One issue that all students attending medical school must face is how to afford tuition and living costs. Due to the rigorous nature of medical school, students are generally not encouraged to work during the school year. Thus, In order to meet these costs, there are four main resources that students can draw from while in medical school: scholarships, bursaries, government student loans and a line of credit. It is also definitely recommended to have savings prior to attending medical school in case of emergencies, etc. so you can limit your external stress as much as possible - medical school is hard enough as it is!

Resources
Scholarships- Each university offers scholarships to their medical students based upon various criteria, such as academic standing, volunteer activity and extracurricular activities. However, despite the fact that total funds awarded by a University often extend into the millions, it is not always possible for every student to receive scholarships.

Bursaries- Like scholarships, all of the universities offer bursaries.  The distribution of these awards depends upon financial need after sources such as government loans have been exhausted. Bursaries are non-repayable, though the amount of money awarded is often less than that of scholarships.

Government Student Loans- Students can apply for Government Student Loans prior to the start of the school year and the amount given is based upon individual student need. Unlike scholarships and bursaries, government loans must be paid back with interest after medical school and residency have been completed, with first payments eligible to be deferred until 1 year after residency. However, student loans rarely cover the costs of medical school in its entirety.

Line of Credit- Taking a loan from the bank to pay for medical school is usually the last option that students resort to because you will be required to pay the interest on the loan throughout your study period at medical school.  Banks such as RBC and BMO offer a Medical Student Line of Credit of up to $200,000 for the 4 years of medical school. The money is accessible at all times through bank withdrawals and credit cards linked to the account. Restrictions on how much can be taken out each year vary upon the bank, and the interest on all money taken from the line of credit is usually held at prime. Principal payments can be deferred until 12 months after the completion of residency.

Summary
When taking all of these financial resources into account, it is in the best interest of a student to receive as much money as possible through scholarships and bursaries because they do not need to be paid back, followed by government loans and assistance. If your costs still have yet to be met, a line of credit should be considered; however, these resources require careful financial planning as interest payments must be made while attending school, and it is possible to fall into a cycle of using the line of credit to pay for the interest on the line of credit -an extra financial burden that should absolutely be avoided. In fact, some medical schools even recommend against getting bank loans, and sometimes offer emergency funds to students in dire financial need. 

It is very important to consider your education costs as well as your sources of income prior to attending medical school.  Every student should carefully prepare well ahead of time for the methods with which they will use to pay for medical school tuition and the often very expensive living accommodations near campus.  Talk to the Financial Aid department at UFV as well as the Financial Aid Office of the medical school you are applying to for more information on how to pay for your education in medicine.