

Apply Online

Apply now using our online application. If your academic program is not eligible for Scotia Professional Student Plan, you may wish to consider applying for a ScotiaLine® personal line of credit for students.

TAX CREDIT ELIGIBILITY OF TUITION FEES

Canadian Revenue Agency’s regulations allow for tuition tax credits. Tuition fees paid to CMU are eligible for tax credits in accordance with the Canadian Income Tax Act.

The Act allows a percentage of tuition fees paid to the medical school to be claimed as a tax credit. Submit your TL11A form to the Financial Aid Office.

Obtain your TL11A form online. Pre-fill your personal data and print the form.

Disclaimer

All student loan information contained on this CMU webpage has been gathered from each lenders’ website as of February 1, 2011; and is subject to confirmation by the lender directly.
All loan programs listed are subject to revision as per applicable lender.
All programs listed are subject the given lender’s credit criteria.